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Spirit AeroSystems Holdings, Inc. (SPR - Free Report) reported fourth-quarter 2020 adjusted loss of $1.31 per share, wider than the Zacks Consensus Estimates of a loss of 67 cents. In the fourth quarter of 2019, the company had reported adjusted earnings of 79 cents per share.
Barring one-time adjustments, the company incurred GAAP loss of $2.85 per share against earnings of 65 cents in the year-ago quarter.
For 2020, the company reported adjusted loss of $5.72 per share, which came in wider than the Zacks Consensus Estimate of a loss of $5.03. The full-year bottom line figure deteriorated from earnings of $5.54 recorded in 2019.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Total revenues of $877 million missed the Zacks Consensus Estimate of $910 million by 3.6%. Moreover, the top line plunged 55% from $1,959 million in the year-ago period. The decline in revenues was primarily due to significantly lower 737 MAX production resulting from the program’s grounding and also due to the impacts of the COVID-19 pandemic.
For 2020, the company generated revenues worth $3.41 billion, which missed the Zacks Consensus Estimate of $3.46 billion by 1.4%. The full-year revenue figure also deteriorated 57% from the year-ago period.
Backlog at the end of fourth-quarter 2020 was $34 billion, lower than $40 billion in the prior quarter.
Segment Performance
Fuselage Systems: Revenues in the segment declined 58.8% year over year to $426 million, primarily due to lower production volumes of Boeing 737 and 787 as well as Airbus A350 programs.
Propulsion Systems: The segment recorded revenues of $218.9 million in the reported quarter, down 58.9% from $532.3 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 44.6% to $216.4 million from $390.9 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 47.5% year over year to $978 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 $101.4 million in the fourth quarter of 2020 against operating earnings of $95.7 million in the prior-year quarter.
Financial Position
As of Dec 31, 2020, Spirit AeroSystems had $1,873.7 million in cash and cash equivalents compared with $2,350.5 million as of Dec 31, 2019.
At the end of 2020, long-term debt totaled $3,532.9 million compared with $2,984.1 million at the end of 2019.
Net cash used in operating activities came in at $744.9 million at the end of 2020 against net cash inflow of $922.7 million at the end of 2019.
Capital expenditures totaled $119 million during 2020, down from $232 million in the prior-year.
Lockheed Martin Corp. (LMT - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $6.38 per share, which came in line with the Zacks Consensus Estimate.
Hexcel Corporation (HXL - Free Report) reported fourth-quarter 2020 loss of 18 cents per share, in line with the Zacks Consensus Estimate.
General Dynamics Corporation (GD - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $3.49 per share, which missed the Zacks Consensus Estimate of $3.55 by 1.7%.
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Spirit AeroSystems (SPR) Q4 Earnings Miss, Revenues Slump Y/Y
Spirit AeroSystems Holdings, Inc. (SPR - Free Report) reported fourth-quarter 2020 adjusted loss of $1.31 per share, wider than the Zacks Consensus Estimates of a loss of 67 cents. In the fourth quarter of 2019, the company had reported adjusted earnings of 79 cents per share.
Barring one-time adjustments, the company incurred GAAP loss of $2.85 per share against earnings of 65 cents in the year-ago quarter.
For 2020, the company reported adjusted loss of $5.72 per share, which came in wider than the Zacks Consensus Estimate of a loss of $5.03. The full-year bottom line figure deteriorated from earnings of $5.54 recorded in 2019.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Spirit Aerosystems Holdings, Inc. price-consensus-eps-surprise-chart | Spirit Aerosystems Holdings, Inc. Quote
Highlights of the Release
Total revenues of $877 million missed the Zacks Consensus Estimate of $910 million by 3.6%. Moreover, the top line plunged 55% from $1,959 million in the year-ago period. The decline in revenues was primarily due to significantly lower 737 MAX production resulting from the program’s grounding and also due to the impacts of the COVID-19 pandemic.
For 2020, the company generated revenues worth $3.41 billion, which missed the Zacks Consensus Estimate of $3.46 billion by 1.4%. The full-year revenue figure also deteriorated 57% from the year-ago period.
Backlog at the end of fourth-quarter 2020 was $34 billion, lower than $40 billion in the prior quarter.
Segment Performance
Fuselage Systems: Revenues in the segment declined 58.8% year over year to $426 million, primarily due to lower production volumes of Boeing 737 and 787 as well as Airbus A350 programs.
Propulsion Systems: The segment recorded revenues of $218.9 million in the reported quarter, down 58.9% from $532.3 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 44.6% to $216.4 million from $390.9 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 47.5% year over year to $978 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 $101.4 million in the fourth quarter of 2020 against operating earnings of $95.7 million in the prior-year quarter.
Financial Position
As of Dec 31, 2020, Spirit AeroSystems had $1,873.7 million in cash and cash equivalents compared with $2,350.5 million as of Dec 31, 2019.
At the end of 2020, long-term debt totaled $3,532.9 million compared with $2,984.1 million at the end of 2019.
Net cash used in operating activities came in at $744.9 million at the end of 2020 against net cash inflow of $922.7 million at the end of 2019.
Capital expenditures totaled $119 million during 2020, down from $232 million in the prior-year.
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.
Other Defense Q4 Releases
Lockheed Martin Corp. (LMT - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $6.38 per share, which came in line with the Zacks Consensus Estimate.
Hexcel Corporation (HXL - Free Report) reported fourth-quarter 2020 loss of 18 cents per share, in line with the Zacks Consensus Estimate.
General Dynamics Corporation (GD - Free Report) reported fourth-quarter 2020 earnings from continuing operations of $3.49 per share, which missed the Zacks Consensus Estimate of $3.55 by 1.7%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>