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Shares of Spirit AeroSystems Holdings, Inc. (SPR - Free Report) declined 2.1% to reach $42.33 on Aug 6 despite decent second-quarter results.
The company incurred second-quarter 2021 adjusted loss of 31 cents per share, which came in narrower than the Zacks Consensus Estimate of a loss of 66 cents. The bottom line also improved from the year-ago quarter’s loss of $2.28.
Including one-time adjustments, the company reported a GAAP loss of $1.30 per share compared with loss of $2.46 in the year-ago quarter.
The year-over-year earnings improvement was primarily driven by lower forward loss charges, lower costs related to excess capacity, and lower losses on disposal of assets in the second quarter of 2021 compared with the second quarter of 2020.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Total revenues of $1,002 million exceeded the Zacks Consensus Estimate of $960 million by 4.4%. Moreover, the top line improved 55% from $645 million on a year-over-year basis. The upside was driven by higher production deliveries on the Boeing 737 and Airbus A320 programs and increased revenues from the recently acquired A220 wing and Bombardier programs.
Backlog at the end of second-quarter 2021 was $34 billion compared with $33 million at the end of first-quarter 2021.
Segment Performance
Fuselage Systems: Revenues in the segment increased 51% year over year to $.2 million in second-quarter 2021, primarily due to higher production volumes from the Boeing 737 and recently acquired Bombardier programs.
Operating loss for the second quarter of 2021 narrowed to $31.8 million from operating loss of $251.5 million in the year-ago quarter.
Propulsion Systems: The segment recorded revenues of $241.9 million in the reported quarter, up 43% year over year. The upside can be attributed to increased revenues from the Boeing 737 program and aftermarket sales.
Operating income for the second quarter of 2021 amounted to $28.2 million against operating loss of $17.3 million in the year-ago quarter.
Wing Systems: Revenues in the segment improved a massive 111.7% year over year to $259.3 million in the second quarter, driven by increased production deliveries on the Boeing 737, Airbus A320 and A220 programs.
Operating loss for the second quarter of 2021 narrowed to $16.2 million compared from operating loss of $42.5 million in the year-ago quarter.
Operational Highlights
Total operating costs and expenses increased 8.8% year over year to $1,099.8 million on account of higher cost of sales; selling, general and administrative expenses; as well as research and development expenses.
The company incurred an operating loss of $97.7 million in the second quarter of 2021 compared with operating loss of $367 million in the prior-year quarter.
Financial Position
As of Jul 1, 2021, Spirit AeroSystems had $1,269.3 million of cash and cash equivalents compared with $1,873.3 million as of Dec 31, 2020.
At the end of second-quarter 2021, long-term debt totaled $3,552.7 million compared with $3,532.9 million at the end of 2020.
Cash outflow from operating activities was $197.7 million at the end of second-quarter 2021 compared with the cash outflow of $559.7 million at the end of second-quarter 2020.
Textron Inc. (TXT - Free Report) reported second-quarter 2021 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 61 cents by 32.8%.
Raytheon Technologies’ (RTX - Free Report) second-quarter 2021 adjusted earnings per share of $1.23 outpaced the Zacks Consensus Estimate of 92 cents by 33.7%.
Hexcel Corporation (HXL - Free Report) reported second-quarter 2021 adjusted earnings of 8 cents per share, which surpassed the Zacks Consensus Estimate of a penny.
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Spirit AeroSystems (SPR) Q2 Earnings Beat, Revenues Rise Y/Y
Shares of Spirit AeroSystems Holdings, Inc. (SPR - Free Report) declined 2.1% to reach $42.33 on Aug 6 despite decent second-quarter results.
The company incurred second-quarter 2021 adjusted loss of 31 cents per share, which came in narrower than the Zacks Consensus Estimate of a loss of 66 cents. The bottom line also improved from the year-ago quarter’s loss of $2.28.
Including one-time adjustments, the company reported a GAAP loss of $1.30 per share compared with loss of $2.46 in the year-ago quarter.
The year-over-year earnings improvement was primarily driven by lower forward loss charges, lower costs related to excess capacity, and lower losses on disposal of assets in the second quarter of 2021 compared with the second quarter of 2020.
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 $1,002 million exceeded the Zacks Consensus Estimate of $960 million by 4.4%. Moreover, the top line improved 55% from $645 million on a year-over-year basis. The upside was driven by higher production deliveries on the Boeing 737 and Airbus A320 programs and increased revenues from the recently acquired A220 wing and Bombardier programs.
Backlog at the end of second-quarter 2021 was $34 billion compared with $33 million at the end of first-quarter 2021.
Segment Performance
Fuselage Systems: Revenues in the segment increased 51% year over year to $.2 million in second-quarter 2021, primarily due to higher production volumes from the Boeing 737 and recently acquired Bombardier programs.
Operating loss for the second quarter of 2021 narrowed to $31.8 million from operating loss of $251.5 million in the year-ago quarter.
Propulsion Systems: The segment recorded revenues of $241.9 million in the reported quarter, up 43% year over year. The upside can be attributed to increased revenues from the Boeing 737 program and aftermarket sales.
Operating income for the second quarter of 2021 amounted to $28.2 million against operating loss of $17.3 million in the year-ago quarter.
Wing Systems: Revenues in the segment improved a massive 111.7% year over year to $259.3 million in the second quarter, driven by increased production deliveries on the Boeing 737, Airbus A320 and A220 programs.
Operating loss for the second quarter of 2021 narrowed to $16.2 million compared from operating loss of $42.5 million in the year-ago quarter.
Operational Highlights
Total operating costs and expenses increased 8.8% year over year to $1,099.8 million on account of higher cost of sales; selling, general and administrative expenses; as well as research and development expenses.
The company incurred an operating loss of $97.7 million in the second quarter of 2021 compared with operating loss of $367 million in the prior-year quarter.
Financial Position
As of Jul 1, 2021, Spirit AeroSystems had $1,269.3 million of cash and cash equivalents compared with $1,873.3 million as of Dec 31, 2020.
At the end of second-quarter 2021, long-term debt totaled $3,552.7 million compared with $3,532.9 million at the end of 2020.
Cash outflow from operating activities was $197.7 million at the end of second-quarter 2021 compared with the cash outflow of $559.7 million at the end of second-quarter 2020.
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 Releases
Textron Inc. (TXT - Free Report) reported second-quarter 2021 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 61 cents by 32.8%.
Raytheon Technologies’ (RTX - Free Report) second-quarter 2021 adjusted earnings per share of $1.23 outpaced the Zacks Consensus Estimate of 92 cents by 33.7%.
Hexcel Corporation (HXL - Free Report) reported second-quarter 2021 adjusted earnings of 8 cents per share, which surpassed the Zacks Consensus Estimate of a penny.