Vought loses $51.5 million

Published 9:00 pm Wednesday, May 10, 2006

Dallas-based Vought Aircraft Industries, a key Boeing supplier and a partner on the 787, announced its loses increased in the first quarter, even though its revenues increased by 20 percent, the Fort Worth Star-Telegram reports. http://www.dfw.com/mld/dfw/business/14547677.htm

Key Quote: “The quarterly loss was due to production cost increases related to parts supply disruptions, engineering changes and investment in the Boeing 787 program.”

During the first quarter, Vought made a one-time investment of $21.1 million into the 787 program, according to its financial statement. http://www.chron.com/disp/story.mpl/conws/3854348.html Vought and teaming with Italian aerospace supplier Alenia to suppy the center and aft fuselage sections for the Dreamliner.

Vought executives plan a conference call next week to discuss the results, but on Wednesday, CEO Elmer Doty issued a statement saying the company is “taking aggressive steps to improve our operating results.”

Vought, which is the parent company of Contour Aerospace of Everett, laid off 450 people from its Texas plants last month and plans to cut another 150 in June. Contour officials said last month they don’t expect the cuts to extend to them.