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Spirit AeroSystems Holdings, Inc. (SPR - Free Report) posted first-quarter 2017 adjusted earnings of $1.17 per share, in line with the Zacks Consensus Estimate. Earnings declined 9.3% from the year-ago figure of $1.29 owing to a decline in revenues.
Highlights of the Release
Total revenue of $1,694.1 million in the first quarter surpassed the Zacks Consensus Estimate of $1,658 million by 2.2%. Revenues were also up 0.7% year over year.
Backlog at the end of the reported quarter was $46 billion, registering sequential decline of $1 billion.
Segment Performance
Fuselage Systems: Revenues at the segment grew 4.7% to $916.9 million from the prior-year figure of $875.8 million. The increase came on the back of higher production deliveries on the Airbus A350 XWB and increased defense-related activity, partially offset by lower production deliveries on the Boeing 737 and 777 programs.
Propulsion Systems: The segment recorded revenues of $406.3 million in the reported quarter, down 7.4% from $438.6 million a year ago. The decline was due to lower production deliveries under the Boeing 777 programs.
Wing Systems: Revenues at the segment increased 2.4% to $369 million.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
As of Mar 30, 2017, Spirit AeroSystems had $672.2 million in cash and cash equivalents compared with $697.7 as of Dec 31, 2016.
As of Mar 30, 2017, long-term debt (excluding current portion) was $1,063.9 million compared with $1,060 million at the end of 2016.
Cash flow from operating activities increased to $111.7 million in the first quarter from $93.8 million in the year-ago period.
Capital expenditure totaled $41 million in the first quarter compared with $51 million in the prior-year quarter.
Guidance
Spirit AeroSystems reiterated its financial guidance for 2017. The company expects to generate earnings per share in the range of $4.60–$4.85 on revenues in the band of $6.8−$6.9 billion.
Management still expects free cash flow in the range of $450−$500 million for 2017.
Other Aerospace & Defense Releases
Rockwell Collins Inc. reported financial results for second-quarter fiscal 2017 (ended Mar 31, 2017). The company’s adjusted earnings per share of $1.34 surpassed the Zacks Consensus Estimate of $1.31 by 2.3%. Reported earnings also grew 3.1% from $1.30 per share earned a year ago.
Pentagon’s prime contractor, Lockheed Martin Corp. (LMT - Free Report) reported first-quarter 2017 earnings from continuing operations of $3 per share, beating the Zacks Consensus Estimate of $2.76 by 8.7%. Earnings came in line with the year-ago period’s bottom line figure.
Textron Inc. (TXT - Free Report) reported first-quarter 2017 adjusted earnings from continuing operations of 46 cents per share, in line with the Zacks Consensus Estimate.
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Spirit AeroSystems (SPR) Q1 Earnings Meet, Backlog Declines
Spirit AeroSystems Holdings, Inc. (SPR - Free Report) posted first-quarter 2017 adjusted earnings of $1.17 per share, in line with the Zacks Consensus Estimate. Earnings declined 9.3% from the year-ago figure of $1.29 owing to a decline in revenues.
Highlights of the Release
Total revenue of $1,694.1 million in the first quarter surpassed the Zacks Consensus Estimate of $1,658 million by 2.2%. Revenues were also up 0.7% year over year.
Backlog at the end of the reported quarter was $46 billion, registering sequential decline of $1 billion.
Segment Performance
Fuselage Systems: Revenues at the segment grew 4.7% to $916.9 million from the prior-year figure of $875.8 million. The increase came on the back of higher production deliveries on the Airbus A350 XWB and increased defense-related activity, partially offset by lower production deliveries on the Boeing 737 and 777 programs.
Propulsion Systems: The segment recorded revenues of $406.3 million in the reported quarter, down 7.4% from $438.6 million a year ago. The decline was due to lower production deliveries under the Boeing 777 programs.
Wing Systems: Revenues at the segment increased 2.4% to $369 million.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise | Spirit Aerosystems Holdings, Inc. Quote
Financial Position
As of Mar 30, 2017, Spirit AeroSystems had $672.2 million in cash and cash equivalents compared with $697.7 as of Dec 31, 2016.
As of Mar 30, 2017, long-term debt (excluding current portion) was $1,063.9 million compared with $1,060 million at the end of 2016.
Cash flow from operating activities increased to $111.7 million in the first quarter from $93.8 million in the year-ago period.
Capital expenditure totaled $41 million in the first quarter compared with $51 million in the prior-year quarter.
Guidance
Spirit AeroSystems reiterated its financial guidance for 2017. The company expects to generate earnings per share in the range of $4.60–$4.85 on revenues in the band of $6.8−$6.9 billion.
Management still expects free cash flow in the range of $450−$500 million for 2017.
Other Aerospace & Defense Releases
Rockwell Collins Inc. reported financial results for second-quarter fiscal 2017 (ended Mar 31, 2017). The company’s adjusted earnings per share of $1.34 surpassed the Zacks Consensus Estimate of $1.31 by 2.3%. Reported earnings also grew 3.1% from $1.30 per share earned a year ago.
Pentagon’s prime contractor, Lockheed Martin Corp. (LMT - Free Report) reported first-quarter 2017 earnings from continuing operations of $3 per share, beating the Zacks Consensus Estimate of $2.76 by 8.7%. Earnings came in line with the year-ago period’s bottom line figure.
Textron Inc. (TXT - Free Report) reported first-quarter 2017 adjusted earnings from continuing operations of 46 cents per share, in line with the Zacks Consensus Estimate.
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.
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Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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