logo
Share SHARE
FONT-SIZE Plus   Neg

Spirit AeroSystems Q4 Profit Rises; Backs FY13 Outlook - Quick Facts

Spirit AeroSystems Holdings Inc. (SPR) reported increase in profit for the fourth quarter, reflecting higher revenue on higher ship set deliveries and solid core program operating performance.

Net income for the quarter was $61 million, or $0.43 per share, compared to $60 million, or $0.42 per share, in the same period of 2011. The latest-quarter included a net pre-tax $34 million, or $0.19 per share, of forward loss charges principally on development programs.

Operating income for the fourth quarter of 2012 was $98 million including a net pre-tax $34 million forward loss associated with development and low rate programs.

Spirit's fourth quarter 2012 revenues were $1.426 billion, up from $1.219 billion for the same period of 2011 as the company benefited from higher production deliveries during the quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share on revenues of $1.37 billion for the quarter. Analysts' estimates typically exclude special items.

Spirit revenue guidance for the full-year 2013 remains unchanged and is expected to be between $5.8 - $6.0 billion based on Boeing's 2013 delivery guidance of 635 to 645 aircraft; expected B787 ship set deliveries; expected Airbus deliveries in 2013 of approximately 600 aircraft; internal Spirit forecasts for other customer production activities; expected non-production revenues; and foreign exchange rates consistent with those in the second half of 2012.

Earnings per share guidance for 2013 is unchanged and expected to be between $1.90 - $2.10 per share, reflecting continued growth and solid execution in core programs and transitioning development programs to full rate of production. Earnings per share guidance for 2013 excluding severe weather adjustments is still expected to be between $2.20 - $2.40.

Analysts expect the company to report earnings of $2.03 per share on revenues of $6.00 billion for fiscal 2013.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
American Express did not violate antitrust laws and can prohibit merchants from steering customers to credit cards with lower transaction fees, a federal appeals court ruled Monday. This ruling reverses an earlier trial court's judgment against the company and directs that court to enter judgment in favor of American Express. General Motors (GM) luxury brand is offering 400 dealers as it reshapes the brand's image to better compete with rivals, according to media reports. The Detroit auto maker will provide as much as $180,000 in "transition assistance" to U.S. Cadillac dealers unwilling to invest in a set of new standards... Hotwire of Expedia Inc. cautioned customers about a fake fax memo. The memo, offering deep travel discounts, has an old corporate Hotwire logo in it to falsely imply a connection with Hotwire. It carries phone numbers which are not related to travel booking site.
comments powered by Disqus
Follow RTT