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Spirit AeroSystems (SPR) Beats on Q4 Earnings, Issues View
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Spirit AeroSystems Holdings, Inc. (SPR - Free Report) recorded fourth-quarter 2017 adjusted earnings of $1.32 per share, which surpassed the Zacks Consensus Estimate of $1.22 by 8.2%.
Excluding a one-time impact of tax-reform worth 25 cents, the company reported GAAP earnings of $1.07, which improved 20.2% from the year-ago figure of 89 cents.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
For 2017, the company posted adjusted earnings of $5.35 per share, which surpassed the Zacks Consensus Estimate of $5.22 by 2.5%.
Highlights of the Release
Total revenues of $1,714 million in the fourth quarter surpassed the Zacks Consensus Estimate of $1,650 million by 3.9%. Moreover, revenues rose 9.5% year over year.
Backlog at the end of fourth-quarter 2017 was $47 billion, higher than the prior-quarter figure of $45 billion.
For 2017, the company generated revenues of $6.98 billion, which surpassed the Zacks Consensus Estimate of $6.93 billion.
Segment Performance
Fuselage Systems: Revenues at the segment grew 12.2% to $918.7 million from the prior-year figure of $819.1 million. Higher production deliveries of the Boeing 737 program as well as increased defense work and non-recurring activities on certain Boeing programs drove the results.
Propulsion Systems: The segment recorded revenues of $415.5 million in the quarter, up 2.8% from $404 million a year ago. The upside was driven by higher production deliveries on the Boeing 737 program.
Wing Systems: Revenues at the segment increased 8.6% to $377.1 million from $347.2 million in the prior-year quarter due to higher production deliveries on the Boeing 737, 787, and A320 programs.
Financial Position
As of Dec 31, 2017, Spirit AeroSystems had $423.3 million in cash and cash equivalents compared with $697.7 as of Dec 31, 2016.
As of Dec 31, 2017, long-term debt (excluding current portion) was $1,119.9 million compared with $1,060 million at the end of 2016.
Cash flow from operating activities declined to $573.7 million at the end of 2017 from $716.9 million at the end of 2016.
Capital expenditure totaled $273 million in 2017 compared with $254 million in the prior-year.
Guidance
Spirit AeroSystems issued financial guidance for 2018. The company expects to generate earnings in the range of $6.25-$6.50 on revenues of $7.1-$7.2 billion.
Management also expects free cash flow to be in the range of $550-$600 million for 2018.
Boeing Company (BA - Free Report) reported adjusted earnings of $4.80 per share for fourth-quarter 2017, beating the Zacks Consensus Estimate of $2.91 by 64.9%. Its fourth-quarter revenues amounted to $25.37 billion in the quarter beating the Zacks Consensus Estimate of $24.83 billion by 2.2%.
Lockheed Martin (LMT - Free Report) reported fourth-quarter 2017 adjusted earnings from continuing operations of $4.30 per share, which surpassed the Zacks Consensus Estimate of $4.06 by 5.9%. Its total revenues came in at $15.14 billion which exceeded the Zacks Consensus Estimate of $14.75 billion by 2.6%.
Rockwell Collins reported results for first-quarter fiscal 2018 (ended Dec 31, 2017). The company’s adjusted earnings per share of $1.59 beat the Zacks Consensus Estimate of $1.53 by 3.9%. Its total sales were $2,011 million, which beat the Zacks Consensus Estimate of $1,988 million by 1.2%.
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Spirit AeroSystems (SPR) Beats on Q4 Earnings, Issues View
Spirit AeroSystems Holdings, Inc. (SPR - Free Report) recorded fourth-quarter 2017 adjusted earnings of $1.32 per share, which surpassed the Zacks Consensus Estimate of $1.22 by 8.2%.
Excluding a one-time impact of tax-reform worth 25 cents, the company reported GAAP earnings of $1.07, which improved 20.2% from the year-ago figure of 89 cents.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise | Spirit Aerosystems Holdings, Inc. Quote
For 2017, the company posted adjusted earnings of $5.35 per share, which surpassed the Zacks Consensus Estimate of $5.22 by 2.5%.
Highlights of the Release
Total revenues of $1,714 million in the fourth quarter surpassed the Zacks Consensus Estimate of $1,650 million by 3.9%. Moreover, revenues rose 9.5% year over year.
Backlog at the end of fourth-quarter 2017 was $47 billion, higher than the prior-quarter figure of $45 billion.
For 2017, the company generated revenues of $6.98 billion, which surpassed the Zacks Consensus Estimate of $6.93 billion.
Segment Performance
Fuselage Systems: Revenues at the segment grew 12.2% to $918.7 million from the prior-year figure of $819.1 million. Higher production deliveries of the Boeing 737 program as well as increased defense work and non-recurring activities on certain Boeing programs drove the results.
Propulsion Systems: The segment recorded revenues of $415.5 million in the quarter, up 2.8% from $404 million a year ago. The upside was driven by higher production deliveries on the Boeing 737 program.
Wing Systems: Revenues at the segment increased 8.6% to $377.1 million from $347.2 million in the prior-year quarter due to higher production deliveries on the Boeing 737, 787, and A320 programs.
Financial Position
As of Dec 31, 2017, Spirit AeroSystems had $423.3 million in cash and cash equivalents compared with $697.7 as of Dec 31, 2016.
As of Dec 31, 2017, long-term debt (excluding current portion) was $1,119.9 million compared with $1,060 million at the end of 2016.
Cash flow from operating activities declined to $573.7 million at the end of 2017 from $716.9 million at the end of 2016.
Capital expenditure totaled $273 million in 2017 compared with $254 million in the prior-year.
Guidance
Spirit AeroSystems issued financial guidance for 2018. The company expects to generate earnings in the range of $6.25-$6.50 on revenues of $7.1-$7.2 billion.
Management also expects free cash flow to be in the range of $550-$600 million for 2018.
Zacks Rank
Spirit AeroSystems currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Peer Releases
Boeing Company (BA - Free Report) reported adjusted earnings of $4.80 per share for fourth-quarter 2017, beating the Zacks Consensus Estimate of $2.91 by 64.9%. Its fourth-quarter revenues amounted to $25.37 billion in the quarter beating the Zacks Consensus Estimate of $24.83 billion by 2.2%.
Lockheed Martin (LMT - Free Report) reported fourth-quarter 2017 adjusted earnings from continuing operations of $4.30 per share, which surpassed the Zacks Consensus Estimate of $4.06 by 5.9%. Its total revenues came in at $15.14 billion which exceeded the Zacks Consensus Estimate of $14.75 billion by 2.6%.
Rockwell Collins reported results for first-quarter fiscal 2018 (ended Dec 31, 2017). The company’s adjusted earnings per share of $1.59 beat the Zacks Consensus Estimate of $1.53 by 3.9%. Its total sales were $2,011 million, which beat the Zacks Consensus Estimate of $1,988 million by 1.2%.
Breaking News: Cryptocurrencies Now Bigger than Visa
The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.
Zacks has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.
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