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Spirit AeroSystems Holdings, Inc., Reports Third Quarter 2016 Financial Results; Raises Full-Year Guidance on Revenue, EPS, and Cash; Completed Existing Repurchase Program and Announces New $600 Milli
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PR Newswire
WICHITA, Kan., Nov. 1, 2016
WICHITA, Kan., Nov. 1, 2016 /PRNewswire/ --
Third Quarter 2016 Results and Highlights
- Strong performance:
- Revenue of $1.7 billion, up 7% y/y
- Earnings per share (EPS) of $1.16
- Free cash flow* of $214 million
- Purchased 7.4 million shares for $332 million, completed existing share repurchase program
- Announces new share repurchase program of up to $600 million
- Initiates quarterly dividend of $0.10 per share
- Raises full-year 2016 guidance:
- Revenue increased $100 million to $6.7 - $6.8 billion
- EPS increased from $3.45 - $3.65 to $3.65 - $3.80 (Adjusted EPS* of $4.50 - $4.65)
- Free cash flow* increased from $350 - $400 million to $400 - $425 million
Spirit AeroSystems Holdings, Inc., [NYSE: SPR] reported third quarter 2016 financial results driven by strong operating performance of mature programs. During the quarter, Spirit purchased 7.4 million shares for $332 million, which concludes the current $600 million share repurchase program.
"As promised, we remain committed to a balanced and disciplined approach to capital deployment by utilizing all the different mechanisms in an opportunistic and timely way. Our strong performance this year and our five-year financial outlook give us a high degree of confidence in our business. After discussions with our Board about capital allocation, we are pleased to announce a new share repurchase program of $600 million and initiate a quarterly dividend of $0.10 per share," Spirit President and CEO Tom Gentile said.
The dividend is payable on January 9, 2017 to shareholders of record as of December 19, 2016.
In the quarter, Spirit celebrated the successful delivery of key components to Boeing for the 500th 787 Dreamliner. This represents a monumental accomplishment for Spirit, which has been delivering a fully integrated forward fuselage, engine pylons, and fixed and moveable leading edges to Boeing since 2007.
"We are extremely proud of our collaboration with Boeing and the work we do together to build the 787, the fastest twin-aisle airplane to reach this key milestone," Gentile added.
| Table 1. Summary Financial Results (unaudited) | | | | | ||
| | 3rd Quarter | | Nine Months | | ||
| ($ in millions, except per share data) | 2016 | 2015 | Change | 2016 | 2015 | Change |
| | | | | | | |
| Revenue | $1,711 | $1,594 | 7% | $5,223 | $5,035 | 4% |
| Operating Income | $214 | $192 | 11% | $564 | $657 | (14%) |
| Operating Income as a % of Revenue | 12.5% | 12.0% | 50 BPS | 10.8% | 13.1% | (230) BPS |
| Net Income | $145 | $314 | (54%) | $362 | $650 | (44%) |
| Net Income as a % of Revenue | 8.5% | 19.7% | (1,120) BPS | 6.9% | 12.9% | (600) BPS |
| Earnings Per Share (Fully Diluted) | $1.16 | $2.24 | (48%) | $2.80 | $4.64 | (40%) |
| Adjusted Earnings Per Share (Fully Diluted)* | $1.16 | $0.89 | 30% | $3.66 | $2.97 | 23% |
| Fully Diluted Weighted Avg Share Count | 125.3 | 140.2 | | 129.0 | 140.1 | |
| | | | | | | |
Revenue
Spirit's third quarter 2016 revenue was $1.7 billion, up seven percent compared to the same period of 2015, primarily driven by higher production deliveries on the A350 XWB and Boeing 767 programs and higher revenue recognized on certain non-recurring Boeing programs, offset by lower production deliveries on the Boeing 747 program. (Table 1)
"We are increasing our revenue guidance by $100 million to a new range of $6.7 - $6.8 billion," Gentile stated.
Spirit's backlog at the end of the third quarter of 2016 was approximately $46 billion, with work packages on all commercial platforms in the Boeing and Airbus backlog.
Earnings
Operating income for the third quarter of 2016 was $214 million, compared to $192 million in the third quarter of 2015, reflecting higher production deliveries. Reported EPS was $1.16, compared to $2.24 EPS (or $0.89 adjusted EPS* excluding the impact of Deferred Tax Asset Valuation Allowance) in the same period of 2015. On an adjusted* basis EPS is up 30 percent year over year. (Table 1)
"We are increasing our earnings per share guidance to $3.65 - $3.80, which reflects $0.86 per share impact of one-time items which occurred in the second quarter. This equates to an adjusted earnings per share* guidance of $4.50 - $4.65," Gentile commented.
Cash
Free cash flow* in the third quarter of 2016 was $214 million, compared to free cash flow* of $139 million (or adjusted free cash flow* of $76 million, reflecting the impact of the 787 interim pricing agreement in the same quarter last year). On an adjusted basis, free cash flow* is up 182 percent year over year. (Table 2)
"Our free cash flow* guidance is also increasing to a new range of $400 - $425 million," Gentile concluded.
Cash balance at the end of the quarter was $670 million, reflecting the purchase of 7.4 million shares for $332 million during the quarter. The company's $650 million revolving credit facility remained undrawn at the end of the quarter.
| Table 2. Cash Flow and Liquidity (unaudited) | | | | |
| | 3rd Quarter | Nine Months | ||
| ($ in millions) | 2016 | 2015 | 2016 | 2015 |
| | | | | |
| Cash Flow from Operations | $266 | $240 | $574 | $969 |
| Purchases of Property, Plant & Equipment | ($52) Werbung Mehr Nachrichten zur Spirit Aerosystems Aktie kostenlos abonnieren
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