Spirit AeroSystems Holdings, Inc.
), 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
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
For 2012, revenue was $5,398 million, up 11% on a
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
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
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
Spirit AeroSystems Holdings currently has a Zacks Rank #3
(Hold). Other stocks to watch out for in the industry are
BAE Systems plc
Rolls Royce Holdings plc
), both carrying a Zacks Rank #1 (Strong Buy) and
Alliant Techsystems Inc.
), bearing a Zacks Rank #2 (Buy).
ALLIANT TECHSYS (ATK): Free Stock Analysis
(BAESY): ETF Research Reports
(RYCEY): ETF Research Reports
SPIRIT AEROSYS (SPR): Free Stock Analysis
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