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Spirit AeroSystems (SPR) Q1 Earnings Beat, Revenues Up Y/Y

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·4-min read
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Spirit AeroSystems Holdings, Inc. SPR reported first-quarter 2022 adjusted earnings of 3 cents per share, which beat the Zacks Consensus Estimate for a loss of 61 cents. The bottom line also improved significantly from the year-ago quarter’s loss of $1.22.

Barring one-time adjustments, the company reported a GAAP loss of 51 cents per share compared with a loss of $1.65 in the year-ago quarter.

Highlights of the Release

Total revenues of $1,175 million exceeded the Zacks Consensus Estimate of $1,094 million by 7.3%. Moreover, the top line rose 30% on a year-over-year basis, driven by higher production deliveries on the Boeing 737, Airbus A220 and Airbus A320 programs and increased aftermarket revenues.

Backlog at the end of first-quarter 2022 was $36 billion compared with $35 million at the end of 2021.

Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise

Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise

Spirit Aerosystems Holdings, Inc. price-consensus-eps-surprise-chart | Spirit Aerosystems Holdings, Inc. Quote

Segment Performance

Commercial Segment: Revenues in the segment increased 34.8% year over year to $938.4 in the first quarter, driven by higher production volumes on the Boeing 737, Airbus A220 and A320 programs.

Operating loss narrowed to $3.4 million from an operating loss of $82.9 million in the year-ago quarter.

Defense & Space: The segment recorded revenues of $158.5 million in the reported quarter, up 3.3% year over year. The upside can be attributed to increased production volumes from the Boeing P-8 program.

Operating income in the first quarter increased 66.7% to $20 million from $12 million in the year-ago quarter.

Aftermarket: Revenues in the segment improved a solid 51.7% year over year to $77.8 million in the first quarter, driven by higher spare part sales and maintenance, repair and overhaul (MRO) activity.

Operating profit in the first quarter increased a solid 66.7% to $18 million.

Operational Highlights

Total operating costs and expenses rose 18.5% year over year to $1,216.9 million on account of higher cost of sales, increased selling, general and administrative expenses and elevated research and development expenses.

The company incurred an operating loss of $42.2 million in the first quarter compared with the year-ago quarter’s loss of $125.9 million.

Financial Position

At the end of first-quarter 2022, SPR had $1,151.8 million of cash and cash equivalents compared with $1,478.6 million as of Dec 31, 2021.

At the end of the first quarter, long-term debt totaled $3,734 million compared with $3,742.7 million at the end of 2021.

Cash outflow from operating activities was $270.2 million during the first quarter compared with $170.2 million a year ago.

Zacks Rank

Spirit AeroSystems has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Defense Releases

Raytheon Technologies’ RTX first-quarter 2022 adjusted earnings per share (EPS) of $1.15 beat the Zacks Consensus Estimate of $1.01 by 13.9%. Moreover, the bottom-line figure improved 27.8% from the year-ago quarter’s adjusted earnings of 90 cents.

Raytheon’s first-quarter sales of $15,716 million missed the Zacks Consensus Estimate of $15,799 million by 0.5%. The sales figure, however, rose 3% from $15,251 million recorded in the year-ago quarter.

Lockheed Martin LMT reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. The bottom line, however, declined 1.8% year over year.

Lockheed Martin’s net sales amounted to $14.96 billion, which missed the Zacks Consensus Estimate of $15.53 billion by 3.7%. The top line also declined 8% from $16.26 billion reported in the year-ago quarter

Teledyne Technologies Inc. TDY reported first-quarter 2022 adjusted earnings of $4.27 per share, which surpassed the Zacks Consensus Estimate of $4.09 by 4.4%. The bottom line also improved 33.9% from the year-ago quarter’s $3.19 per share.

Teledyne’s total sales in the first quarter amounted to $1,321 million, which exceeded the Zacks Consensus Estimate of $1,315 million by 0.5%. The top line also improved 64% from $805.7 million reported a year ago.


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Lockheed Martin Corporation (LMT) : Free Stock Analysis Report

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