The results demonstrate continued robust demand for large commercial airliners, the company said.
"Spirit's leadership position on the best-selling airplanes in the market continues to drive our growth in a sustained commercial aerospace up cycle,"
Spirit was successful in increasing production rates on the popular Boeing 737 commercial airplane to a record 42 a month. Spirit builds the fuselage and pylons of the 737 in Wichita.
Spirit's first quarter 2014 revenue totaled
Net income totaled
The increase includes tax benefits from a Malaysian tax holiday and the partial release of the deferred tax valuation allowance, partially offset by the already announced debt refinancing.
Spirit also made a significant step forward in the quarter by completing an agreement with
"The agreement represents an equitable balance between the benefit of the rate increases and the investment in our customer's success in the competitive new and replacement airplane market," Lawson said.
Spirit's backlog at the end of the first quarter totaled about
Spirit said it expects to record revenue for 2014 of between
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