- First Quarter 2013 Revenues of $1.442
billion
- Operating Income of $145
million; Operating Margins of 10%
- Fully Diluted Earnings Per Share of $0.57; Fully Diluted Earnings Per Share excluding
severe weather expense of $0.61*
- Cash and Cash Equivalents were $313
million
- Total backlog of approximately $36
billion
WICHITA, Kan., May 2, 2013 /CNW/ - 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.