Spirit Aerosystems Holdings, Inc. (SPR)

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Spirit AeroSystems Holdings (SPR)

Q1 2013 Earnings Call

May 02, 2013 11:00 am ET

Executives

Coleen Tabor

Larry A. Lawson - Chief Executive Officer, President, Director, Chief Executive Officer of Spirit Aerosystems, Inc and President of Spirit Aerosystems, Inc

Philip D. Anderson - Chief Financial Officer and Senior Vice President

Analysts

Robert Spingarn - Crédit Suisse AG, Research Division

David E. Strauss - UBS Investment Bank, Research Division

Douglas S. Harned - Sanford C. Bernstein & Co., LLC., Research Division

Myles A. Walton - Deutsche Bank AG, Research Division

Samuel J. Pearlstein - Wells Fargo Securities, LLC, Research Division

Cai Von Rumohr - Cowen and Company, LLC, Research Division

Joseph B. Nadol - JP Morgan Chase & Co, Research Division

Kenneth Herbert - Imperial Capital, LLC, Research Division

George Shapiro

Greg Konrad - Jefferies & Company, Inc., Research Division

Michael F. Ciarmoli - KeyBanc Capital Markets Inc., Research Division

Michael Callahan - Topeka Capital Markets Inc., Research Division

Peter J. Arment - Sterne Agee & Leach Inc., Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Spirit AeroSystems Holdings, Inc. Company's First Quarter 2013 Earnings Conference Call. My name is Larissa and I'll be your coordinator today. [Operator Instructions] .

I'd like to turn the presentation over to Mrs. Coleen Tabor, Director of Investor Relations. Please proceed.

Coleen Tabor

Thank you, and good morning. Welcome to Spirit's First Quarter 2013 Earnings Call. I'm Coleen Tabor, and with me today are Spirit's new President and Chief Executive Officer, Larry Lawson; and Spirit's Senior Vice President and Chief Financial Officer, Phil Anderson.

After brief comments by Larry and Phil regarding our performance and outlook, we will take your questions. In order to allow everyone to participate in the question-and-answer segment, we do ask that you limit yourself to one question.

Before we begin, I need to remind you that any projections or goals we may include in our discussion today are likely to involve risks, which are detailed in our news release, in our SEC filings and in the forward-looking statement at the end of this web presentation. And as a reminder, you can follow today's broadcast and slide presentation on our website at spiritaero.com.

With that, I'd like to turn the call over to our Chief Executive Officer, Larry Lawson.

Larry A. Lawson

Thank you, Coleen. And let me say good morning to all of you on the call. Let me welcome you to Spirit's first earning -- first quarter's earnings call. I'll begin with a brief introduction and then Phil will review our performance and the financial results. And of course, I think, as said earlier, we'll take your questions after that.

Well, let me begin by saying that I appreciate the confidence of the Spirit Board to select me to lead Spirit AeroSystems. I want to especially thank Jeff Turner and the Board for the great work they've done in building the foundation here.

I was, in particular, attracted to this opportunity. I thought that it was a great place to enter the commercial market space with a company that has a long history of building valued products with great people. I believe my experience aligns well with Spirit and, along those lines, I'll just give you a little background about me for you. I hold engineering degrees from the University of Missouri and Lawrence Technological University and, along the way, I've managed to become an MIT fellow and had the opportunity to attend the Harvard Advanced Management Program. I know many of you and, as you may know, I began my career as a flight controls engineer working for McDonnell Douglas on programs like the F-15 and the F-18. And during my career, I've had the opportunity to hold a broad range of leadership positions in engineering development, business development, program management, as well as a business leader.

I have the privilege of working some very challenging programs as a leader on programs like the JASSM cruise missile, the F-22 and the F-35 as the program leader.

I come to Spirit from Lockheed Martin, where I led the Aeronautics business segment with revenues of $15 billion and, in addition to the programs that I mentioned above, I was very fortunate to be responsible for great programs, like the F-16, the C-130J, the C5, a logistics business, as well as the Skunk Works.

My wife and I are quite happy to be relocated to Wichita. And I've been 3 weeks on the job, in those 3 weeks, I've focused on meeting with all of our customers. I've actually had more than one meeting with each. I've had an opportunity to engage with our team and I've had some initial introductions to our operations and our programs.

I'll make a few observations about our business. We are in a growth market, I think as most of you know, and our partners -- or customers, maybe I should say, are the best in the business in both commercial and business jet aviation.

With regard to our operating results, the first quarter reflects the performance of our core programs, with 14% revenue growth over the same quarter 1 year ago and 10% operating margins. And the growing market place that we're in provides us an opportunity to take our $36 billion backlog and grow it further.

Spirit has -- our high-volume commercial aircraft structural production is unique for our industry. And of course, we will -- we are and will continue to work both on our product performance, as well as the cost of our operations.

The focus really will be on being the best value supplier to our industry partners, customers, and we'll do that through outstanding program execution. We're going to continue our culture of sustained operational excellence. And of course, we're going to be looking for supply partners with a similar commitment.

Read the rest of this transcript for free on seekingalpha.com