WICHITA, Kan., May 5, 2011 /PRNewswire/ -- Spirit AeroSystems
Holdings, Inc. (NYSE: SPR) reported first quarter 2011 financial
results reflecting solid core operating performance as demand for
large commercial aircraft remains strong.
Spirit's first quarter 2011 revenues were $1.050 billion, slightly up from $1.043 billion for the same period of 2010
primarily driven by model mix.
Operating income was $70 million,
compared to $93 million for the same
period in 2010, as the company recognized a $28 million ($0.14
per share) pre-tax charge on the CH-53K program and realized higher
R&D expense associated with 787-9 development in the current
quarter. Net income for the quarter was $35
million, or $0.24 per fully
diluted share, compared to $56
million, or $0.40 per fully
diluted share, in the same period of 2010, as the current period
also included increased interest expense associated with increased
debt outstanding and a higher effective tax rate. (Table 1)
Table 1. Summary Financial
Results (unaudited)
|
|
|
|
|
1st
Quarter
|
|
|
($ in millions, except per share
data)
|
2011
|
2010
|
Change
|
|
|
|
|
|
|
Revenues
|
$1,050
|
$1,043
|
1%
|
|
Operating Income
|
$70
|
$93
|
(25%)
|
|
Operating Income as a % of
Revenues
|
6.6%
|
8.9%
|
(230)
BPS
|
|
Net Income
|
$35
|
$56
|
(38%)
|
|
Net Income as a % of
Revenues
|
3.3%
|
5.3%
|
(200)
BPS
|
|
Earnings per Share (Fully
Diluted)
|
$0.24
|
$0.40
|
(40%)
|
|
Fully Diluted Weighted Avg Share
Count
|
142.1
|
140.4
|
|
|
|
|
|
|
"Our core businesses continue to perform well and the market for
large commercial airplanes remains strong," said President and
Chief Executive Officer Jeff Turner.
"During the first quarter, we delivered ship sets for more
than 250 aircraft to our various customers, including six 787
forward fuselages to Boeing Commercial Airplanes."
"While the additional cost growth on the CH-53K program is
disappointing, getting it right for the future is our focus.
Our approach was to adapt some of our commercial
manufacturing practices to this military product and to-date we
have been unsuccessful," Turner said.
"As we move through 2011 and 2012 we will continue to invest in
additional capacity for our core business while we move new
programs through the development cycle and into early production.
Moving forward we expect to benefit from expanding demand for our
core products as we help bring the next generation of large
commercial airplanes and business jets to market," Turner
concluded.
Spirit's backlog at the end of the first quarter of 2011
remained stable at $28.2 billion.
Spirit calculates its backlog based on contractual prices for
products and volumes from the published firm order backlogs of
Airbus and Boeing, along with firm orders from other customers.
The company realized a pre-tax charge of $28 million ($0.14
per share) on the CH-53K program, moving the development contract
on the program into a loss position. The additional cost on this
program is associated with the decision to proceed with a more
traditional design and build approach to manufacture the remaining
six test units.
Spirit updated its contract profitability estimates during the
first quarter of 2011, resulting in a net pre-tax $3 million ($0.02
per share) unfavorable cumulative catch-up adjustment primarily
associated with changes in contract profitability estimates on the
A350 wing development effort, partially offset by improved
productivity and efficiencies in the Propulsion segment. In
comparison, Spirit recognized an $8
million unfavorable cumulative catch-up adjustment for the
first quarter of 2010.
Cash flow from operations was a $128
million use of cash for the first quarter of 2011, compared
to a $110 million use of cash for the
first quarter of 2010. The current quarter compared to the
same period of 2010 reflects increased working capital primarily
driven by inventory growth on development programs, partially
offset by deferred revenue, timing of liabilities, and favorable
tax impacts. (Table 2)
Table 2. Cash Flow and
Liquidity
|
|
|
|
|
1st
Quarter
|
|
($ in millions)
|
2011
|
2010
|
|
|
|
|
|
Cash Flow from
Operations
|
($128)
|
($110)
|
|
Purchases of Property, Plant
& Equipment
|
($42)
|
($69)
|
|
|
|
|
|
|
March
31,
|
December
31,
|
|
Liquidity
|
2011
|
2010
|
|
|
|
|
|
Cash
|
$311
|
$482
|
|
Total Debt
|
$1,196
|
$1,197
|
|
|
|
|
Cash balances at the end of the quarter were $311 million, down $171
million from year-end 2010, largely reflecting the increase
in inventory associated with increased production rates and
continuing investments in new programs. At the end of the
first quarter of 2011, the company's $650
million revolving credit facility remained undrawn.
Approximately $20 million of
the credit facility is reserved for financial letters of credit.
Debt balances at the end of the first quarter were
$1,196 million, relatively flat from
year-end.
The company's credit rating remains unchanged at the end of the
first quarter 2011 with a BB rating, stable outlook by Standard
& Poor's and a Ba2 rating, stable outlook by Moody's Investor
Services.
Financial Outlook
Spirit revenue guidance for the full-year 2011 remains unchanged
and is expected to be between $4.5 and
$4.7 billion based on Boeing's 2011 delivery guidance
of 485 to 500 aircraft; expected B787 deliveries; expected Airbus
deliveries in 2011 of approximately 520 to 530 aircraft; internal
Spirit forecasts for other customer production activities; expected
non-production revenues; and foreign exchange rates consistent with
those in the second half of 2010.
Fully diluted earnings per share guidance for 2011 remains
unchanged and is expected to be between $1.70 and $1.90 per share, reflecting increased
volumes on certain core programs and productivity and efficiency
gains.
Guidance for cash flow from operations, less capital
expenditures, remains unchanged and is expected to be approximately
a $250 million use of cash in the
aggregate, with capital expenditures of approximately
$325 million.
The effective tax rate, forecast to be between 31 and 32 percent
for 2011, remains unchanged. (Table 3)
Risk to our financial guidance includes, among other factors:
787 delivery volumes; higher than forecast non-recurring and
recurring costs on our development programs; mid-range business jet
market risks; our ability to achieve anticipated productivity and
cost improvements; and our ability to complete the 787 contract
amendment.
Table 3. Financial
Outlook
|
|
2010
Actual
|
|
2011
Guidance
|
|
|
|
|
|
|
|
Revenues
|
|
$4.2
billion
|
|
$4.5 - $4.7
billion
|
|
|
|
|
|
|
|
Earnings Per Share (Fully
Diluted)
|
|
$1.55
|
|
$1.70 -
$1.90
|
|
|
|
|
|
|
|
Effective Tax
Rate
|
|
26.3%
|
|
31% -
32%
|
|
|
|
|
|
|
|
Cash Flow from
Operations
|
|
$125
million
|
|
~$75
million
|
|
|
|
|
|
|
|
Capital
Expenditures
|
|
$288
million
|
|
~$325
million
|
|
|
|
|
|
|
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements."
Forward-looking statements reflect our current expectations or
forecasts of future events. Forward-looking statements generally
can be identified by the use of forward-looking terminology such as
"may," "will," "expect," "anticipate," "intend," "estimate,"
"believe," "project," "continue," "plan," "forecast," or other
similar words, or the negative thereof, unless the context requires
otherwise. These statements reflect management's current views with
respect to future events and are subject to risks and
uncertainties, both known and unknown. Our actual results may vary
materially from those anticipated in forward-looking statements. We
caution investors not to place undue reliance on any
forward-looking statements. Important factors that could cause
actual results to differ materially from those reflected in such
forward-looking statements and that should be considered in
evaluating our outlook include, but are not limited to, the
following: our ability to continue to grow our business and execute
our growth strategy, including the timing and execution of new
programs; our ability to perform our obligations and manage costs
related to our new commercial and business aircraft development
programs and the related recurring production; potential reduction
in the build rates of certain Boeing aircraft including, but not
limited to, the B737 program, the B747 program, the B767 program
and the B777 program, and build rates of the Airbus A320 and A380
programs, which could be negatively impacted by continuing weakness
in the global economy and economic challenges facing commercial
airlines, and by a lack of business and consumer confidence and the
impact of continuing instability in the global financial and credit
markets, including, but not limited to, sovereign debt concerns in
Europe; the inability to resolve
significant claims with Boeing related to non-recurring and
recurring costs on the B787 program; declining business jet
manufacturing rates and customer cancellations or deferrals as a
result of the weakened global economy; the success and timely
execution of key milestones such as certification and delivery of
Boeing's new B787 and Airbus' new A350 XWB aircraft programs,
including first flight for the Airbus A350 XWB, receipt of
necessary regulatory approvals and customer adherence to their
announced schedules; our ability to enter into supply arrangements
with additional customers and the ability of all parties to satisfy
their performance requirements under existing supply contracts with
Boeing and Airbus, our two major customers, and other customers and
the risk of nonpayment by such customers; any adverse impact on
Boeing's and Airbus' production of aircraft resulting from
cancellations, deferrals or reduced orders by their customers or
from labor disputes or acts of terrorism; any adverse impact on the
demand for air travel or our operations from the outbreak of
diseases or epidemic or pandemic outbreaks; returns on pension plan
assets and impact of future discount rate changes on pension
obligations; our ability to borrow additional funds or refinance
debt; competition from original equipment manufacturers and other
aerostructures suppliers; the effect of governmental laws, such as
U.S. export control laws and anti-bribery laws such as the Foreign
Corrupt Practices Act, environmental laws and agency regulations,
both in the U.S. and abroad; the cost and availability of raw
materials and purchased components; our ability to successfully
extend or renegotiate our primary collective bargaining contracts
with our labor unions; our ability to recruit and retain highly
skilled employees and our relationships with the unions
representing many of our employees; spending by the U.S. and other
governments on defense; the possibility that our cash flows and
borrowing facilities may not be adequate for our additional capital
needs or for payment of interest on and principal of our
indebtedness and the possibility that we may be unable to borrow
additional funds or refinance debt; our exposure under our existing
senior secured revolving credit facility to higher interest
payments should interest rates increase substantially; the
effectiveness of our interest rate and foreign currency hedging
programs; the outcome or impact of ongoing or future litigation and
regulatory actions; and our exposure to potential product liability
and warranty claims. These factors are not exhaustive and it is not
possible for us to predict all factors that could cause actual
results to differ materially from those reflected in our
forward-looking statements. These factors speak only as of
the date hereof, and new factors may emerge or changes to the
foregoing factors may occur that could impact our business. As with
any projection or forecast, these statements are inherently
susceptible to uncertainty and changes in circumstances. Except to
the extent required by law, we undertake no obligation to, and
expressly disclaim any obligation to, publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. You should review carefully the section
captioned "Risk Factors" in our 2010 Form 10-K for a more complete
discussion of these and other factors that may affect our
business.
Appendix
Segment Results
Fuselage Systems
Fuselage Systems segment revenues for the first quarter of 2011
were $528 million, up 2.3 percent
from the same period last year, largely driven by model mix.
Operating margin for the first quarter of 2011 was 8.9
percent as compared to 14.7 percent during the same period of 2010.
During the first quarter of 2011, the segment realized an
unfavorable $28 million pre-tax
charge on the CH-53K program. In comparison, a pre-tax
$5 million unfavorable cumulative
catch-up adjustment was realized during the first quarter of
2010.
Propulsion Systems
Propulsion Systems segment revenues for the first quarter of
2011 were $273 million, relatively
flat from the same period last year. Operating margin for the
first quarter of 2011 was 14.9 percent as compared to 12.2 percent
in the first quarter of 2010, driven by productivity and efficiency
improvements and additional aftermarket volume. During the
first quarter of 2011, the segment realized a favorable pre-tax
$3 million cumulative catch-up
adjustment.
Wing Systems
Wing Systems segment revenues for the first quarter of 2011 were
$245 million, down 1.6 percent from
the same period last year, primarily driven by model mix. Operating
margin for the first quarter of 2011 was 7.1 percent as compared to
7.6 percent during the same period of 2010. During the first
quarter of 2011, the segment realized an unfavorable pre-tax
$6 million cumulative catch-up
adjustment primarily driven by additional engineering costs on the
A350 wing development contract block. In comparison, a
pre-tax $3 million unfavorable
cumulative catch-up adjustment was realized during the first
quarter of 2010.
Table 4. Segment
Reporting
|
(unaudited)
|
|
|
1st
Quarter
|
|
($ in millions)
|
2011
|
2010
|
Change
|
|
|
|
|
|
|
Segment Revenues
|
|
|
|
|
Fuselage
Systems
|
$528.0
|
$516.2
|
2.3%
|
|
Propulsion
Systems
|
$273.0
|
$274.4
|
(0.5%)
|
|
Wing Systems
|
$244.9
|
$248.9
|
(1.6%)
|
|
All Other
|
$3.7
|
$3.8
|
|
|
Total Segment
Revenues
|
$1,049.6
|
$1,043.3
|
0.6%
|
|
|
|
|
|
|
Segment Earnings from
Operations
|
|
|
|
|
Fuselage
Systems
|
$47.0
|
$75.9
|
(38.1%)
|
|
Propulsion
Systems
|
$40.8
|
$33.6
|
21.4%
|
|
Wing Systems
|
$17.4
|
$18.9
|
(7.9%)
|
|
All Other
|
$0.0
|
$0.3
|
|
|
Total Segment Operating
Earnings
|
$105.2
|
$128.7
|
(18.3%)
|
|
|
|
|
|
|
Unallocated Corporate SG&A
Expense
|
($35.1)
|
($35.0)
|
0.3%
|
|
Unallocated Research &
Development Expense
|
($0.5)
|
($0.7)
|
(28.6%)
|
|
Total Earnings from
Operations
|
$69.6
|
$93.0
|
(25.2%)
|
|
|
|
|
|
|
Segment Operating Earnings as %
of Revenues
|
|
|
|
|
Fuselage
Systems
|
8.9%
|
14.7%
|
(580)
BPS
|
|
Propulsion
Systems
|
14.9%
|
12.2%
|
270
BPS
|
|
Wing Systems
|
7.1%
|
7.6%
|
(50)
BPS
|
|
All Other
|
0.0%
|
7.9%
|
|
|
Total Segment Operating Earnings
as % of Revenues
|
10.0%
|
12.3%
|
(230)
BPS
|
|
|
|
|
|
|
Total Operating Earnings as % of
Revenues
|
6.6%
|
8.9%
|
(230)
BPS
|
|
|
|
|
|
Spirit Ship
Set Deliveries
|
|
(One Ship
Set equals One Aircraft)
|
|
|
|
2010 Spirit
AeroSystems Deliveries
|
|
|
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
4th
Qtr
|
Total
2010
|
|
B737
|
94
|
96
|
93
|
89
|
372
|
|
B747
|
3
|
1
|
2
|
4
|
10
|
|
B767
|
3
|
4
|
3
|
5
|
15
|
|
B777
|
21
|
18
|
14
|
14
|
67
|
|
B787
|
5
|
4
|
4
|
3
|
16
|
|
Total
|
126
|
123
|
116
|
115
|
480
|
|
|
|
|
|
|
|
|
A320 Family
|
102
|
95
|
75
|
96
|
368
|
|
A330/340
|
25
|
23
|
5
|
19
|
72
|
|
A380
|
1
|
5
|
7
|
5
|
18
|
|
Total
|
128
|
123
|
87
|
120
|
458
|
|
|
|
|
|
|
|
|
Business/Regional
Jet*
|
5
|
6
|
6
|
10
|
27
|
|
|
|
|
|
|
|
|
Total Spirit
|
259
|
252
|
209
|
245
|
965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 Spirit
AeroSystems Deliveries
|
|
|
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
4th
Qtr
|
YTD
2011
|
|
B737
|
93
|
|
|
|
93
|
|
B747
|
4
|
|
|
|
4
|
|
B767
|
5
|
|
|
|
5
|
|
B777
|
16
|
|
|
|
16
|
|
B787
|
6
|
|
|
|
6
|
|
Total
|
124
|
|
|
|
124
|
|
|
|
|
|
|
|
|
A320 Family
|
103
|
|
|
|
103
|
|
A330/340
|
18
|
|
|
|
18
|
|
A380
|
6
|
|
|
|
6
|
|
Total
|
127
|
|
|
|
127
|
|
|
|
|
|
|
|
|
Business/Regional
Jet
|
8
|
|
|
|
8
|
|
|
|
|
|
|
|
|
Total Spirit
|
259
|
|
|
|
259
|
|
|
|
* Previously included
Hawker-Beechcraft products only. Now includes Spirit
deliveries associated with business and regional jets.
|
|
|
|
|
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
|
|
March 31,
2011
|
|
April 1,
2010
|
|
|
|
($ in
millions, except per share data)
|
|
|
|
|
|
|
Net revenues
|
$
|
1,049.6
|
$
|
1,043.3
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Cost of sales
|
|
928.0
|
|
901.1
|
|
Selling, general and
administrative
|
|
39.0
|
|
39.3
|
|
Research and
development
|
|
13.0
|
|
9.9
|
|
|
Total operating costs and
expenses
|
|
980.0
|
|
950.3
|
|
|
Operating income
|
|
69.6
|
|
93.0
|
|
Interest expense and financing
fee amortization
|
|
(20.9)
|
|
(14.0)
|
|
Interest income
|
|
0.1
|
|
0.1
|
|
Other income (expense),
net
|
|
1.5
|
|
(5.5)
|
|
|
Income before income taxes and
equity in net loss of affiliate
|
|
50.3
|
|
73.6
|
|
Income tax provision
|
|
(15.3)
|
|
(17.8)
|
|
|
Income before equity in net loss
of affiliate
|
|
35.0
|
|
55.8
|
|
Equity in net loss of
affiliate
|
|
(0.4)
|
|
(0.3)
|
|
|
Net income
|
$
|
34.6
|
$
|
55.5
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
Basic
|
$
|
0.25
|
$
|
0.40
|
|
Shares
|
|
138.6
|
|
137.3
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
0.24
|
$
|
0.40
|
|
Shares
|
|
142.1
|
|
140.4
|
|
|
|
|
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
(unaudited)
|
|
|
|
March
31,
2011
|
|
December
31,
2010
|
|
|
|
($ in
millions)
|
|
Current assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
310.9
|
$
|
481.6
|
|
Accounts receivable,
net
|
|
285.4
|
|
200.2
|
|
Inventory, net
|
|
2,652.5
|
|
2,507.9
|
|
Other current assets
|
|
84.7
|
|
105.0
|
|
Total current
assets
|
|
3,333.5
|
|
3,294.7
|
|
Property, plant and equipment,
net
|
|
1,479.8
|
|
1,470.0
|
|
Pension assets
|
|
178.2
|
|
172.4
|
|
Other assets
|
|
141.6
|
|
164.9
|
|
Total
assets
|
$
|
5,133.1
|
$
|
5,102.0
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable
|
$
|
481.5
|
$
|
443.5
|
|
Accrued expenses
|
|
213.0
|
|
220.3
|
|
Current portion of long-term
debt
|
|
9.7
|
|
9.5
|
|
Advance payments,
short-term
|
|
115.9
|
|
169.4
|
|
Deferred revenue,
short-term
|
|
297.0
|
|
302.6
|
|
Other current
liabilities
|
|
17.1
|
|
19.5
|
|
Total current
liabilities
|
|
1,134.2
|
|
1,164.8
|
|
Long-term debt
|
|
1,186.1
|
|
1,187.3
|
|
Advance payments,
long-term
|
|
671.7
|
|
655.2
|
|
Deferred revenue and other
deferred credits
|
|
28.5
|
|
29.0
|
|
Pension/OPEB
obligation
|
|
74.5
|
|
72.5
|
|
Other liabilities
|
|
181.2
|
|
182.3
|
|
Equity
|
|
|
|
|
|
Preferred stock, par value
$0.01, 10,000,000 shares authorized,
no shares issued
|
|
-
|
|
-
|
|
Common stock, Class A par
value $0.01, 200,000,000 shares authorized,
107,589,410 and 107,201,314
shares issued, respectively
|
|
1.1
|
|
1.1
|
|
Common stock, Class B par
value $0.01, 150,000,000 shares authorized,
34,737,911 and 34,897,388 shares
issued, respectively
|
|
0.4
|
|
0.3
|
|
Additional paid-in
capital
|
|
986.0
|
|
983.6
|
|
Accumulated other comprehensive
loss
|
|
(66.4)
|
|
(75.3)
|
|
Retained earnings
|
|
935.3
|
|
900.7
|
|
Total shareholders’
equity
|
|
1,856.4
|
|
1,810.4
|
|
Noncontrolling
interest
|
|
0.5
|
|
0.5
|
|
Total
equity
|
|
1,856.9
|
|
1,810.9
|
|
Total liabilities
and equity
|
$
|
5,133.1
|
$
|
5,102.0
|
|
|
|
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
(unaudited)
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
|
March 31,
2011
|
|
April 1,
2010
|
|
|
|
($ in
millions)
|
|
Operating
activities
|
|
|
|
|
|
Net income
|
$
|
34.6
|
$
|
55.5
|
|
Adjustments to reconcile net
income to net cash (used in) operating activities
|
|
|
|
|
|
Depreciation
expense
|
|
32.0
|
|
27.3
|
|
Amortization
expense
|
|
3.5
|
|
3.1
|
|
Employee stock
compensation expense
|
|
2.2
|
|
2.3
|
|
Excess tax
benefits from share-based payment arrangements
|
|
(0.3)
|
|
-
|
|
Gain from the
effectiveness of hedge contracts
|
|
(0.1)
|
|
-
|
|
(Gain) Loss from
foreign currency transactions
|
|
(0.9)
|
|
8.1
|
|
Deferred
taxes
|
|
6.3
|
|
6.0
|
|
Long-term tax
benefit
|
|
0.7
|
|
(17.6)
|
|
Pension and other
post-retirement benefits, net
|
|
(1.5)
|
|
(2.3)
|
|
Grant
income
|
|
(1.3)
|
|
(0.5)
|
|
Equity in net loss
of affiliate
|
|
0.4
|
|
0.3
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
Accounts
receivable
|
|
(81.5)
|
|
(78.9)
|
|
Inventory,
net
|
|
(140.4)
|
|
(88.1)
|
|
Accounts payable
and accrued liabilities
|
|
30.5
|
|
(11.8)
|
|
Advance
payments
|
|
(37.0)
|
|
(38.6)
|
|
Deferred revenue
and other deferred credits
|
|
(5.9)
|
|
(24.2)
|
|
Other
|
|
30.6
|
|
49.2
|
|
Net
cash (used in) operating activities
|
|
(128.1)
|
|
(110.2)
|
|
Investing
activities
|
|
|
|
|
|
Purchase of property, plant and
equipment
|
|
(41.5)
|
|
(69.2)
|
|
Other
|
|
0.3
|
|
(0.8)
|
|
Net
cash (used in) investing activities
|
|
(41.2)
|
|
(70.0)
|
|
Financing
activities
|
|
|
|
|
|
Principal payments of
debt
|
|
(2.2)
|
|
(2.0)
|
|
Excess tax benefits
from share-based payment arrangements
|
|
0.3
|
|
-
|
|
Net
cash (used in) financing activities
|
|
(1.9)
|
|
(2.0)
|
|
Effect of exchange rate changes
on cash and cash equivalents
|
|
0.5
|
|
(0.2)
|
|
Net
increase in cash and cash equivalents for the period
|
|
(170.7)
|
|
(182.4)
|
|
Cash and cash equivalents,
beginning of the period
|
|
481.6
|
|
369.0
|
|
Cash and cash equivalents, end
of the period
|
$
|
310.9
|
$
|
186.6
|
|
|
|
|
|
|
www.spiritaero.com
SOURCE Spirit AeroSystems Holdings, Inc.