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Spirit AeroSystems (SPR) Q3 Earnings In Line, '17 View Intact

Aparajita Dutta
Updated

Spirit AeroSystems Holdings, Inc. SPR posted third-quarter 2017 adjusted earnings of $1.26 per share, which came in line with the Zacks Consensus Estimate. Earnings improved 9% from the year-ago figure of $1.16.

Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise

 

Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise | Spirit Aerosystems Holdings, Inc. Quote

 

Highlights of the Release

Total revenues of $1,748 million in the third quarter surpassed the Zacks Consensus Estimate of $1,729 million by 1.1%. Moreover, revenues rose 2% year over year.

Backlog at the end of the reported quarter was $45 billion, lower than the prior-quarter figure of $46 billion.

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Segment Performance

Fuselage Systems: Revenues at the segment grew 8.7% to $957 million from the prior-year figure of $880.3 million. Higher production deliveries of the Boeing 737 and 787 programs as well as increased defense work and non-recurring activities on certain Boeing programs drove the results.

Propulsion Systems: The segment recorded revenues of $407.9 million in the reported quarter, down 10% from $453 million a year ago. The decline was owing to lower production deliveries on the Boeing 777 program and decreased GCS&S activity.

Wing Systems: Revenues at the segment increased 1.4% to $382.2 million from $376.8 million in the prior-year quarter.

Financial Position

As of Sep 28, 2017, Spirit AeroSystems had $726.6 million in cash and cash equivalents compared with $697.7 as of Dec 31, 2016.

As of Sep 28, 2017, long-term debt (excluding current portion) was $1,060.9 million compared with $1,060 million at the end of 2016.

Cash flow from operating activities increased to $624.6 million in the third quarter from $574.4 million in the year-ago period.

Capital expenditure totaled $51 million in the third quarter compared with $52 million in the prior-year quarter.

Guidance

Spirit AeroSystems reiterated its financial guidance for 2017. The company continues to expect to generate adjusted earnings per share in the range of $5.00-$5.25 and revenues in the band of $6.8-$6.9 billion.

Management has also kept its free cash flow expectation in the range of $500-$550 million for 2017.

Zacks Rank

Spirit AeroSystems currently carries a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Peer Releases

Raytheon Company RTN reported third-quarter 2017 earnings from continuing operations of $1.97 per share, beating the Zacks Consensus Estimate of $1.90 by 3.7%. The figure also improved 7.1% from $1.84 recorded in the year-ago quarter.

Rockwell Collins Inc. COL reported financial results for fourth-quarter fiscal 2017 (ended Sep 30, 2017). The company’s adjusted earnings per share of $1.80 came in line with the Zacks Consensus Estimate. Reported earnings grew 10.4% from $1.63 per share a year ago.

General Dynamics Corporation GD reported third-quarter 2017 earnings from continuing operations of $2.52 per share, beating the Zacks Consensus Estimate of $2.43 by 3.7%. Its third-quarter total revenues of $7,580 million missed the Zacks Consensus Estimate of $7,892 million by 4%.

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