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Shares of Spirit AeroSystems Holdings, Inc. (SPR - Free Report) have increased 5.3% to reach $23.43 since its third-quarter results. The company reported a third-quarter 2022 adjusted loss of 25 cents per share, narrower than the Zacks Consensus Estimate for a loss of 39 cents.
The bottom line improved significantly from the year-ago quarter’s loss of $1.13 per share.
Barring one-time adjustments, Spirit AeroSystems reported a GAAP loss of $1.22 per share compared with a loss of $1.09 in the year-ago quarter.
Highlights of the Release
Total revenues of $1,277 million lagged the Zacks Consensus Estimate of $1,295 million by 1.4%. However, the top line rose 30% 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 third quarter of 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 32% year over year to $1,034.9 in the third quarter, driven by higher production volumes on the Boeing 737, 777 and Airbus A220 programs.
The operating income increased to $45 million from an operating loss of $72.8 million in the year-ago quarter.
Defense & Space: The segment recorded revenues of $161.7 million in the reported quarter, up 17.3% year over year. The upside can be attributed to increased production volumes from the Boeing P-8 and Sikorsky CH-53K programs and higher development activity.
The operating income in the third quarter increased 132.9% to $18.4 million from $7.9 million in the year-ago quarter.
Aftermarket: Revenues in the segment improved by a solid 38.2% year over year to $80.3 million in the third quarter, driven by higher spare part sales and maintenance, repairing and overhaul activity.
The operating profit in the third quarter increased 146.8% to $11.8 million.
Operational Highlights
Total operating costs and expenses rose 11.9% year over year to $1,272.4 million due to the higher cost of sales and increased SG&A expenses.
The company’s operating income came in at $4.5 million in the third quarter compared to the year-ago quarter’s loss of $156.6 million. The increase in operating income was primarily driven by higher production on the Boeing 737 program and lower forward loss charges.
Financial Position
As of Sep 30, 2022, SPR had $670.5 million in cash and cash equivalents compared with $1,478.6 million as of Dec 31, 2021.
The long-term debt as of Sep 30, 2022 totaled $3,428 million compared with $3,742.7 million at the end of 2021.
The cash outflow from operating activities was $367.4 million during the nine months ended Sep 30, 2022 compared to the cash inflow of $13.3 million a year ago.
Huntington Ingalls Industries, Inc.’s (HII - Free Report) third-quarter 2022 earnings of $3.44 per share declined 5.8% from $3.65 reported in the prior-year quarter. The bottom line also missed the Zacks Consensus Estimate of $3.53 by 2.5%.
Total revenues came in at $2,626 million, missing the Zacks Consensus Estimate of $2,685.6 million by 2.2%. However, the top line improved 12.3% from $2,338 million in the year-ago quarter.
Leidos Holdings, Inc.’s (LDOS - Free Report) third-quarter 2022 adjusted earnings of $1.59 per share beat the Zacks Consensus Estimate of $1.56 by 1.9%. However, the bottom line declined 11.7% from the $1.80 per share registered a year ago.
Leidos Holdings generated total revenues of $3,600 million in the quarter under consideration, exceeding the Zacks Consensus Estimate of $3,543.9 million by 1.6%. The top line also improved 4% year over year.
Northrop Grumman Corporation (NOC - Free Report) reported third-quarter 2022 earnings of $5.89 per share, which missed the Zacks Consensus Estimate of $6.09 by 3.3%. The bottom line declined by 11.2% from the $6.63 reported in the year-ago quarter.
In the third quarter of 2022, Northrop Grumman reported total sales of $9 billion, which missed the Zacks Consensus Estimate of $9.15 billion by 1.6%. However, sales increased by 3% from the year-ago quarter’s $8.7 billion.
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Spirit AeroSystems (SPR) Reports Q3 Loss, Revenues Rise Y/Y
Shares of Spirit AeroSystems Holdings, Inc. (SPR - Free Report) have increased 5.3% to reach $23.43 since its third-quarter results. The company reported a third-quarter 2022 adjusted loss of 25 cents per share, narrower than the Zacks Consensus Estimate for a loss of 39 cents.
The bottom line improved significantly from the year-ago quarter’s loss of $1.13 per share.
Barring one-time adjustments, Spirit AeroSystems reported a GAAP loss of $1.22 per share compared with a loss of $1.09 in the year-ago quarter.
Highlights of the Release
Total revenues of $1,277 million lagged the Zacks Consensus Estimate of $1,295 million by 1.4%. However, the top line rose 30% 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 third quarter of 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
Segmental Performance
Commercial Segment: Revenues in the segment increased 32% year over year to $1,034.9 in the third quarter, driven by higher production volumes on the Boeing 737, 777 and Airbus A220 programs.
The operating income increased to $45 million from an operating loss of $72.8 million in the year-ago quarter.
Defense & Space: The segment recorded revenues of $161.7 million in the reported quarter, up 17.3% year over year. The upside can be attributed to increased production volumes from the Boeing P-8 and Sikorsky CH-53K programs and higher development activity.
The operating income in the third quarter increased 132.9% to $18.4 million from $7.9 million in the year-ago quarter.
Aftermarket: Revenues in the segment improved by a solid 38.2% year over year to $80.3 million in the third quarter, driven by higher spare part sales and maintenance, repairing and overhaul activity.
The operating profit in the third quarter increased 146.8% to $11.8 million.
Operational Highlights
Total operating costs and expenses rose 11.9% year over year to $1,272.4 million due to the higher cost of sales and increased SG&A expenses.
The company’s operating income came in at $4.5 million in the third quarter compared to the year-ago quarter’s loss of $156.6 million. The increase in operating income was primarily driven by higher production on the Boeing 737 program and lower forward loss charges.
Financial Position
As of Sep 30, 2022, SPR had $670.5 million in cash and cash equivalents compared with $1,478.6 million as of Dec 31, 2021.
The long-term debt as of Sep 30, 2022 totaled $3,428 million compared with $3,742.7 million at the end of 2021.
The cash outflow from operating activities was $367.4 million during the nine months ended Sep 30, 2022 compared to the cash inflow of $13.3 million a year ago.
Zacks Rank
Spirit AeroSystems has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Huntington Ingalls Industries, Inc.’s (HII - Free Report) third-quarter 2022 earnings of $3.44 per share declined 5.8% from $3.65 reported in the prior-year quarter. The bottom line also missed the Zacks Consensus Estimate of $3.53 by 2.5%.
Total revenues came in at $2,626 million, missing the Zacks Consensus Estimate of $2,685.6 million by 2.2%. However, the top line improved 12.3% from $2,338 million in the year-ago quarter.
Leidos Holdings, Inc.’s (LDOS - Free Report) third-quarter 2022 adjusted earnings of $1.59 per share beat the Zacks Consensus Estimate of $1.56 by 1.9%. However, the bottom line declined 11.7% from the $1.80 per share registered a year ago.
Leidos Holdings generated total revenues of $3,600 million in the quarter under consideration, exceeding the Zacks Consensus Estimate of $3,543.9 million by 1.6%. The top line also improved 4% year over year.
Northrop Grumman Corporation (NOC - Free Report) reported third-quarter 2022 earnings of $5.89 per share, which missed the Zacks Consensus Estimate of $6.09 by 3.3%. The bottom line declined by 11.2% from the $6.63 reported in the year-ago quarter.
In the third quarter of 2022, Northrop Grumman reported total sales of $9 billion, which missed the Zacks Consensus Estimate of $9.15 billion by 1.6%. However, sales increased by 3% from the year-ago quarter’s $8.7 billion.