Spirit’s first quarter 2019 revenue was $2.0 billion, up from the same period of 2018. This increase was primarily driven by higher production volumes on the Boeing 737 and 787 programs, favorable model mix on the Boeing 737 program and higher revenue recognized on the Boeing 787 program, partially offset by lower non-recurring activity on certain Boeing programs.
Spirit’s backlog at the end of the first quarter of 2019 was approximately US$48 billion, with work packages on all commercial platforms in the Boeing and Airbus backlog.
Operating income for the first quarter of 2019 was US$233 million, up compared to US$160 million in the same period of 2018. This increase was primarily due to higher production volume and model mix on the Boeing 737 program, the absence of forward losses recognized on the Boeing 787 program during the first quarter of 2018 and higher margin recognized on the Airbus A350 program. First quarter EPS was US$1.55, up compared to US$1.10 in the same period of 2018. First quarter adjusted EPS was US$1.68, excluding the impact of the planned Asco acquisition.
Cash from operations in the first quarter of 2019 was US$242 million, up compared to US$167 million in the same quarter last year, primarily due to higher receipts from customers and lower incentive compensation payments. Adjusted free cash flow in the first quarter of 2019 was $209 million, compared to US$118 million in the same period of 2018. Cash balance at the end of the quarter was US$1.2 billion, which provides the funds necessary to complete the acquisition of Asco.