WICHITA, Kan., April 29 /PRNewswire-FirstCall/ -- Spirit
AeroSystems Holdings, Inc. (NYSE: SPR) reported first quarter 2010
financial results reflecting revenue growth, as ship set deliveries
for large commercial aircraft increased from the same period in
2009.
Spirit's first quarter 2010 revenues increased to $1.043 billion, up from $887 million for the same period of 2009, as
deliveries in the prior year quarter were negatively impacted by
the residual effects of the Machinists' strike at Boeing.
Operating income was $93
million, compared to $98
million for the same period in 2009, reflecting the expected
profitability of the current contract accounting blocks; a pre-tax
$8 million unfavorable cumulative
catch-up adjustment; and improved period expenses. Net income
for the quarter was $56 million, or
$0.40 per fully diluted share,
compared to $63 million, or
$0.45 per fully diluted share, in the
same period of 2009, reflecting operating performance and increased
interest expense, partially offset by tax benefits primarily
resulting from the completion of the Internal Revenue Service
examination for 2005 and 2006. (Table 1)
Table 1. Summary Financial
Results (unaudited)
|
|
|
1st
Quarter
|
|
|
($ in millions, except per share
data)
|
2010
|
2009
|
Change
|
|
|
|
|
|
|
Revenues
|
$1,043
|
$887
|
18%
|
|
Operating Income
|
$93
|
$98
|
(5%)
|
|
Operating Income as a % of
Revenues
|
8.9%
|
11.0%
|
(210)
BPS
|
|
Net Income
|
$56
|
$63
|
(11%)
|
|
Net Income as a % of
Revenues
|
5.3%
|
7.1%
|
(180)
BPS
|
|
Earnings per Share (Fully
Diluted)
|
$0.40
|
$0.45
|
(11%)
|
|
Fully Diluted Weighted Avg Share
Count
|
140.4
|
139.9
|
|
|
|
|
|
|
"It was a solid first quarter for our core businesses and we
continue to make progress on development programs as we grow and
diversify our company," said President and Chief Executive Officer
Jeff Turner. "Revenues
increased as we continued to execute our backlog and meet
development milestones on our new programs," Turner continued.
"In particular, we successfully completed the Critical Design
Review with our Sikorsky CH-53K customer; delivered the fourth wing
for the Gulfstream G250 program; shipped the fifth Gulfstream G650
wing, inlet, and thrust reverser units; and continue to support the
respective flight test activities. In addition, the 787
program continues to make progress as we begin to flow in the early
stages of low-rate production. It's exciting to see the
progress on the 787 and we look forward to a long and successful
program. While we made progress in the first quarter, 2010
remains challenging as we transition development programs into the
initial stages of production," Turner added.
"As for the outlook of the commercial aerospace market," Turner
maintained, "the down-cycle hasn't materialized for large
commercial aircraft and the market appears to be firming-up.
With these changing dynamics, the long-term prospects for
Spirit are improving as we have strategically partnered with
world-class customers on the next generation of large commercial,
business and regional jets. Because this product foundation
is solid and the global economic outlook shows improvement, we are
becoming more optimistic regarding the outlook for the commercial
aerospace market. However, we remain concerned about certain
segments of the business jet market. Our backlog remains
strong and our strategy squarely focused on being the market leader
in terms of total value creation for customers, employees, and
shareholders over the long-term," Turner concluded.
Spirit's backlog at the end of the first quarter of 2010
remained stable from the previous quarter at $28.0 billion. Spirit calculates its
backlog based on contractual prices for products and volumes from
the published firm order backlogs of Airbus and Boeing, along with
firm orders from other customers.
Spirit updated its contract profitability estimates during the
first quarter of 2010, resulting in a pre-tax $8 million ($0.04
per share) unfavorable cumulative catch-up adjustment associated
with the transition of the Hawker 850XP program back to Hawker
Beechcraft by 2012 and increased cost incurred on the Sikorsky
CH-53K program as we supported the successful Critical Design
Review. In comparison, Spirit recognized a $3 million unfavorable cumulative catch-up
adjustment for the first quarter of 2009.
Cash flow from operations was a ($110)
million use of cash for the first quarter of 2010, compared
to a ($149) million use of cash for
the first quarter of 2009, primarily driven by improvements of
$44 million in working capital
compared to the same period of 2009. This improvement was the
result of the slowing of new program inventory growth and favorable
accounts receivable performance in the first quarter of 2010,
partially offset by improved accounts payable terms in the same
period of 2009. (Table 2)
Table 2. Cash Flow and
Liquidity
|
|
|
1st
Quarter
|
|
($ in millions)
|
2010
|
2009
|
|
|
|
|
|
Cash Flow from
Operations
|
($110)
|
($149)
|
|
Purchases of Property, Plant &
Equipment
|
($69)
|
($54)
|
|
|
|
|
|
|
April
1,
|
December
31,
|
|
Liquidity
|
2010
|
2009
|
|
|
|
|
|
Cash
|
$187
|
$369
|
|
Total Debt
|
$897
|
$894
|
|
|
|
|
Cash balances at the end of the first quarter 2010 were
$187 million and debt balances were
$897 million. At the end of the
first quarter, the company's $729
million revolving credit facility remained undrawn.
The facility will step down to $409
million in capacity in June
2010, with approximately $19
million of the credit facility reserved for financial
letters of credit.
The company's credit ratings remained unchanged at the end of
the first quarter with a BB rating at Standard & Poor's and a
Ba3 rating at Moody's.
2010 Outlook
Spirit revenue guidance for the full-year 2010 remains unchanged
and is expected to be between $4.0 and
$4.2 billion based on Boeing's 2010 delivery guidance
of 460 - 465 aircraft; anticipated B787 deliveries; expected Airbus
deliveries in 2010 of approximately 480 - 490 aircraft; internal
Spirit forecasts for non-OEM production activity and other
customers; and foreign exchange rates consistent with fourth
quarter 2009 levels.
Fully diluted earnings per share guidance for 2010 also remains
unchanged and is expected to be between $1.50 and $1.70 per share.
Cash flow from operations, less capital expenditures, is
expected to be approximately ($250)
million use of cash in the aggregate, with capital
expenditures of approximately $325 million. Anticipated
capital expenditures in 2010 include approximately $100 million of tooling associated with the
Airbus A350 XWB program. Cash flow from operations, less
capital expenditures, is expected to be significantly improved in
2011. (Table 3)
The effective tax rate is now forecasted to be approximately 27
percent for 2010, which assumes the benefit attributable to the
extension of the U.S. research tax credit.
Risk to our financial guidance includes, among other factors:
reduced demand for our core products; higher than forecasted
non-recurring and recurring costs on our development programs;
mid-range business jet market risks; our ability to achieve
anticipated productivity and cost improvements; the ability to
resolve significant 787 program claims with Boeing; and the outcome
of ongoing labor negotiations.
Table 3. Financial Outlook
|
2009
Actual
|
2010
Guidance
|
|
|
|
|
|
Revenues
|
$4.1
billion
|
$4.0 - $4.2
billion
|
|
|
|
|
|
Earnings Per Share (Fully
Diluted)
|
$1.37
|
$1.50 -
$1.70
|
|
|
|
|
|
Effective Tax Rate
|
29.7%
|
~27%
*
|
|
|
|
|
|
Cash Flow from
Operations
|
($14)
million
|
~$75
million
|
|
|
|
|
|
Capital Expenditures
|
$228
million
|
~$325
million
|
|
|
|
|
|
Customer Reimbursement
|
$115
million
|
N/A**
|
|
|
|
|
* Effective tax rate guidance, among other factors, assumes
the benefit attributable to the extension of the U.S. research tax
credit (Assumes ~2.5% benefit)
** Although calculations for years through 2009 included
customer reimbursements, these payments concluded in December 2009 so this will not be included in
future results.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements."
Forward-looking statements reflect our current expectations or
forecasts of future events. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "may," "will," "expect," "anticipate,"
"intend," "estimate," "believe," "project," "continue," "plan,"
"forecast," or other similar words, or the negative thereof, unless
the context requires otherwise. These statements reflect
management's current views with respect to future events and are
subject to risks and uncertainties, both known and unknown.
Our actual results may vary materially from those anticipated
in forward-looking statements. We caution investors not to
place undue reliance on any forward-looking statements.
Important factors that could cause actual results to differ
materially from those reflected in such forward-looking statements
and that should be considered in evaluating our outlook include,
but are not limited to, the following: our ability to continue to
grow our business and execute our growth strategy, including the
timing and execution of new programs; our ability to perform our
obligations and manage costs related to our new commercial and
business aircraft development programs and the related recurring
production; potential reduction in the build rates of certain
Boeing aircraft including, but not limited to, the B737 program,
the B747 program, the B767 program and the B777 program, and build
rates of the Airbus A320 and A380 programs, which could be
negatively impacted by continuing weakness in the global economy
and economic challenges facing commercial airlines, and by a lack
of business and consumer confidence and the impact of continuing
instability in the global financial and credit markets; the
inability to resolve significant claims with Boeing related to
non-recurring and recurring costs on the B787 program; declining
business jet manufacturing rates and customer cancellations or
deferrals as a result of the weakened global economy; the success
and timely execution of key milestones such as certification and
delivery of Boeing's new B787 and Airbus' new A350 XWB
(Xtra Wide-Body) aircraft programs,
including receipt of necessary regulatory approvals and customer
adherence to their announced schedules; our ability to enter into
supply arrangements with additional customers and the ability of
all parties to satisfy their performance requirements under
existing supply contracts with Boeing and Airbus, our two major
customers, and other customers and the risk of nonpayment by such
customers; any adverse impact on Boeing's and Airbus' production of
aircraft resulting from cancellations, deferrals or reduced orders
by their customers or from labor disputes or acts of terrorism; any
adverse impact on the demand for air travel or our operations from
the outbreak of diseases such as the influenza outbreak caused by
the H1N1 virus, avian influenza, severe acute respiratory syndrome
or other epidemic or pandemic outbreaks; returns on pension plan
assets and impact of future discount rate changes on pension
obligations; our ability to borrow additional funds or refinance
debt; competition from original equipment manufacturers and other
aerostructures suppliers; the effect of governmental laws, such as
U.S. export control laws, the Foreign Corrupt Practices Act,
environmental laws and agency regulations, both in the U.S. and
abroad; the cost and availability of raw materials and purchased
components; our ability to successfully extend or renegotiate our
primary collective bargaining contracts with our labor unions; our
ability to recruit and retain highly skilled employees and our
relationships with the unions representing many of our employees;
spending by the U.S. and other governments on defense; the
possibility that our cash flows and borrowing facilities may not be
adequate for our additional capital needs or for payment of
interest on and principal of our indebtedness; our exposure under
our revolving credit facility to higher interest payments should
interest rates increase substantially; the outcome or impact of
ongoing or future litigation and regulatory actions; and our
exposure to potential product liability and warranty claims.
These factors are not exhaustive, and new factors may emerge
or changes to the foregoing factors may occur that could impact our
business. As with any projection or forecast, these
statements are inherently susceptible to uncertainty and changes in
circumstances. Except to the extent required by law, we
undertake no obligation to, and expressly disclaim any obligation
to, publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Appendix
Segment Results
Fuselage Systems
Fuselage Systems segment revenues for the first quarter of 2010
were $516.2 million, up 19.9 percent
over the same period last year, as deliveries in the prior year
quarter were negatively impacted by the residual effects of the
Machinists' strike at Boeing. Operating margin for the first
quarter of 2010 was 14.7 percent as compared to 17.4 percent during
the same period of 2009, reflecting the expected profitability of
the current contract accounting blocks and a pre-tax $5 million unfavorable cumulative catch-up
adjustment primarily associated with increased costs incurred on
the Sikorsky CH-53K program. In comparison, a pre-tax
$2 million unfavorable cumulative
catch-up adjustment was realized during the first quarter of
2009.
Propulsion Systems
Propulsion Systems segment revenues for the first quarter of
2010 were $274.4 million, up 20.7
percent over the same period last year, as deliveries in the prior
year quarter were negatively impacted by the residual effects of
the Machinists' strike at Boeing. Operating margin for the
first quarter of 2010 was 12.2 percent, as compared to 17.0 percent
in the first quarter of 2009, primarily reflecting the expected
profitability of the current contract accounting blocks and lower
profitability associated with the downturn in the aftermarket
business. During the first quarter of 2009, the segment
realized a favorable pre-tax $3
million cumulative catch-up adjustment.
Wing Systems
Wing Systems segment revenues for the first quarter of 2010 were
$248.9 million, up 12.7 percent over
the same period last year, as deliveries in the prior year quarter
were negatively impacted by the residual effects of the Machinists'
strike at Boeing. Operating margin for the first quarter of
2010 was 7.6 percent as compared to 8.8 percent during the same
period of 2009, reflecting the expected profitability of the
current contract accounting blocks and a pre-tax $3 million unfavorable cumulative catch-up
adjustment primarily associated with the decision to exit the
Hawker Beechcraft 850XP program by 2012. During the first
quarter of 2009, the segment realized an unfavorable pre-tax
$4 million cumulative catch-up
adjustment.
Table 4. Segment
Reporting
|
(unaudited)
|
|
|
1st
Quarter
|
|
($ in millions)
|
2010
|
2009
|
Change
|
|
|
|
|
|
|
Segment Revenues
|
|
|
|
|
Fuselage Systems
|
$516.2
|
$430.5
|
19.9%
|
|
Propulsion Systems
|
$274.4
|
$227.4
|
20.7%
|
|
Wing Systems
|
$248.9
|
$220.9
|
12.7%
|
|
All Other
|
$3.8
|
$8.6
|
(55.8%)
|
|
Total Segment Revenues
|
$1,043.3
|
$887.4
|
17.6%
|
|
|
|
|
|
|
Segment Earnings from
Operations
|
|
|
|
|
Fuselage Systems
|
$75.9
|
$74.9
|
1.3%
|
|
Propulsion Systems
|
$33.6
|
$38.7
|
(13.2%)
|
|
Wing Systems
|
$18.9
|
$19.5
|
(3.1%)
|
|
All Other
|
$0.3
|
$0.4
|
(25.0%)
|
|
Total Segment Operating
Earnings
|
$128.7
|
$133.5
|
(3.6%)
|
|
|
|
|
|
|
Unallocated Corporate SG&A
Expense
|
($35.0)
|
($35.5)
|
(1.4%)
|
|
Unallocated Research & Development
Expense
|
($0.7)
|
($0.2)
|
250.0%
|
|
Total Earnings from
Operations
|
$93.0
|
$97.8
|
(4.9%)
|
|
|
|
|
|
|
Segment Operating Earnings as % of
Revenues
|
|
|
|
|
Fuselage Systems
|
14.7%
|
17.4%
|
(270)
BPS
|
|
Propulsion Systems
|
12.2%
|
17.0%
|
(480)
BPS
|
|
Wing Systems
|
7.6%
|
8.8%
|
(120)
BPS
|
|
All Other
|
7.9%
|
4.7%
|
320
BPS
|
|
Total Segment Operating Earnings as %
of Revenues
|
12.3%
|
15.0%
|
(270)
BPS
|
|
|
|
|
|
|
Total Operating Earnings as % of
Revenues
|
8.9%
|
11.0%
|
(210)
BPS
|
|
|
|
|
|
Spirit Ship Set
Deliveries
|
|
(One Ship Set
equals One Aircraft)
|
|
|
|
|
|
|
|
|
2009 Spirit
AeroSystems Deliveries
|
|
|
|
|
1st Qtr
|
2nd Qtr
|
3rd Qtr
|
4th Qtr
|
Total
2009
|
|
B737
|
74
|
96
|
93
|
87
|
350
|
|
B747
|
3
|
1
|
3
|
4
|
11
|
|
B767
|
3
|
3
|
3
|
3
|
12
|
|
B777
|
21
|
21
|
21
|
19
|
82
|
|
B787
|
2
|
2
|
2
|
5
|
11
|
|
Total
|
103
|
123
|
122
|
118
|
466
|
|
|
|
|
|
|
|
|
A320
Family
|
105
|
101
|
94
|
108
|
408
|
|
A330/340
|
26
|
23
|
28
|
23
|
100
|
|
A380
|
-
|
2
|
5
|
4
|
11
|
|
Total
|
131
|
126
|
127
|
135
|
519
|
|
|
|
|
|
|
|
|
Hawker
850XP
|
18
|
13
|
6
|
7
|
44
|
|
|
|
|
|
|
|
|
Total
Spirit
|
252
|
262
|
255
|
260
|
1,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 Spirit
AeroSystems Deliveries
|
|
|
|
|
1st Qtr
|
2nd Qtr
|
3rd Qtr
|
4th Qtr
|
YTD
2010
|
|
B737
|
94
|
|
|
|
94
|
|
B747
|
3
|
|
|
|
3
|
|
B767
|
3
|
|
|
|
3
|
|
B777
|
21
|
|
|
|
21
|
|
B787
|
5
|
|
|
|
5
|
|
Total
|
126
|
|
|
|
126
|
|
|
|
|
|
|
|
|
A320
Family
|
102
|
|
|
|
102
|
|
A330/340
|
25
|
|
|
|
25
|
|
A380
|
1
|
|
|
|
1
|
|
Total
|
128
|
|
|
|
128
|
|
|
|
|
|
|
|
|
Hawker
850XP
|
5
|
|
|
|
5
|
|
|
|
|
|
|
|
|
Total
Spirit
|
259
|
|
|
|
259
|
|
|
|
|
|
|
|
Spirit AeroSystems
Holdings, Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
April 1,
2010
|
|
April 2,
2009
|
|
|
|
|
($ in millions,
except per share data)
|
|
|
|
|
|
|
|
|
Net revenues
|
$
|
1,043.3
|
$
|
887.4
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Cost of sales
|
|
901.1
|
|
737.3
|
|
Selling, general and
administrative
|
|
39.3
|
|
38.4
|
|
Research and development
|
|
9.9
|
|
13.9
|
|
|
Total operating costs and
expenses
|
|
950.3
|
|
789.6
|
|
|
Operating income
|
|
93.0
|
|
97.8
|
|
Interest expense and financing fee
amortization
|
|
(14.0)
|
|
(9.1)
|
|
Interest income
|
|
0.1
|
|
2.6
|
|
Other income (expense), net
|
|
(5.5)
|
|
1.5
|
|
|
Income before income taxes and equity
in net income/(loss) of affiliate
|
|
73.6
|
|
92.8
|
|
Income tax provision
|
|
(17.8)
|
|
(30.2)
|
|
|
Income before equity in net
income/(loss) of affiliate
|
|
55.8
|
|
62.6
|
|
Equity in net income/(loss) of
affiliate
|
|
(0.3)
|
|
0.1
|
|
|
Net income
|
$
|
55.5
|
$
|
62.7
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
Basic
|
$
|
0.40
|
$
|
0.46
|
|
Shares
|
|
137.3
|
|
137.1
|
|
|
|
|
|
|
|
|
Diluted
|
$
|
0.40
|
$
|
0.45
|
|
Shares
|
|
140.4
|
|
139.9
|
|
|
|
|
|
|
|
Spirit AeroSystems
Holdings, Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
April 1,
2010
|
|
December 31,
2009
|
|
|
|
|
($ in
millions)
|
|
Current Assets
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
186.6
|
$
|
369.0
|
|
Accounts receivable, net
|
|
235.1
|
|
160.4
|
|
Inventory, net
|
|
2,286.2
|
|
2,206.9
|
|
Other current assets
|
|
75.3
|
|
116.6
|
|
|
Total current assets
|
|
2,783.2
|
|
2,852.9
|
|
Property, plant and equipment,
net
|
|
1,320.3
|
|
1,279.3
|
|
Pension assets
|
|
176.9
|
|
171.2
|
|
Other assets
|
|
160.8
|
|
170.4
|
|
|
Total assets
|
$
|
4,441.2
|
$
|
4,473.8
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable
|
$
|
411.5
|
$
|
441.3
|
|
Accrued expenses
|
|
182.8
|
|
165.5
|
|
Current portion of long-term
debt
|
|
9.0
|
|
9.1
|
|
Advance payments,
short-term
|
|
243.3
|
|
237.4
|
|
Deferred revenue,
short-term
|
|
88.1
|
|
107.1
|
|
Other current liabilities
|
|
30.2
|
|
21.8
|
|
|
Total current liabilities
|
|
964.9
|
|
982.2
|
|
Long-term debt
|
|
593.9
|
|
591.1
|
|
Bond payable, long-term
|
|
293.7
|
|
293.6
|
|
Advance payments, long-term
|
|
683.0
|
|
727.5
|
|
Deferred revenue and other deferred
credits
|
|
39.1
|
|
46.0
|
|
Pension/OPEB obligation
|
|
64.3
|
|
62.6
|
|
Other liabilities
|
|
179.6
|
|
197.0
|
|
Shareholders’ equity
|
|
|
|
|
|
Preferred stock, par value $0.01,
10,000,000 shares authorized, no shares issued and
outstanding
|
|
-
|
|
-
|
|
Common stock, Class A par value
$0.01, 200,000,000 shares authorized, 105,212,099 and
105,064,561 shares issued and outstanding, respectively
|
|
1.0
|
|
1.0
|
|
Common stock, Class B par value
$0.01, 150,000,000 shares authorized, 35,522,202 and
35,669,740 shares issued and outstanding,
respectively
|
|
0.4
|
|
0.4
|
|
Additional paid-in capital
|
|
952.8
|
|
949.8
|
|
Accumulated other comprehensive
loss
|
|
(69.3)
|
|
(59.7)
|
|
Retained earnings
|
|
737.3
|
|
681.8
|
|
|
Total shareholders’ equity
|
|
1,622.2
|
|
1,573.3
|
|
Noncontrolling interest
|
|
0.5
|
|
0.5
|
|
|
Total equity
|
|
1,622.7
|
|
1,573.8
|
|
|
Total liabilities and shareholders’
equity
|
$
|
4,441.2
|
$
|
4,473.8
|
|
|
|
|
|
|
|
Spirit AeroSystems
Holdings, Inc.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
April 1,
2010
|
|
April 2,
2009
|
|
|
|
|
($ in
millions)
|
|
Operating activities
|
|
|
|
|
|
Net Income
|
$
|
55.5
|
$
|
62.7
|
|
Adjustments to reconcile net income to
net cash provided by (used in) operating activities
|
|
|
|
|
|
|
Depreciation expense
|
|
27.3
|
|
30.7
|
|
|
Amortization expense
|
|
3.1
|
|
2.2
|
|
|
Accretion of long-term
receivable
|
|
-
|
|
(2.5)
|
|
|
Employee stock compensation
expense
|
|
2.3
|
|
2.8
|
|
|
(Gain)/loss from foreign currency
transactions
|
|
8.1
|
|
(0.7)
|
|
|
(Gain)/loss on disposition of
assets
|
|
-
|
|
0.2
|
|
|
Deferred taxes
|
|
6.0
|
|
(2.2)
|
|
|
Pension and other post-retirement
benefits, net
|
|
(2.3)
|
|
0.4
|
|
|
Grant income
|
|
(0.5)
|
|
(0.2)
|
|
|
Equity in net income/(loss) of
affiliate
|
|
0.3
|
|
(0.1)
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
|
Accounts receivable
|
|
(78.9)
|
|
(121.6)
|
|
|
Inventory, net
|
|
(88.1)
|
|
(235.4)
|
|
|
Accounts payable and accrued
liabilities
|
|
(11.8)
|
|
134.2
|
|
|
Advance payments
|
|
(38.6)
|
|
(24.1)
|
|
|
Deferred revenue and other deferred
credits
|
|
(24.2)
|
|
(27.6)
|
|
|
Other
|
|
31.6
|
|
32.1
|
|
|
Net cash (used in)
operating activities
|
|
(110.2)
|
|
(149.1)
|
|
Investing activities
|
|
|
|
|
|
Purchase of property, plant and
equipment
|
|
(69.2)
|
|
(54.4)
|
|
Long-term receivable
|
|
-
|
|
28.8
|
|
Other
|
|
(0.8)
|
|
0.3
|
|
|
Net cash (used in)
investing activities
|
|
(70.0)
|
|
(25.3)
|
|
Financing activities
|
|
|
|
|
|
Proceeds from revolving credit
facility
|
|
-
|
|
100.0
|
|
Payments on revolving credit
facility
|
|
-
|
|
(25.0)
|
|
Proceeds from government
grants
|
|
-
|
|
0.5
|
|
Principal payments of debt
|
|
(2.0)
|
|
(1.9)
|
|
|
Net cash provided
by (used in) financing activities
|
|
(2.0)
|
|
73.6
|
|
Effect of exchange rate changes on
cash and cash equivalents
|
|
(0.2)
|
|
(0.1)
|
|
|
Net (decrease) in
cash and cash equivalents for the period
|
|
(182.4)
|
|
(100.9)
|
|
Cash and cash equivalents, beginning
of the period
|
|
369.0
|
|
216.5
|
|
Cash and cash equivalents, end of the
period
|
$
|
186.6
|
$
|
115.6
|
|
|
|
|
|
|
|
SOURCE Spirit AeroSystems Holdings, Inc.