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Spirit AeroSystems Holdings, Inc. (SPR - Free Report) reported third-quarter 2020 adjusted loss of $1.34 per share, narrower than the Zacks Consensus Estimates of a loss of $1.65. In the third quarter of 2019, the company had reported adjusted earnings of $1.38 per share.
Barring one-time adjustments, the company incurred GAAP loss of $1.50 per share against earnings of $1.26 in the year-ago quarter.
Highlights of the Release
Total revenues of $806 million beat the Zacks Consensus Estimate of $772 million by 4.5%. However, the top line plunged a massive 58% from $1,920 million in the year-ago period. The decline in revenues was primarily due to significantly lower 737 MAX production resulting from program grounding and also the impacts of COVID-19 pandemic.
Backlog at the end of third-quarter 2020 was $40 billion, lower than $41 billion in the prior quarter.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Fuselage Systems: Revenues in the segment declined 58% year over year to $421 million from $1,005.3 million registered in third-quarter 2019, primarily due to lower production volumes of Boeing 737 and 787, and Airbus A350 programs.
Propulsion Systems: The segment recorded revenues of $170.8 million in the reported quarter, down 67.2% from $520.9 million a year ago. The downside can be attributed to lower production volumes on the Boeing 737 program.
Wing Systems: Revenues in the segment deteriorated 57% to $168.3 million from $391 million in the prior-year quarter. The downside was primarily due to lower production volumes on the Boeing 737 and Airbus A320 and A350 programs.
Operational Highlights
Total operating costs and expenses declined 42.6% year over year to $983.2 million on account of lower cost of sales; decreased selling, general and administrative expenses; and reduced research and development expenses.
The company incurred an operating loss of $176.9 million in the third quarter of 2020 against operating earnings of $206.1 million in the prior-year quarter.
Financial Position
As of Oct 1, 2020, Spirit AeroSystems had $1,441.3 million in cash and cash equivalents compared with $2,350.5 million as of Dec 31, 2019.
At the end of the first nine months of 2020, long-term debt totaled $2,659 million compared with $2,984.1 million at the end of 2019.
Net cash used in operating activities came in at $612.8 million at the end of third-quarter 2020 against net cash inflow of $718.6 million at the end of third-quarter 2019.
Capital expenditures totaled $19 million during the third quarter, down from $41 million in the prior-year quarter.
Lockheed Martin (LMT - Free Report) reported third-quarter 2020 earnings from continuing operations of $6.25 per share, which surpassed the Zacks Consensus Estimate of $6.07 by 3%.
Hexcel (HXL - Free Report) reported third-quarter 2020 loss of 29 cents per share against the Zacks Consensus Estimate of earnings of 7 cents. The bottom line also declined from the prior-year quarter’s earnings per share of 90 cents.
Teledyne (TDY - Free Report) reported third-quarter 2020 adjusted earnings of $2.48 per share, which surpassed the Zacks Consensus Estimate of $2.40 by 3.3%.
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With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
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Spirit AeroSystems (SPR) Q3 Earnings Top, Revenues Slump Y/Y
Spirit AeroSystems Holdings, Inc. (SPR - Free Report) reported third-quarter 2020 adjusted loss of $1.34 per share, narrower than the Zacks Consensus Estimates of a loss of $1.65. In the third quarter of 2019, the company had reported adjusted earnings of $1.38 per share.
Barring one-time adjustments, the company incurred GAAP loss of $1.50 per share against earnings of $1.26 in the year-ago quarter.
Highlights of the Release
Total revenues of $806 million beat the Zacks Consensus Estimate of $772 million by 4.5%. However, the top line plunged a massive 58% from $1,920 million in the year-ago period. The decline in revenues was primarily due to significantly lower 737 MAX production resulting from program grounding and also the impacts of COVID-19 pandemic.
Backlog at the end of third-quarter 2020 was $40 billion, lower than $41 billion in the prior quarter.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Spirit Aerosystems Holdings, Inc. price-consensus-eps-surprise-chart | Spirit Aerosystems Holdings, Inc. Quote
Segment Performance
Fuselage Systems: Revenues in the segment declined 58% year over year to $421 million from $1,005.3 million registered in third-quarter 2019, primarily due to lower production volumes of Boeing 737 and 787, and Airbus A350 programs.
Propulsion Systems: The segment recorded revenues of $170.8 million in the reported quarter, down 67.2% from $520.9 million a year ago. The downside can be attributed to lower production volumes on the Boeing 737 program.
Wing Systems: Revenues in the segment deteriorated 57% to $168.3 million from $391 million in the prior-year quarter. The downside was primarily due to lower production volumes on the Boeing 737 and Airbus A320 and A350 programs.
Operational Highlights
Total operating costs and expenses declined 42.6% year over year to $983.2 million on account of lower cost of sales; decreased selling, general and administrative expenses; and reduced research and development expenses.
The company incurred an operating loss of $176.9 million in the third quarter of 2020 against operating earnings of $206.1 million in the prior-year quarter.
Financial Position
As of Oct 1, 2020, Spirit AeroSystems had $1,441.3 million in cash and cash equivalents compared with $2,350.5 million as of Dec 31, 2019.
At the end of the first nine months of 2020, long-term debt totaled $2,659 million compared with $2,984.1 million at the end of 2019.
Net cash used in operating activities came in at $612.8 million at the end of third-quarter 2020 against net cash inflow of $718.6 million at the end of third-quarter 2019.
Capital expenditures totaled $19 million during the third quarter, down from $41 million in the prior-year quarter.
Zacks Rank
Spirit AeroSystems has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some Q3 Defense Releases
Lockheed Martin (LMT - Free Report) reported third-quarter 2020 earnings from continuing operations of $6.25 per share, which surpassed the Zacks Consensus Estimate of $6.07 by 3%.
Hexcel (HXL - Free Report) reported third-quarter 2020 loss of 29 cents per share against the Zacks Consensus Estimate of earnings of 7 cents. The bottom line also declined from the prior-year quarter’s earnings per share of 90 cents.
Teledyne (TDY - Free Report) reported third-quarter 2020 adjusted earnings of $2.48 per share, which surpassed the Zacks Consensus Estimate of $2.40 by 3.3%.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
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