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Spirit AeroSystems Holdings, Inc. (SPR - Free Report) reported a second-quarter 2023 adjusted loss of $1.46 per share, wider than the Zacks Consensus Estimate of a loss of 79 cents. The figure also deteriorated from the year-ago quarter’s reported loss of $1.21 cents per share.
Barring one-time adjustments, Spirit AeroSystems recorded a GAAP loss of $1.96 per share compared with a loss of $1.17 in the prior-year period.
Highlights of the Release
Total revenues of $1,365 million surpassed the Zacks Consensus Estimate of $1,270 million by 7.4%. Moreover, the top line rose 8% on a year-over-year basis, driven by higher production deliveries of the Boeing 737 and 787 jets and increased Defense and Space revenues.
The company’s backlog at the end of the second quarter totaled $40.5 billion, up from the prior quarter’s level of $37 billion.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Commercial Segment: Revenues in the segment increased 5% year over year to $1,083 million. The upside can be attributed to increased production revenues from the Boeing 737 and 787 jet programs.
Operating loss widened to $72.9 million from $45.1 million in the year-ago period.
Defense & Space: The segment recorded revenues of $189.6 million, up 29.5% year over year, driven by increased activity on development programs and higher production from the Boeing P-8 program.
Operating income decreased 12.4% to $12 million from $13.7 million in the prior-year quarter.
Aftermarket: The top line improved 14.6% year over year to $92.1 million, driven by higher spare part sales as well as increased maintenance, repair and overhaul activity.
Operating profit increased 105.9% year over year to $24.3 million.
Operational Highlights
Total operating costs and expenses rose 9% year over year to $1,485.1 million due to higher cost of sales, selling, general and administrative expenses, and restructuring costs.
SPR’s operating loss totaled $120.4 million compared with $104.7 million in the prior-year period. This increase was mainly on account of higher changes in estimates as well as contra revenue recorded for a potential customer claim.
Financial Position
As of Jun 29, 2023, Spirit AeroSystems had $525.7 million in cash and cash equivalents compared with $658.6 million as of Dec 31, 2022.
The long-term debt as of Jun 29, 2023, totaled $3,814.9 million, which came in line with the figure recorded at the end of 2022.
Cash outflow from operating activities amounted to $229 million during the first six months of 2023 compared with $331.7 million a year ago.
Zacks Rank
Spirit AeroSystems currently has a Zacks Rank #4 (Sell).
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2023 adjusted earnings of $6.73 per share, which surpassed the Zacks Consensus Estimate of $6.43 by 4.7%. The bottom line also improved 6.5% from the year-ago quarter's figure.
Net sales amounted to $16.69 billion, which surpassed the Zacks Consensus Estimate of $15.86 billion by 5.3%. The top line rose 8.1% from $15.45 billion registered in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported second-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 4.2%. The bottom line also improved 51.5% from the year-ago quarter’s level of 33 cents.
Net sales were $454 million, which beat the Zacks Consensus Estimate of $445 million by 2.2%. Also, the top line witnessed an improvement of 15.6% from the year-ago quarter’s level of $393 million.
Raytheon Technologies Corporation’s (RTX - Free Report) second-quarter 2023 adjusted earnings per share of $1.29 beat the Zacks Consensus Estimate of $1.17 by 10.3%. The bottom line also improved 11% from the year-ago quarter’s level of $1.16.
Sales of $18,315 million beat the Zacks Consensus Estimate of $17,543 million by 4.4%. The figure also rose 12.3% from $16,314 million recorded in the year-ago period.
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Spirit AeroSystems (SPR) Q2 Earnings Miss, Revenues Rise Y/Y
Spirit AeroSystems Holdings, Inc. (SPR - Free Report) reported a second-quarter 2023 adjusted loss of $1.46 per share, wider than the Zacks Consensus Estimate of a loss of 79 cents. The figure also deteriorated from the year-ago quarter’s reported loss of $1.21 cents per share.
Barring one-time adjustments, Spirit AeroSystems recorded a GAAP loss of $1.96 per share compared with a loss of $1.17 in the prior-year period.
Highlights of the Release
Total revenues of $1,365 million surpassed the Zacks Consensus Estimate of $1,270 million by 7.4%. Moreover, the top line rose 8% on a year-over-year basis, driven by higher production deliveries of the Boeing 737 and 787 jets and increased Defense and Space revenues.
The company’s backlog at the end of the second quarter totaled $40.5 billion, up from the prior quarter’s level of $37 billion.
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 5% year over year to $1,083 million. The upside can be attributed to increased production revenues from the Boeing 737 and 787 jet programs.
Operating loss widened to $72.9 million from $45.1 million in the year-ago period.
Defense & Space: The segment recorded revenues of $189.6 million, up 29.5% year over year, driven by increased activity on development programs and higher production from the Boeing P-8 program.
Operating income decreased 12.4% to $12 million from $13.7 million in the prior-year quarter.
Aftermarket: The top line improved 14.6% year over year to $92.1 million, driven by higher spare part sales as well as increased maintenance, repair and overhaul activity.
Operating profit increased 105.9% year over year to $24.3 million.
Operational Highlights
Total operating costs and expenses rose 9% year over year to $1,485.1 million due to higher cost of sales, selling, general and administrative expenses, and restructuring costs.
SPR’s operating loss totaled $120.4 million compared with $104.7 million in the prior-year period. This increase was mainly on account of higher changes in estimates as well as contra revenue recorded for a potential customer claim.
Financial Position
As of Jun 29, 2023, Spirit AeroSystems had $525.7 million in cash and cash equivalents compared with $658.6 million as of Dec 31, 2022.
The long-term debt as of Jun 29, 2023, totaled $3,814.9 million, which came in line with the figure recorded at the end of 2022.
Cash outflow from operating activities amounted to $229 million during the first six months of 2023 compared with $331.7 million a year ago.
Zacks Rank
Spirit AeroSystems currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Q2 Defense Earnings
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2023 adjusted earnings of $6.73 per share, which surpassed the Zacks Consensus Estimate of $6.43 by 4.7%. The bottom line also improved 6.5% from the year-ago quarter's figure.
Net sales amounted to $16.69 billion, which surpassed the Zacks Consensus Estimate of $15.86 billion by 5.3%. The top line rose 8.1% from $15.45 billion registered in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported second-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 4.2%. The bottom line also improved 51.5% from the year-ago quarter’s level of 33 cents.
Net sales were $454 million, which beat the Zacks Consensus Estimate of $445 million by 2.2%. Also, the top line witnessed an improvement of 15.6% from the year-ago quarter’s level of $393 million.
Raytheon Technologies Corporation’s (RTX - Free Report) second-quarter 2023 adjusted earnings per share of $1.29 beat the Zacks Consensus Estimate of $1.17 by 10.3%. The bottom line also improved 11% from the year-ago quarter’s level of $1.16.
Sales of $18,315 million beat the Zacks Consensus Estimate of $17,543 million by 4.4%. The figure also rose 12.3% from $16,314 million recorded in the year-ago period.