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Spirit AeroSystems (SPR) Q1 Earnings Beat, Revenues Up Y/Y
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Spirit AeroSystems Holdings, Inc. (SPR - Free Report) reported first-quarter 2022 adjusted earnings of 3 cents per share, which beat the Zacks Consensus Estimate for a loss of 61 cents. The bottom line also improved significantly from the year-ago quarter’s loss of $1.22.
Barring one-time adjustments, the company reported a GAAP loss of 51 cents per share compared with a loss of $1.65 in the year-ago quarter.
Highlights of the Release
Total revenues of $1,175 million exceeded the Zacks Consensus Estimate of $1,094 million by 7.3%. Moreover, the top line rose 30% on a year-over-year basis, driven by higher production deliveries on the Boeing 737, Airbus A220 and Airbus A320 programs and increased aftermarket revenues.
Backlog at the end of first-quarter 2022 was $36 billion compared with $35 million at the end of 2021.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Commercial Segment: Revenues in the segment increased 34.8% year over year to $938.4 in the first quarter, driven by higher production volumes on the Boeing 737, Airbus A220 and A320 programs.
Operating loss narrowed to $3.4 million from an operating loss of $82.9 million in the year-ago quarter.
Defense & Space: The segment recorded revenues of $158.5 million in the reported quarter, up 3.3% year over year. The upside can be attributed to increased production volumes from the Boeing P-8 program.
Operating income in the first quarter increased 66.7% to $20 million from $12 million in the year-ago quarter.
Aftermarket: Revenues in the segment improved a solid 51.7% year over year to $77.8 million in the first quarter, driven by higher spare part sales and maintenance, repair and overhaul (MRO) activity.
Operating profit in the first quarter increased a solid 66.7% to $18 million.
Operational Highlights
Total operating costs and expenses rose 18.5% year over year to $1,216.9 million on account of higher cost of sales, increased selling, general and administrative expenses and elevated research and development expenses.
The company incurred an operating loss of $42.2 million in the first quarter compared with the year-ago quarter’s loss of $125.9 million.
Financial Position
At the end of first-quarter 2022, SPR had $1,151.8 million of cash and cash equivalents compared with $1,478.6 million as of Dec 31, 2021.
At the end of the first quarter, long-term debt totaled $3,734 million compared with $3,742.7 million at the end of 2021.
Cash outflow from operating activities was $270.2 million during the first quarter compared with $170.2 million a year ago.
Raytheon Technologies’ (RTX - Free Report) first-quarter 2022 adjusted earnings per share (EPS) of $1.15 beat the Zacks Consensus Estimate of $1.01 by 13.9%. Moreover, the bottom-line figure improved 27.8% from the year-ago quarter’s adjusted earnings of 90 cents.
Raytheon’s first-quarter sales of $15,716 million missed the Zacks Consensus Estimate of $15,799 million by 0.5%. The sales figure, however, rose 3% from $15,251 million recorded in the year-ago quarter.
Lockheed Martin (LMT - Free Report) reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. The bottom line, however, declined 1.8% year over year.
Lockheed Martin’s net sales amounted to $14.96 billion, which missed the Zacks Consensus Estimate of $15.53 billion by 3.7%. The top line also declined 8% from $16.26 billion reported in the year-ago quarter
Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2022 adjusted earnings of $4.27 per share, which surpassed the Zacks Consensus Estimate of $4.09 by 4.4%. The bottom line also improved 33.9% from the year-ago quarter’s $3.19 per share.
Teledyne’s total sales in the first quarter amounted to $1,321 million, which exceeded the Zacks Consensus Estimate of $1,315 million by 0.5%. The top line also improved 64% from $805.7 million reported a year ago.
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Spirit AeroSystems (SPR) Q1 Earnings Beat, Revenues Up Y/Y
Spirit AeroSystems Holdings, Inc. (SPR - Free Report) reported first-quarter 2022 adjusted earnings of 3 cents per share, which beat the Zacks Consensus Estimate for a loss of 61 cents. The bottom line also improved significantly from the year-ago quarter’s loss of $1.22.
Barring one-time adjustments, the company reported a GAAP loss of 51 cents per share compared with a loss of $1.65 in the year-ago quarter.
Highlights of the Release
Total revenues of $1,175 million exceeded the Zacks Consensus Estimate of $1,094 million by 7.3%. Moreover, the top line rose 30% on a year-over-year basis, driven by higher production deliveries on the Boeing 737, Airbus A220 and Airbus A320 programs and increased aftermarket revenues.
Backlog at the end of first-quarter 2022 was $36 billion compared with $35 million at the end of 2021.
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
Commercial Segment: Revenues in the segment increased 34.8% year over year to $938.4 in the first quarter, driven by higher production volumes on the Boeing 737, Airbus A220 and A320 programs.
Operating loss narrowed to $3.4 million from an operating loss of $82.9 million in the year-ago quarter.
Defense & Space: The segment recorded revenues of $158.5 million in the reported quarter, up 3.3% year over year. The upside can be attributed to increased production volumes from the Boeing P-8 program.
Operating income in the first quarter increased 66.7% to $20 million from $12 million in the year-ago quarter.
Aftermarket: Revenues in the segment improved a solid 51.7% year over year to $77.8 million in the first quarter, driven by higher spare part sales and maintenance, repair and overhaul (MRO) activity.
Operating profit in the first quarter increased a solid 66.7% to $18 million.
Operational Highlights
Total operating costs and expenses rose 18.5% year over year to $1,216.9 million on account of higher cost of sales, increased selling, general and administrative expenses and elevated research and development expenses.
The company incurred an operating loss of $42.2 million in the first quarter compared with the year-ago quarter’s loss of $125.9 million.
Financial Position
At the end of first-quarter 2022, SPR had $1,151.8 million of cash and cash equivalents compared with $1,478.6 million as of Dec 31, 2021.
At the end of the first quarter, long-term debt totaled $3,734 million compared with $3,742.7 million at the end of 2021.
Cash outflow from operating activities was $270.2 million during the first quarter compared with $170.2 million a year ago.
Zacks Rank
Spirit AeroSystems has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Raytheon Technologies’ (RTX - Free Report) first-quarter 2022 adjusted earnings per share (EPS) of $1.15 beat the Zacks Consensus Estimate of $1.01 by 13.9%. Moreover, the bottom-line figure improved 27.8% from the year-ago quarter’s adjusted earnings of 90 cents.
Raytheon’s first-quarter sales of $15,716 million missed the Zacks Consensus Estimate of $15,799 million by 0.5%. The sales figure, however, rose 3% from $15,251 million recorded in the year-ago quarter.
Lockheed Martin (LMT - Free Report) reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. The bottom line, however, declined 1.8% year over year.
Lockheed Martin’s net sales amounted to $14.96 billion, which missed the Zacks Consensus Estimate of $15.53 billion by 3.7%. The top line also declined 8% from $16.26 billion reported in the year-ago quarter
Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2022 adjusted earnings of $4.27 per share, which surpassed the Zacks Consensus Estimate of $4.09 by 4.4%. The bottom line also improved 33.9% from the year-ago quarter’s $3.19 per share.
Teledyne’s total sales in the first quarter amounted to $1,321 million, which exceeded the Zacks Consensus Estimate of $1,315 million by 0.5%. The top line also improved 64% from $805.7 million reported a year ago.