Spirit Beats Est in 4Q - Analyst Blog
13 Februar 2013 - 10:00AM
Zacks
Spirit AeroSystems
Holdings, Inc. (SPR), one of the leading aerospace/defense
products and service providers, reported its financial results for
the fourth quarter and year 2012 on Feb 12, 2013. Earnings per
share in the quarter were 43 cents, up 2% year over year.
Adjusting for 19 cents of forward
loss charges and 6 cents of one-time gain, earnings per share in
the quarter were 56 cents, above the Zacks Consensus Estimate of 44
cents.
For 2012, earnings came in at 24
cents per share, way below the year-ago earnings of $1.35 while
adjusted earnings per share were $2.30, above $1.85 earned in 2011
and the Zacks Consensus Estimate of 21 cents.
Revenue in the fourth quarter was
up 17% at $1,425.6 million on the back of higher production
deliveries. Backlog exiting the quarter were solid and stood at $35
billion, up 4% year over year.
All four segments of the company
performed well registering solid double-digit growth. Segmental
details are as follows:
Revenue from Fuselage Systems grew
16.8% to $680.2 million and accounted for 47.7% of total revenue.
Propulsion Systems revenue (25.8%) expanded 14.4% to $368.1 million
while revenue from Wing Systems (26.3%) increased 19.7 to $375.3
million. Revenue from All Others (0.2%) segment was $2.0 million,
up 53.8% year over year.
For 2012, revenue was $5,398
million, up 11% on a year-over-year basis.
Adjusted operating income in 2012
was $556.1 million, up 20.9% year over year, while margin was at
10.3% versus 9.5% in 2011.
Exiting the fourth quarter, cash
and cash equivalents stood at $440.7 million, up 98.8%
sequentially. Long-term debt was at $1,165.9 million, down 0.2%
sequentially. Cash generated from operating activities in the
fourth quarter was $309 million, up 141.1% year over year. Capital
spending during the quarter totaled $79 million, down from $86
million in the year-ago quarter.
For 2013, management guided
earnings per share, excluding severe weather adjustments, in the
range of $2.20-$2.40. Revenue is expected to be within the
$5.8-$6.0 billion range, tax rate is likely to be about 31%, cash
flow from operations is expected within $300-$400 million and
capital expenditures would be around $350 million.
Spirit AeroSystems Holdings
currently has a Zacks Rank #3 (Hold). Other stocks to watch out for
in the industry are BAE Systems plc (BAESY) and
Rolls Royce Holdings plc (RYCEY), both carrying a
Zacks Rank #1 (Strong Buy) and Alliant Techsystems
Inc. (ATK), bearing a Zacks Rank #2 (Buy).
ALLIANT TECHSYS (ATK): Free Stock Analysis Report
(BAESY): ETF Research Reports
(RYCEY): ETF Research Reports
SPIRIT AEROSYS (SPR): Free Stock Analysis Report
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