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Spirit AeroSystems (SPR) Beats on Q3 Earnings, Lifts View
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Spirit AeroSystems Holdings, Inc. (SPR - Free Report) posted third-quarter 2016 adjusted earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.07 by 8.4%. Earnings also improved 30.3% from the year-ago figure of 89 cents.
Total revenue of $1,711.4 million in the third quarter surpassed the Zacks Consensus Estimate of $1,653 million by 3.5%. Revenues were also up 7.3% year over year.
Backlog at the end of the quarter was $46 billion, registering a sequential decline of $1 billion.
Segment Performance
Fuselage Systems: Revenues at the segment climbed 7.4% to $880.3 million from the prior-year figure of $819.8 million.
Propulsion Systems: The segment recorded revenues of $453.0 million in the reported quarter, up from $429.5 million a year ago.
Wing Systems: Revenues at the segment soared 10.4% to $376.8 million.
As of Sep 30, 2016, Spirit AeroSystems had $670.4 million in cash and cash equivalents, compared with $957.3 million as of Dec 31, 2015.
Long-term debt (excluding current portion) as of Sep 30, 2016 was $1,071.1 million, compared with $1,085.3 million at the end of 2015.
Cash flow from operating activities decreased significantly to $574.4 million in the first nine months of 2016 from $969.4 million a year ago.
Capital expenditure was $52 million in the quarter, compared with $101 million in the year-ago period.
Guidance
Spirit AeroSystems raised its revenue forecast for 2016 to the range of $6.7−$6.8 billion from the previous expectation of $6.6 billion to $6.7 billion. It also has revised its EPS guidance to the range of $3.55−$3.80 from $3.45−$3.65 expected earlier.
Management now expects free cash flow in the range of $400−$425 million, up from the earlier expectation of $350 million to $400 million.
Other Defense Releases
Rockwell Collins Inc. reported financial results for fourth-quarter fiscal 2016 ended Sep 30, 2016. The company’s adjusted earnings per share of $1.58 surpassed the Zacks Consensus Estimate of $1.57 by 0.6%. Reported earnings also improved 14.5% from $1.38 per share earned a year ago.
Raytheon Company reported third-quarter 2016 earnings from continuing operations of $1.79 per share, beating the Zacks Consensus Estimate of $1.64 by 9.1%. Earnings also surged 21.8% from the year-ago figure of $1.47.
AAR Corp (AIR - Free Report) reported first-quarter fiscal 2017 earnings of $0.29 per share, surpassing the Zacks Consensus Estimate of $0.28 by 3.6%. The reported figure was also up from the year-ago figure of $0.23.
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Spirit AeroSystems (SPR) Beats on Q3 Earnings, Lifts View
Spirit AeroSystems Holdings, Inc. (SPR - Free Report) posted third-quarter 2016 adjusted earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.07 by 8.4%. Earnings also improved 30.3% from the year-ago figure of 89 cents.
Highlights of the Release
Total revenue of $1,711.4 million in the third quarter surpassed the Zacks Consensus Estimate of $1,653 million by 3.5%. Revenues were also up 7.3% year over year.
Backlog at the end of the quarter was $46 billion, registering a sequential decline of $1 billion.
Segment Performance
Fuselage Systems: Revenues at the segment climbed 7.4% to $880.3 million from the prior-year figure of $819.8 million.
Propulsion Systems: The segment recorded revenues of $453.0 million in the reported quarter, up from $429.5 million a year ago.
Wing Systems: Revenues at the segment soared 10.4% to $376.8 million.
SPIRIT AEROSYS Price, Consensus and EPS Surprise
SPIRIT AEROSYS Price, Consensus and EPS Surprise | SPIRIT AEROSYS Quote
Financial Position
As of Sep 30, 2016, Spirit AeroSystems had $670.4 million in cash and cash equivalents, compared with $957.3 million as of Dec 31, 2015.
Long-term debt (excluding current portion) as of Sep 30, 2016 was $1,071.1 million, compared with $1,085.3 million at the end of 2015.
Cash flow from operating activities decreased significantly to $574.4 million in the first nine months of 2016 from $969.4 million a year ago.
Capital expenditure was $52 million in the quarter, compared with $101 million in the year-ago period.
Guidance
Spirit AeroSystems raised its revenue forecast for 2016 to the range of $6.7−$6.8 billion from the previous expectation of $6.6 billion to $6.7 billion. It also has revised its EPS guidance to the range of $3.55−$3.80 from $3.45−$3.65 expected earlier.
Management now expects free cash flow in the range of $400−$425 million, up from the earlier expectation of $350 million to $400 million.
Other Defense Releases
Rockwell Collins Inc. reported financial results for fourth-quarter fiscal 2016 ended Sep 30, 2016. The company’s adjusted earnings per share of $1.58 surpassed the Zacks Consensus Estimate of $1.57 by 0.6%. Reported earnings also improved 14.5% from $1.38 per share earned a year ago.
Raytheon Company reported third-quarter 2016 earnings from continuing operations of $1.79 per share, beating the Zacks Consensus Estimate of $1.64 by 9.1%. Earnings also surged 21.8% from the year-ago figure of $1.47.
AAR Corp (AIR - Free Report) reported first-quarter fiscal 2017 earnings of $0.29 per share, surpassing the Zacks Consensus Estimate of $0.28 by 3.6%. The reported figure was also up from the year-ago figure of $0.23.
Zacks Rank
Spirit AeroSystems currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>