Vought reports first quarter 2008 financial results

Vought reported that revenue for the three months ended March 30 was $425.4 million, an increase of $44.7 million or 12%, compared with revenue of $380.7 million for the same period last year. The growth was driven by increases in both the commercial and military categories.

Commercial revenue increased by $21.4 million or 11%. Revenues for our Boeing programs increased by $11.1 million primarily due to increased non-recurring sales for development and start-up of the 747-8 program and initial deliveries for the 787 program. In addition, revenues for our Airbus programs increased $10.3 million primarily due to higher sales for the A330 program.

Military revenue increased $23.4 million or 20%, primarily due to higher delivery rates on the H-60 program and timing of deliveries for the Global Hawk program.

Business jet revenue remained flat during the period with minimal fluctuations on a program-by-program basis.

Funded backlog increased 22% to $3.9 billion at the end of the quarter compared to $3.2 billion as of April 1, 2007, due to increased orders across all categories.

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