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Spirit AeroSystems Holdings, Inc. (SPR - Snapshot Report), one of the leading aerospace/defense products and service providers, reported its financial results for the fourth quarter and year 2012 on Feb 12, 2013. Earnings per share in the quarter were 43 cents, up 2% year over year.

Adjusting for 19 cents of forward loss charges and 6 cents of one-time gain, earnings per share in the quarter were 56 cents, above the Zacks Consensus Estimate of 44 cents.

For 2012, earnings came in at 24 cents per share, way below the year-ago earnings of $1.35 while adjusted earnings per share were $2.30, above $1.85 earned in 2011 and the Zacks Consensus Estimate of 21 cents.

Revenue in the fourth quarter was up 17% at $1,425.6 million on the back of higher production deliveries. Backlog exiting the quarter were solid and stood at $35 billion, up 4% year over year.  

All four segments of the company performed well registering solid double-digit growth. Segmental details are as follows:

Revenue from Fuselage Systems grew 16.8% to $680.2 million and accounted for 47.7% of total revenue. Propulsion Systems revenue (25.8%) expanded 14.4% to $368.1 million while revenue from Wing Systems (26.3%) increased 19.7 to $375.3 million. Revenue from All Others (0.2%) segment was $2.0 million, up 53.8% year over year.

For 2012, revenue was $5,398 million, up 11% on a year-over-year basis.

Adjusted operating income in 2012 was $556.1 million, up 20.9% year over year, while margin was at 10.3% versus 9.5% in 2011.

Exiting the fourth quarter, cash and cash equivalents stood at $440.7 million, up 98.8% sequentially. Long-term debt was at $1,165.9 million, down 0.2% sequentially. Cash generated from operating activities in the fourth quarter was $309 million, up 141.1% year over year. Capital spending during the quarter totaled $79 million, down from $86 million in the year-ago quarter.

For 2013, management guided earnings per share, excluding severe weather adjustments, in the range of $2.20-$2.40. Revenue is expected to be within the $5.8-$6.0 billion range, tax rate is likely to be about 31%, cash flow from operations is expected within $300-$400 million and capital expenditures would be around $350 million.

Spirit AeroSystems Holdings currently has a Zacks Rank #3 (Hold). Other stocks to watch out for in the industry are BAE Systems plc (BAESY) and Rolls Royce Holdings plc (RYCEY), both carrying a Zacks Rank #1 (Strong Buy) and Alliant Techsystems Inc. (ATK - Analyst Report), bearing a Zacks Rank #2 (Buy).

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