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
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