Spirit AeroSystems to Recognize First Quarter Charge on Helicopter Development Program; 2011 EPS Guidance Unchanged

Spirit AeroSystems Holdings, Inc. SPR today announced it expects a pre-tax charge of approximately $28 million, or $0.13 per share associated with the development effort on the CH-53K helicopter program. The additional costs associated with this change have resulted in a loss program for Spirit on the Systems Development and Demonstration (SDD) contract. Spirit won the ~$150 million firm fixed-price contract in May 2007 and delivered the first of seven CH-53K test articles in December 2010. The company expects to achieve its 2011 fully diluted earnings per share guidance of $1.70-1.90. Spirit will release its first quarter 2011 financial results, including the impact of the charge, at its next quarterly financial performance announcement on May 5, 2011.