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Spirit AeroSystems (SPR) Q2 Loss Wider & Revenues Beat
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Shares of Spirit AeroSystems Holdings, Inc. (SPR - Free Report) have declined 3.5% to reach $30.40 since its second-quarter results. The company reported a second-quarter 2022 adjusted loss of $1.21 per share, wider than the Zacks Consensus Estimate for a loss of 23 cents. The bottom line also deteriorated significantly from the year-ago quarter’s loss of 31 cents per share.
Barring one-time adjustments, the company reported a GAAP loss of $1.17 per share compared with a loss of $1.30 in the year-ago quarter.
Highlights of the Release
Total revenues of $1,258 million exceeded the Zacks Consensus Estimate of $1,246 million by 0.9%. Moreover, the top line rose 26% on a year-over-year basis, driven by the higher production deliveries of the Boeing 737 and increased aftermarket revenues.
The backlog at the end of the second quarter of 2022 was $34 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 28.3% year over year to $1,031.1 in the second quarter, driven by higher production volumes on the Boeing 737, 777 and Airbus A220 programs.
The operating loss increased to $45.1 million from an operating loss of $44.7 million in the year-ago quarter.
Defense & Space: The segment recorded revenues of $146.4 million in the reported quarter, up 3.2% year over year. The upside can be attributed to increased production volumes from the Boeing P-8 program and higher development activity.
The operating income in the second quarter increased 10.5% to $13.7 million from $12.4 million in the year-ago quarter.
Aftermarket: Revenues in the segment improved a solid 41.8% year over year to $80.4 million in the second quarter, driven by higher spare part sales and maintenance, repair and overhaul activity.
The operating profit in the second quarter decreased 20.3% to $11.8 million.
Operational Highlights
Total operating costs and expenses rose 23.9% year over year to $1,362.6 million due to the higher cost of sales, increased SG&A expenses and elevated research and development expenses.
The company incurred an operating loss of $104.7 million in the second quarter compared with the year-ago quarter’s loss of $97.7 million.
Financial Position
As of Jun 30, 2022, SPR had $770.2 million of cash and cash equivalents compared with $1,478.6 million as of Dec 31, 2021.
Long-term debt as of Jun 30, 2022 totaled $3,424.8 million compared with $3,742.7 million at the end of 2021.
The cash outflow from operating activities was $331.7 million during the six months ended Jun 30, 2022 compared with $197.7 million a year ago.
Zacks Rank
Spirit AeroSystems has a Zacks Rank #5 (Strong Sell).
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2022 earnings of $6.32 per share, which surpassed the Zacks Consensus Estimate of $6.29 by 0.5%. The bottom line, however, declined 1.6% year over year.
The company’s net sales amounted to $15.45 billion, which missed the Zacks Consensus Estimate of $16.16 billion by 4.4%. The top line also declined 9.3% from the $17.03 billion reported in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported second-quarter 2022 adjusted earnings of 33 cents per share, which exceeded the Zacks Consensus Estimate of 30 cents by 10%.
The company’s net sales totaled $393 million, which beat the Zacks Consensus Estimate of $383 million by 2.6%. Moreover, the top line witnessed an improvement of 22.7% from the year-ago quarter’s $320.3 million.
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2022 adjusted earnings of $4.43 per share, which surpassed the Zacks Consensus Estimate of $4.38 by 1.1%. However, the bottom line declined 3.9% from the year-ago quarter’s $4.61 per share.
Total sales in the second quarter amounted to $1,355.8 million, which exceeded the Zacks Consensus Estimate of $1,352 million by 0.3%. The top line also improved 21% from the $1,121 million reported a year ago.
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Spirit AeroSystems (SPR) Q2 Loss Wider & Revenues Beat
Shares of Spirit AeroSystems Holdings, Inc. (SPR - Free Report) have declined 3.5% to reach $30.40 since its second-quarter results. The company reported a second-quarter 2022 adjusted loss of $1.21 per share, wider than the Zacks Consensus Estimate for a loss of 23 cents. The bottom line also deteriorated significantly from the year-ago quarter’s loss of 31 cents per share.
Barring one-time adjustments, the company reported a GAAP loss of $1.17 per share compared with a loss of $1.30 in the year-ago quarter.
Highlights of the Release
Total revenues of $1,258 million exceeded the Zacks Consensus Estimate of $1,246 million by 0.9%. Moreover, the top line rose 26% on a year-over-year basis, driven by the higher production deliveries of the Boeing 737 and increased aftermarket revenues.
The backlog at the end of the second quarter of 2022 was $34 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 28.3% year over year to $1,031.1 in the second quarter, driven by higher production volumes on the Boeing 737, 777 and Airbus A220 programs.
The operating loss increased to $45.1 million from an operating loss of $44.7 million in the year-ago quarter.
Defense & Space: The segment recorded revenues of $146.4 million in the reported quarter, up 3.2% year over year. The upside can be attributed to increased production volumes from the Boeing P-8 program and higher development activity.
The operating income in the second quarter increased 10.5% to $13.7 million from $12.4 million in the year-ago quarter.
Aftermarket: Revenues in the segment improved a solid 41.8% year over year to $80.4 million in the second quarter, driven by higher spare part sales and maintenance, repair and overhaul activity.
The operating profit in the second quarter decreased 20.3% to $11.8 million.
Operational Highlights
Total operating costs and expenses rose 23.9% year over year to $1,362.6 million due to the higher cost of sales, increased SG&A expenses and elevated research and development expenses.
The company incurred an operating loss of $104.7 million in the second quarter compared with the year-ago quarter’s loss of $97.7 million.
Financial Position
As of Jun 30, 2022, SPR had $770.2 million of cash and cash equivalents compared with $1,478.6 million as of Dec 31, 2021.
Long-term debt as of Jun 30, 2022 totaled $3,424.8 million compared with $3,742.7 million at the end of 2021.
The cash outflow from operating activities was $331.7 million during the six months ended Jun 30, 2022 compared with $197.7 million a year ago.
Zacks Rank
Spirit AeroSystems has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2022 earnings of $6.32 per share, which surpassed the Zacks Consensus Estimate of $6.29 by 0.5%. The bottom line, however, declined 1.6% year over year.
The company’s net sales amounted to $15.45 billion, which missed the Zacks Consensus Estimate of $16.16 billion by 4.4%. The top line also declined 9.3% from the $17.03 billion reported in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported second-quarter 2022 adjusted earnings of 33 cents per share, which exceeded the Zacks Consensus Estimate of 30 cents by 10%.
The company’s net sales totaled $393 million, which beat the Zacks Consensus Estimate of $383 million by 2.6%. Moreover, the top line witnessed an improvement of 22.7% from the year-ago quarter’s $320.3 million.
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2022 adjusted earnings of $4.43 per share, which surpassed the Zacks Consensus Estimate of $4.38 by 1.1%. However, the bottom line declined 3.9% from the year-ago quarter’s $4.61 per share.
Total sales in the second quarter amounted to $1,355.8 million, which exceeded the Zacks Consensus Estimate of $1,352 million by 0.3%. The top line also improved 21% from the $1,121 million reported a year ago.