By Doug Cameron Of DOW JONES NEWSWIRES Senior executives at Spirit AeroSystems Holdings Inc. (SPR) said Tuesday that the level and complexity of design changes is "abating" on the delayed Boeing Co. (BA) 787 aircraft. The U.S.company supplies key parts for the 787 as well as other aircraft from Boeing and rival Airbus, and like other contractors is seeking compensation for program delays. "The complexity of the changes is abating...substantially," said Chief Executive Jeff Turner on a call after Spirit's third-quarter earnings fell short of expectations, sending its shares down sharply. Chief Financial Officer Phil Anderson said he expected the 787 program to turn cash positive for Spirit next year if the existing delivery schedule holds. "We are clearly still talking with Boeing...on the claims we have," he said. Spirit executives acknowledged they suffered from engineering issues in the array of new programs, which include fuselage and wing systems for the 787, the 747-8 and the Airbus A350. Airbus is a unit of European Aeronautic Defence & Space Co. (EADSY, EAD.FR). The 787 remains a key headache, and Anderson acknowledged that recent "chatter" about further delays to the program--already almost three years behind schedule--could be harmful if it hits the planned production rate. "If there's something out there...that puts a lot of pressure on us," he said. Net profit of $46 million in the September quarter compared with $87 million a year earlier. Earnings per share fell from 33 cents to 62 cents. Revenue fell 5% to $1 billion. Spirit shares closed down 9.4% at $19.13. -By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com Order free Annual Report for EADS Visit http://djnweurope.ar.wilink.com/?ticker=NL0000235190 or call +44 (0)208 391 6028
