WICHITA, Kan., May 2, 2013 /PRNewswire/ -- Spirit AeroSystems
Holdings, Inc. [NYSE: SPR] reported first quarter 2013 financial
results reflecting continued strong demand for large commercial
aircraft and strong core program operating performance. Spirit's
first quarter 2013 revenues were $1.442
billion, up 14% from $1.266
billion for the same period of 2012, driven by higher
production volumes and model mix.
Operating income was $145 million,
up from $122 million for the same
period in 2012, driven by increased volume and productivity and
efficiency on core programs, partially offset by a net pre-tax
($15) million additional forward-loss
on the 787 program related to the wing.
Net income for the quarter was $81
million, or $0.57 per fully
diluted share, compared to net income of $74
million, or $0.52 per fully
diluted share, in the same period of 2012. The increase in current
quarter income was partially offset by the negative impact of
foreign currency exchange rates.
Table
1. Summary Financial Results (unaudited)
|
|
|
1st
Quarter
|
|
($ in
millions, except per share data)
|
2013
|
2012
|
Change
|
|
|
|
|
Revenues
|
$1,442
|
$1,266
|
14%
|
Operating Income
|
$145
|
$122
|
18%
|
Operating Income as a % of Revenues
|
10.0%
|
9.7%
|
30 BPS
|
Net
Income
|
$81
|
$74
|
10%
|
Net
Income as a % of Revenues
|
5.6%
|
5.8%
|
(20) BPS
|
Earnings Per Share (Fully Diluted)
|
$0.57
|
$0.52
|
10%
|
Fully
Diluted Weighted Avg Share Count
|
143.1
|
142.5
|
|
|
|
|
|
|
|
|
|
* Non-GAAP
financial measure, see Appendix for reconciliation
|
"Spirit is an important leader in commercial aerospace, as
evidenced by our $36 billion backlog,
market-leading products and technologies, and excellent track
record on core programs," said President and Chief Executive
Officer Larry Lawson. "I am pleased
to have the opportunity to lead Spirit."
"As the first quarter demonstrates, Spirit's performance across
core programs remains strong with large commercial aircraft
deliveries increasing 9 percent and deliveries across all programs
increasing 11 percent over the first quarter of 2012," Lawson
continued. "With the strong core business performance, and
development programs in early production phases, now is the time to
engage in a comprehensive evaluation of the development programs in
Tulsa, Wichita, Kinston, and St.
Nazaire."
"Going forward, our goals are to focus on core program growth,
including investing in core product innovation, improving costs on
development programs, successfully executing the 787 and A350, and
creating value from customer diversification as we position Spirit
to benefit significantly from the record demand for our products,"
Lawson added.
"Led by a competitive and demanding leadership team, we will
accomplish these goals through outstanding program execution, a
culture of sustained operational excellence, and a focus on
long-term profitable growth," Lawson concluded.
Spirit's backlog at the end of the first quarter of 2013 was
approximately $36 billion.
Spirit calculates its backlog based on current 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 2013, resulting in a net pre-tax $20 million, or $0.10 per share, favorable cumulative catch-up
adjustment driven by core program productivity and efficiency.
The company also realized a pre-tax ($15)
million, or ($0.07) per share,
additional forward-loss on the 787 related to manufacturing cost
growth on the wing.
In comparison, the first quarter of 2012 operating income
included a pre-tax ($11) million
forward-loss on the G280 program and a pre-tax ($3) million forward-loss on the 747-8 wing
program.
Cash flow from operations was a $45
million use of cash for the first quarter of 2013, compared
to a $12 million source of cash for
the first quarter of 2012. The same period of 2012 included
customer advance payments of $150
million associated with a customer agreement on the A350 XWB
fuselage program.
Adjusting for the customer advance payment of $150 million in the first quarter of 2012, Spirit
experienced a $93 million improvement
in cash flow from operations in the first quarter of 2013, compared
to the same period of 2012 due to the timing of accounts receivable
and accounts payable in the first quarter of 2013. (Table
2)
Table
2. Cash Flow and Liquidity (unaudited)
|
|
|
1st
Quarter
|
($ in
millions)
|
2013
|
2012
|
|
|
|
Cash
Flow from Operations
|
($45)
|
$12
|
Purchases of Property, Plant &
Equipment**
|
($80)
|
($54)
|
|
|
|
|
March
28,
|
December 31,
|
Liquidity
|
2013
|
2012
|
Cash
|
$313
|
$441
|
Total
Debt
|
$1,173
|
$1,176
|
|
**Purchases of Property, Plant & Equipment
includes purchases related to the April 14th, 2012 severe weather
event
|
Cash balances at the end of the quarter were $313 million and debt balances were $1,173 million. At the end of the first quarter
of 2013, the company's $650 million
credit facility remained undrawn.
The company's credit rating remained unchanged at the end of the
first quarter 2013 with a BB rating, stable outlook by Standard and
Poor's and a Ba2 rating, negative outlook by Moody Investor
Services.
Financial Outlook
Spirit most recently issued financial guidance for the full-year
2013 on February 12, 2013. The
company's expectations with respect to its core programs continue
to be consistent with that guidance. Coincident with the
arrival of Mr. Larry Lawson,
Spirit's newly named Chief Executive Officer, Spirit will not be
issuing further financial guidance at this time, pending the
completion of a comprehensive strategic and financial review of the
company's development programs in Tulsa, Wichita, Kinston, and St. Nazaire. The company
expects to report its progress on these initiatives in the coming
quarters.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" that
may involve many risks and uncertainties. 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,"
"should," "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, execution and profitability 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; margin pressures and the
potential for additional forward-losses on aircraft development
programs; our ability to accommodate, and the cost of
accommodating, announced increases in the build rates of certain
aircraft; the effect on business and commercial aircraft demand and
build rates of the following factors: continuing weakness in the
global economy and economic challenges facing commercial airlines,
a lack of business and consumer confidence, and the impact of
continuing instability in global financial and credit markets,
including, but not limited to, any failure to avert a sovereign
debt crisis in Europe; customer
cancellations or deferrals as a result of global economic
uncertainty; the success and timely execution of key milestones
such as deliveries and resumption of service of Boeing's B787; and
first flight, certification and first delivery of Airbus' A350 XWB
aircraft program, receipt of necessary regulatory approvals, and
customer adherence to their announced schedules; our ability to
successfully negotiate new pricing under our main supply agreement
with Boeing; our ability to enter into profitable supply
arrangements with additional customers; 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 or epidemic or pandemic outbreaks; returns on
pension plan assets and the 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 and U.S. and foreign
anti-bribery laws such as the Foreign Corrupt Practices Act and
United Kingdom Bribery Act, and 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 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 existing senior secured
revolving credit facility to higher interest payments should
interest rates increase substantially; the effectiveness of our
interest rate and foreign currency hedging programs; the outcome or
impact of ongoing or future litigation, claims and regulatory
actions; our exposure to potential product liability and warranty
claims; and the accuracy or completeness of our assessment of
damage and costs of restoration and recovery from the severe
weather event that hit our Wichita,
Kan. facility on April 14,
2012. These factors are not exhaustive and it is not
possible for us to predict all factors that could cause actual
results to differ materially from those reflected in our
forward-looking statements. These factors speak only as of
the date hereof, 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. Additional information concerning these
and other factors can be found in our filings with the Securities
and Exchange Commission, including our most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q.
Appendix
Segment Results
Fuselage Systems
Fuselage Systems segment revenues for the first quarter of 2013
were $718 million, up 15 percent from
the same period last year, largely driven by higher production
volumes. Operating margin for the first quarter of 2013 was
16.9 percent as compared to 14.2(1) percent during the
same period of 2012. In the first quarter of 2013 the segment
recorded a net pre-tax $11 million
favorable cumulative catch-up adjustment driven by productivity and
efficiency on core programs, which includes a pre-tax ($8) million unfavorable cumulative catch-up
adjustment driven by the A350 non-recurring fuselage program. In
comparison, the segment realized a net pre-tax ($6) million unfavorable cumulative catch-up
adjustment in the first quarter of 2012.
Propulsion Systems
Propulsion Systems segment revenues for the first quarter of
2013 were $375 million, up 9 percent
from the same period last year, largely driven by higher production
volumes. Operating margin for the first quarter of 2013 was
17.4 percent as compared to 16.9(1) percent in the first
quarter of 2012. In the first quarter of 2013 the segment realized
a net pre-tax $10 million favorable
cumulative catch-up driven by productivity and efficiency on core
programs. In comparison, the segment realized a net pre-tax
$4 million favorable cumulative
catch-up adjustment in the first quarter of 2012.
Wing Systems
Wing Systems segment revenues for the first quarter of 2013 were
$343 million, up 16 percent from the
same period last year, largely driven by higher production volumes.
Operating margin for the first quarter of 2013 was 5.3 percent as
compared to 7.0(1) percent during the same period of
2012. In the first quarter of 2013 the segment recorded less than a
net pre-tax ($1) million unfavorable
cumulative catch-up adjustment and a pre-tax ($15) million additional forward-loss on the 787
related to manufacturing cost growth on the wing. In comparison, in
the first quarter of 2012 the segment recorded a net pre-tax
$2 million favorable cumulative
catch-up adjustment; a pre-tax ($11)
million forward-loss on the G280 program; and a pre-tax
($3) million additional forward-loss
on the 747-8 wing program.
(1)
|
Warranty reserve of $2.3 million in 2012
reclassified from segment operating income to unallocated cost of
sales to conform to current year presentation.
|
|
|
Table
3. Segment Reporting
|
(unaudited)
|
|
1st
Quarter
|
($ in
millions)
|
2013
|
2012
|
Change
|
|
|
|
|
Segment
Revenues
|
|
|
|
Fuselage Systems
|
$717.9
|
$622.6
|
15.3%
|
Propulsion Systems
|
$375.3
|
$344.0
|
9.1%
|
Wing Systems
|
$343.3
|
$296.6
|
15.7%
|
All Other
|
$5.7
|
$2.6
|
|
Total
Segment Revenues
|
$1,442.2
|
$1,265.8
|
13.9%
|
|
|
|
|
Segment
Earnings from Operations
|
|
|
|
Fuselage Systems
|
$121.4
|
$88.1
|
37.8%
|
Propulsion Systems
|
$65.3
|
$58.3
|
12.0%
|
Wing Systems
|
$18.2
|
$20.8
|
(12.5%)
|
All Other
|
$1.6
|
$0.2
|
|
Total
Segment Operating Earnings(1)
|
$206.5
|
$167.4
|
23.4%
|
|
|
|
|
Unallocated Corporate SG&A Expense
|
($39.6)
|
($40.7)
|
(2.7%)
|
Unallocated Impact From Severe Weather Event
Expense
|
($8.8)
|
$0.0
|
|
Unallocated Research & Development
Expense
|
($1.8)
|
($1.1)
|
63.6%
|
Unallocated Cost of Sales(1)
|
($11.8)
|
($3.3)
|
257.6%
|
Total
Earnings from Operations
|
$144.5
|
$122.3
|
18.2%
|
|
|
|
|
Segment
Operating Earnings as % of Revenues
|
|
|
|
Fuselage Systems
|
16.9%
|
14.2%
|
270 BPS
|
Propulsion Systems
|
17.4%
|
16.9%
|
50 BPS
|
Wing Systems
|
5.3%
|
7.0%
|
(170) BPS
|
All Other
|
28.1%
|
7.7%
|
|
Total
Segment Operating Earnings as % of Revenues
|
14.3%
|
13.2%
|
110 BPS
|
|
|
|
|
Total
Operating Earnings as % of Revenues
|
10.0%
|
9.7%
|
30 BPS
|
|
|
|
|
(1)
|
Warranty reserve of $2.3 million in 2012
reclassified from segment operating income to unallocated cost of
sales to conform to current year presentation.
|
Spirit
Ship Set Deliveries
|
(One
Ship Set equals One Aircraft)
|
|
|
|
|
|
|
2012
Spirit AeroSystems Deliveries
|
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
4th
Qtr
|
Total
2012
|
B737
|
105
|
105
|
107
|
100
|
417
|
B747
|
5
|
6
|
7
|
6
|
24
|
B767
|
7
|
6
|
6
|
6
|
25
|
B777
|
21
|
21
|
22
|
22
|
86
|
B787
|
8
|
11
|
9
|
15
|
43
|
Total
|
146
|
149
|
151
|
149
|
595
|
|
|
|
|
|
|
A320
Family
|
112
|
109
|
103
|
113
|
437
|
A330/340
|
25
|
24
|
26
|
22
|
97
|
A350
|
1
|
-
|
1
|
1
|
3
|
A380
|
7
|
6
|
3
|
8
|
24
|
Total
|
145
|
139
|
133
|
144
|
561
|
|
|
|
|
|
|
Business/Regional Jet
|
12
|
19
|
27
|
26
|
84
|
|
|
|
|
|
|
Total
Spirit
|
303
|
307
|
311
|
319
|
1,240
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
Spirit AeroSystems Deliveries
|
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
4th
Qtr
|
YTD
2013
|
B737
|
106
|
|
|
|
106
|
B747
|
6
|
|
|
|
6
|
B767
|
6
|
|
|
|
6
|
B777
|
24
|
|
|
|
24
|
B787
|
17
|
|
|
|
17
|
Total
|
159
|
|
|
|
159
|
|
|
|
|
|
|
A320
Family
|
121
|
|
|
|
121
|
A330/340
|
27
|
|
|
|
27
|
A350
|
2
|
|
|
|
2
|
A380
|
7
|
|
|
|
7
|
Total
|
157
|
|
|
|
157
|
|
|
|
|
|
|
Business/Regional Jet
|
20
|
|
|
|
20
|
|
|
|
|
|
|
Total
Spirit
|
336
|
|
|
|
336
|
Spirit
AeroSystems Holdings, Inc.
|
Condensed Consolidated Statements of
Operations
|
(unaudited)
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
|
|
|
|
|
|
|
March
28, 2013
|
|
March
29, 2012
|
|
|
|
($ in
millions, except per share data)
|
|
|
|
|
|
|
Net
revenues
|
$
|
1,442.2
|
$
|
1,265.8
|
Operating
costs and expenses:
|
|
|
|
|
Cost of
sales
|
|
1,237.1
|
|
1,091.1
|
Selling,
general and administrative
|
|
44.3
|
|
45.0
|
Impact
from severe weather event
|
|
8.8
|
|
-
|
Research
and development
|
|
7.5
|
|
7.4
|
|
Total
operating costs and expenses
|
|
1,297.7
|
|
1,143.5
|
|
Operating income
|
|
144.5
|
|
122.3
|
Interest
expense and financing fee amortization
|
|
(17.6)
|
|
(18.3)
|
Interest
income
|
|
0.1
|
|
-
|
Other
income (expense), net
|
|
(9.9)
|
|
3.5
|
|
Income
before income taxes and equity in net loss of
affiliate
|
|
117.1
|
|
107.5
|
Income tax
provision
|
|
(35.7)
|
|
(33.6)
|
|
Income
before equity in net loss of affiliate
|
|
81.4
|
|
73.9
|
Equity in
net loss of affiliate
|
|
(0.2)
|
|
(0.3)
|
|
Net
income
|
$
|
81.2
|
$
|
73.6
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
Basic
|
$
|
0.57
|
$
|
0.52
|
Shares
|
|
141.0
|
|
139.5
|
|
|
|
|
|
|
Diluted
|
$
|
0.57
|
$
|
0.52
|
Shares
|
|
143.1
|
|
142.5
|
Spirit
AeroSystems Holdings, Inc.
|
Condensed Consolidated Balance
Sheets
|
(unaudited)
|
|
|
March
28, 2013
|
|
December 31, 2012
|
|
|
($ in
millions)
|
Current
assets
|
|
|
|
|
Cash and
cash equivalents
|
$
|
313.1
|
$
|
440.7
|
Accounts
receivable, net
|
|
587.3
|
|
420.7
|
Inventory,
net
|
|
2,492.9
|
|
2,410.8
|
Other
current assets
|
|
85.8
|
|
83.2
|
Total current
assets
|
|
3,479.1
|
|
3,355.4
|
Property,
plant and equipment, net (variable interest entity restricted, $0.1
and $0.0 at March 28, 2013 and December 31, 2012,
respectively)
|
|
1,718.0
|
|
1,698.5
|
Pension
assets
|
|
84.5
|
|
78.4
|
Other
assets
|
|
252.1
|
|
283.0
|
Total assets
|
$
|
5,533.7
|
$
|
5,415.3
|
Current
liabilities
|
|
|
|
|
Accounts
payable (variable interest entity nonrecourse, $0.5 and $0.0 at
March 28, 2013 and December 31, 2012, respectively)
|
$
|
698.6
|
$
|
659.0
|
Accrued
expenses (variable interest entity nonrecourse, $0.7 and $0.0 at
March 28, 2013 and December 31, 2012, respectively)
|
|
234.2
|
|
216.3
|
Current
portion of long-term debt
|
|
10.1
|
|
10.3
|
Advance
payments, short-term
|
|
87.6
|
|
70.7
|
Deferred
revenue, short-term
|
|
17.9
|
|
18.4
|
Other
current liabilities
|
|
88.0
|
|
92.3
|
Total current
liabilities
|
|
1,136.4
|
|
1,067.0
|
Long-term
debt
|
|
1,163.3
|
|
1,165.9
|
Advance
payments, long-term
|
|
804.7
|
|
833.6
|
Deferred
revenue and other deferred credits
|
|
29.4
|
|
30.8
|
Pension/OPEB obligation
|
|
76.6
|
|
75.6
|
Other
liabilities
|
|
251.0
|
|
245.5
|
Equity
|
|
|
|
|
Preferred
stock, par value $0.01, 10,000,000 shares authorized, no
shares issued
|
|
-
|
|
-
|
Common
stock, Class A par value $0.01, 200,000,000 shares
authorized, 119,668,567 and 119,671,298 shares issued,
respectively
|
|
1.2
|
|
1.2
|
Common
stock, Class B par value $0.01, 150,000,000 shares
authorized, 24,005,505 and 24,025,880 shares issued,
respectively
|
|
0.2
|
|
0.2
|
Additional
paid-in capital
|
|
1,015.0
|
|
1,012.3
|
Accumulated other comprehensive loss
|
|
(158.7)
|
|
(145.2)
|
Retained
earnings
|
|
1,212.8
|
|
1,127.9
|
Total shareholders'
equity
|
|
2,070.5
|
|
1,996.4
|
Noncontrolling interest
|
|
1.8
|
|
0.5
|
Total equity
|
|
2,072.3
|
|
1,996.9
|
Total liabilities and
equity
|
$
|
5,533.7
|
$
|
5,415.3
|
Spirit
AeroSystems Holdings, Inc.
|
Condensed Consolidated Statements of Cash
Flows
|
(unaudited)
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
|
|
|
March
28, 2013
|
|
March
29, 2012
|
|
|
($ in
millions)
|
Operating activities
|
|
|
|
|
Net
income
|
$
|
81.2
|
$
|
73.6
|
Adjustments to reconcile net income to net cash (used
in) provided by operating activities
|
|
|
Depreciation
expense
|
|
39.3
|
|
32.9
|
Amortization
expense
|
|
2.8
|
|
2.8
|
Accretion of customer supply
agreement
|
|
0.1
|
|
0.1
|
Employee stock compensation
expense
|
|
3.7
|
|
4.0
|
Excess tax benefits from
share-based payment arrangements
|
|
-
|
|
(0.1)
|
(Gain) on disposition of
assets
|
|
(0.1)
|
|
-
|
(Gain) on effectiveness of
hedge contracts
|
|
(0.8)
|
|
(0.3)
|
(Gain) / Loss from foreign
currency transactions
|
|
10.2
|
|
(2.4)
|
Deferred
taxes
|
|
18.6
|
|
5.8
|
Long-term tax
provision
|
|
0.7
|
|
(0.2)
|
Pension and other
post-retirement benefits, net
|
|
(3.3)
|
|
(2.1)
|
Grant income
|
|
(1.6)
|
|
(1.4)
|
Equity in net loss of
affiliate
|
|
0.2
|
|
0.3
|
Changes in
assets and liabilities
|
|
|
|
|
Accounts
receivable
|
|
(167.7)
|
|
(144.4)
|
Inventory, net
|
|
(94.4)
|
|
(103.1)
|
Accounts payable and accrued
liabilities
|
|
61.4
|
|
7.7
|
Advance payments
|
|
(12.0)
|
|
149.6
|
Deferred revenue and other
deferred credits
|
|
(0.7)
|
|
(11.8)
|
Other
|
|
17.0
|
|
0.6
|
Net
cash (used in) provided by operating activities
|
|
(45.4)
|
|
11.6
|
Investing
activities
|
|
|
|
|
Purchase
of property, plant and equipment
|
|
(74.4)
|
|
(54.2)
|
Purchase
of property, plant and equipment - severe weather related
expenses
|
|
(5.8)
|
|
-
|
Other
|
|
2.2
|
|
0.6
|
Net
cash (used in) investing activities
|
|
(78.0)
|
|
(53.6)
|
Financing
activities
|
|
|
|
|
Proceeds
from revolving credit facility
|
|
-
|
|
120.0
|
Payments
on revolving credit facility
|
|
-
|
|
(120.0)
|
Principal
payments of debt
|
|
(2.6)
|
|
(2.5)
|
Excess tax
benefits from share-based payment arrangements
|
|
-
|
|
0.1
|
Net
cash (used in) financing activities
|
|
(2.6)
|
|
(2.4)
|
Effect of
exchange rate changes on cash and cash equivalents
|
|
(1.6)
|
|
0.7
|
Net
(decrease) in cash and cash equivalents for the
period
|
|
(127.6)
|
|
(43.7)
|
Cash and
cash equivalents, beginning of the period
|
|
440.7
|
|
177.8
|
Cash and
cash equivalents, end of the period
|
$
|
313.1
|
$
|
134.1
|
Management believes that the non-GAAP (Generally Accepted
Accounting Principles) measures (indicated by *) used in this
report provide investors with important perspectives into the
company's ongoing business performance. The company does not intend
for the information to be considered in isolation or as a
substitute for the related GAAP measure. Other companies may define
the measure differently.
Earnings Per Share Excluding Impact of Severe
Weather Event
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 29, 2012
|
|
Three
Months Ended March 28, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
GAAP
Diluted Earnings Per Share
|
|
|
$
0.52
|
|
$
0.57
|
|
|
|
|
|
|
|
|
Impact
from Severe Weather Event
|
|
|
|
|
$
0.04
|
a
|
|
|
|
|
|
|
|
Earnings Per Share Excluding Impact of Severe
Weather Event
|
$
0.52
|
|
$
0.61
|
|
a
|
Represents
the net earnings per share impact of the April 2012 severe weather
event in the first quarter.
|
|
The
earnings per share amount is presented net of income taxes of 30.5
percent.
|
|
EPS
Calculation: 8.8mm * (1 - .305) = 6.1 , 6.1mm/ 143.1mm
Diluted Shares = $0.04
|
http://www.spiritaero.com
SOURCE Spirit AeroSystems Holdings, Inc.