WICHITA, Kan., April 29, 2016 /CNW/ --
First Quarter 2016 Consolidated Results
- Total Revenues of $1.7 billion,
down 3% y/y
- Reports fully diluted EPS of $1.29
- Free Cash Flow of $43
million*
Spirit AeroSystems Holdings, Inc., [NYSE: SPR] reported first
quarter 2016 financial results driven by strong operating
performance of mature programs. Spirit's first quarter 2016
revenues were $1.7 billion, down
three percent compared to the same period of 2015.
Table 1.
Summary Financial Results (unaudited)
|
|
1st
Quarter
|
|
($ in millions,
except per share data)
|
2016
|
2015
|
Change
|
|
|
|
|
Revenues
|
$1,682
|
$1,742
|
(3%)
|
Operating
Income
|
$267
|
$235
|
14%
|
Operating Income
as a % of Revenues
|
15.9%
|
13.5%
|
240
BPS
|
Net
Income
|
$172
|
$182
|
(5%)
|
Net Income as a %
of Revenues
|
10.2%
|
10.4%
|
(20)
BPS
|
Earnings Per Share
(Fully Diluted)
|
$1.29
|
$1.30
|
(1%)
|
Adjusted Earnings
Per Share (Fully Diluted)*
|
$1.29
|
$1.00
|
29%
|
Fully Diluted
Weighted Avg Share Count
|
132.7
|
140.4
|
|
|
|
|
|
Operating income for the first quarter of 2016 was $267 million, compared to $235 million in the first quarter of 2015. Net
income for the quarter was $172
million, or $1.29 per share,
compared to net income of $182
million, or $1.30 per share
(or $1.00* per share, adjusted to
exclude the impact of deferred tax asset valuation allowance), in
the same period of 2015. (Table 1)
"In March, Spirit AeroSystems was named by the Secretary of the
Air Force as one of seven subcontractors to the B-21 program. We
are very proud to be a part of the team. We are currently in the
early phase of the EMD program. This is a landmark win that gives
us a new growth engine in defense over the long term," said
President and Chief Executive Officer Larry
Lawson.
"Relative to the A350 program, we are making progress. We
delivered 14 shipsets with an average deferred inventory per
shipset of $0.4 million, as compared
to $1.2 million in 4Q15 and
$3.6 million in the same period last
year," Lawson added.
"With regard to capital deployment, we continue to be
opportunistic. In the first quarter, we bought 3.6 million shares
for $165 million. This concluded the
previous share repurchase program announced in 2015. At the end of
this quarter, there is $485 million
remaining under our current repurchase program," Lawson
concluded.
Spirit's backlog at the end of the first quarter of 2016 was
approximately $46 billion.
Free cash flow from operations was a $43
million* source of cash for the first quarter of 2016,
compared to a $383 million* source of
cash in the first quarter of 2015, with the decrease primarily due
to tax refunds in 2015 associated with the Gulfstream divestiture.
(Table 2)
Table 2.
Cash Flow and Liquidity (unaudited)
|
|
1st
Quarter
|
($ in
millions)
|
2016
|
2015
|
|
|
|
Cash Flow from
Operations
|
$94
|
$424
|
Purchases of
Property, Plant & Equipment
|
($51)
|
($40)
|
Free Cash
Flow*
|
$43
|
$384
|
|
|
|
|
March
31,
|
December
31,
|
Liquidity
|
2016
|
2015
|
|
|
|
Cash
|
$823
|
$957
|
Total
Debt
|
$1,126
|
$1,133
|
|
|
|
Cash balance at the end of the quarter was $823 million, reflecting the purchase of 3.6
million shares for $165 million. The
company's $650 million revolving
credit facility remained undrawn at the end of the quarter.
Spirit also achieved investment-grade credit rating with Moody's
and S&P in the first quarter of 2016.
Financial Outlook and Risk to Future Financial
Results
Spirit revenue for the full-year 2016 remains unchanged and is
expected to be $6.6 -
$6.7 billion. Fully diluted earnings per share for 2016
remains unchanged and is expected to be $4.15 - $4.35 per share. Free cash flow remains
unchanged and is expected to be between $325
million and $375 million*, with capital expenditures ranging
between $250 million and $300
million. The effective tax rate for 2016 is forecasted to be
approximately 31.5 – 32.5 percent. (Table 3)
Risks to our financial guidance are described more fully in the
Cautionary Statement Regarding Forward-Looking Statements in this
release and in the "Risk Factors" section of our filings with the
Securities and Exchange Commission.
Table 3.
Financial Outlook Unchanged April 29, 2016
|
2016
Guidance
|
|
|
|
Revenues
|
|
$6.6 - $6.7
billion
|
|
|
|
Earnings Per Share
(Fully Diluted)
|
|
$4.15 -
$4.35
|
|
|
|
Effective Tax
Rate
|
|
~31.5% -
32.5%
|
|
|
|
Free Cash
Flow*
|
|
$325 - $375
million
|
|
|
|
Segment Results
Fuselage Systems
Fuselage Systems segment revenues in the first quarter of 2016
were $874 million, down from
$917 million for the same period last
year due to lower revenues recognized on the 787 program and lower
production deliveries on the 737 and 747 programs, offset by higher
revenues recognized on the A350 XWB and the 767 programs. Operating
margin for the first quarter of 2016 was 20.3 percent as compared
to 17.9 percent during the same period of 2015. In the first
quarter of 2016, the segment recorded pretax $16.2 million favorable cumulative catch-up
adjustments on mature programs as a result of productivity and
efficiency improvements and a favorable change in estimates on
forward-loss programs of $3.1
million. In comparison, the company recorded pretax
$3 million favorable cumulative
catch-up adjustments on mature programs and a favorable change in
estimates of $3 million in the first
quarter of 2015.
Propulsion Systems
Propulsion Systems segment revenues in the first quarter of 2016
were $439 million, compared to
$446 million for the same period last
year. Operating margin for the first quarter of 2016 was 22.6
percent as compared to 21.5 percent in the first quarter of 2015,
driven by favorable labor and material cost performance, including
favorable fixed overhead absorption resulting from higher
production rates. In the first quarter of 2016, the segment
realized pretax $5.9 million
favorable cumulative catch-up adjustments on mature programs as a
result of productivity and efficiency improvements and a favorable
change in estimates on forward-loss programs of $8.9 million. In comparison, the segment realized
pretax $9 million favorable
cumulative catch-up adjustments on mature programs in the first
quarter of 2015.
Wing Systems
Wing Systems segment revenues in the first quarter of 2016 were
$361 million, down from $377 million for the same period last year due to
lower revenues recognized on the 787 program and lower production
deliveries on the 747 program, offset by higher revenues recognized
on the A350 XWB program. Operating margin for the first quarter of
2016 was 16.3 percent as compared to 12 percent during the same
period of 2015. In the first quarter of 2016, the segment recorded
pretax $10.1 million favorable
cumulative catch-up adjustments on mature programs as a result of
productivity and efficiency improvements and a favorable change in
estimates on forward-loss programs of $3
million. In comparison, the segment recorded pretax
$3 million favorable cumulative
catch-up adjustments on mature programs in the first quarter of
2015.
Table 4.
Segment Reporting (unaudited)
|
|
|
1st
Quarter
|
($ in
millions)
|
2016
|
2015
|
Change
|
|
|
|
|
Segment
Revenues
|
|
|
|
Fuselage
Systems
|
$873.8
|
$916.8
|
(4.7%)
|
Propulsion Systems
|
438.6
|
446.0
|
(1.7%)
|
Wing
Systems
|
360.5
|
376.7
|
(4.3%)
|
All
Other
|
8.7
|
2.7
|
222.2%
|
Total Segment
Revenues
|
$1,681.6
|
$1,742.2
|
(3.5%)
|
|
|
|
|
Segment Earnings
(Loss) from Operations
|
|
|
|
Fuselage
Systems
|
$177.3
|
$164.5
|
7.8%
|
Propulsion Systems
|
99.1
|
95.7
|
3.6%
|
Wing
Systems
|
58.8
|
45.2
|
30.1%
|
All
Other
|
1.9
|
(0.3)
|
733.3%
|
Total Segment
Operating Earnings
|
$337.1
|
$305.1
|
10.5%
|
|
|
|
|
Unallocated
Expense
|
|
|
|
Corporate
SG&A
|
($50.0)
|
($51.6)
|
(3.1%)
|
Research &
Development
|
(6.1)
|
(7.0)
|
(12.9%)
|
Cost of
Sales
|
(14.5)
|
(11.2)
|
29.5%
|
Total Earnings
from Operations
|
$266.5
|
$235.3
|
13.3%
|
|
|
|
|
Segment Operating
Earnings (Loss) as % of Revenues
|
|
|
|
Fuselage
Systems
|
20.3%
|
17.9%
|
240
BPS
|
Propulsion Systems
|
22.6%
|
21.5%
|
110
BPS
|
Wing
Systems
|
16.3%
|
12.0%
|
430
BPS
|
All
Other
|
21.8%
|
(11.1%)
|
|
Total Segment
Operating Earnings as % of Revenues
|
20.0%
|
17.5%
|
250
BPS
|
|
|
|
|
Total Operating
Earnings as % of Revenues
|
15.8%
|
13.5%
|
230
BPS
|
|
|
|
|
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" that
may involve many risks and uncertainties. Forward-looking
statements reflect our current expectations or forecasts of future
events. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "anticipate,"
"believe," "continue," "estimate," "expect," "forecast," "intend,"
"may," "plan," "project," "should," "will," and other similar
words, or phrases, or the negative thereof, unless the context
requires otherwise. These statements reflect management's current
views with respect to future events and are subject to risks and
uncertainties, both known and unknown. Our actual results may vary
materially from those anticipated in forward-looking statements. We
caution investors not to place undue reliance on any
forward-looking statements. Important factors that could cause
actual results to differ materially from those reflected in such
forward-looking statements and that should be considered in
evaluating our outlook include, but are not limited to, the
following: 1) our ability to continue to grow our business and
execute our growth strategy, including the timing, execution, and
profitability of new and maturing programs; 2) our ability to
perform our obligations and manage costs related to our new and
maturing commercial, business aircraft and military development
programs and the related recurring production; 3) margin pressures
and the potential for additional forward losses on new and maturing
programs; 4) our ability to accommodate, and the cost of
accommodating, announced increases in the build rates of certain
aircraft; 5) the effect on aircraft demand and build rates of
changing customer preferences for business aircraft, including the
effect of global economic conditions on the business aircraft
market and expanding conflicts or political unrest in the
Middle East or Asia; 6) customer cancellations or deferrals
as a result of global economic uncertainty; 7) the effect of
economic conditions in the industries and markets in which we
operate in the U.S. and globally and any changes therein, including
fluctuations in foreign currency exchange rates; 8) the success and
timely execution of key milestones such as receipt of necessary
regulatory approvals and customer adherence to their announced
schedules; 9) our ability to successfully negotiate future pricing
under our supply agreements with Boeing, Airbus and our other
customers; 10) our ability to enter into profitable supply
arrangements with additional customers; 11) the ability of all
parties to satisfy their performance requirements under existing
supply contracts with our two major customers, Boeing and Airbus,
and other customers, and the risk of nonpayment by such customers;
12) any adverse impact on Boeing's and Airbus' production of
aircraft resulting from cancellations, deferrals or reduced orders
by their customers or from labor disputes or acts of terrorism; 13)
any adverse impact on the demand for air travel or our operations
from the outbreak of diseases or epidemic or pandemic outbreaks;
14) our ability to avoid or recover from cyber-based or other
security attacks, information technology failures or other
disruptions; 15) returns on pension plan assets and the impact of
future discount rate changes on pension obligations; 16) our
ability to borrow additional funds or refinance debt; 17)
competition from commercial aerospace original equipment
manufacturers and other aerostructures suppliers; 18) the effect of
governmental laws, such as U.S. export control laws and U.S. and
foreign anti-bribery laws such as the Foreign Corrupt Practices Act
and the United Kingdom Bribery Act, and environmental laws and
agency regulations, both in the U.S. and abroad; 19) any reduction
in our credit ratings; 20) our dependence on our suppliers, as well
as the cost and availability of raw materials and purchased
components; 21) our ability to recruit and retain highly-skilled
employees and our relationships with the unions representing many
of our employees; 22) spending by the U.S. and other governments on
defense; 23) the possibility that our cash flows and borrowing
facilities may not be adequate for our additional capital needs or
for payment of interest on and principal of our indebtedness; 24)
our exposure under our existing senior secured revolving credit
facility to higher interest payments should interest rates increase
substantially; 25) the effectiveness of any interest rate hedging
programs; 26) the effectiveness of our internal control over
financial reporting; 27) the outcome or impact of ongoing or future
litigation, claims and regulatory actions; and 28) exposure to
potential product liability and warranty claims. These factors are
not exhaustive and it is not possible for us to predict all factors
that could cause actual results to differ materially from those
reflected in our forward-looking statements. These factors speak
only as of the date hereof, and new factors may emerge or changes
to the foregoing factors may occur that could impact our business.
As with any projection or forecast, these statements are inherently
susceptible to uncertainty and changes in circumstances. Except to
the extent required by law, we undertake no obligation to, and
expressly disclaim any obligation to, publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Additional information concerning these
and other factors can be found in our filings with the Securities
and Exchange Commission, including our most recent Annual Report on
Form 10-K.
About Spirit AeroSystems, Inc.
Spirit AeroSystems designs and builds aerostructures for both
commercial and defense customers. With headquarters in Wichita, Kansas, Spirit operates sites in the
U.S., U.K., France and
Malaysia. The company's core
products include fuselages, pylons, nacelles and wing components
for the world's premier aircraft. Spirit AeroSystems focuses on
affordable, innovative composite and aluminum manufacturing
solutions to support customers around the globe. More information
is available at www.SpiritAero.com.
Spirit Shipset
Deliveries
|
(one shipset
equals one aircraft)
|
|
|
|
|
|
|
|
|
|
|
1st
Quarter
|
|
|
2016
|
2015
|
B737
|
|
130
|
134
|
B747
|
|
3
|
4
|
B767
|
|
6
|
5
|
B777
|
|
26
|
26
|
B787
|
|
33
|
32
|
Total
|
|
198
|
201
|
|
|
|
|
A320
Family
|
|
147
|
135
|
A330/340
|
|
16
|
27
|
A350
|
|
14
|
6
|
A380
|
|
7
|
6
|
Total
|
|
184
|
174
|
|
|
|
|
Business/Regional
Jet
|
|
15
|
17
|
|
|
|
|
Total
Spirit
|
|
397
|
392
|
Spirit AeroSystems
Holdings, Inc.
|
Condensed
Consolidated Statements of Operations
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
March 31,
2016
|
|
April 2,
2015
|
|
|
($ in millions,
except per share data)
|
|
|
|
|
|
|
Net
revenues
|
|
$1,681.6
|
|
$1,742.2
|
Operating costs and
expenses:
|
|
|
|
|
Cost of
sales
|
|
1,359.0
|
|
1,448.3
|
Selling, general and
administrative
|
|
50.0
|
|
51.6
|
Research and
development
|
|
6.1
|
|
7.0
|
|
Total operating
costs and expenses
|
|
1,415.1
|
|
1,506.9
|
|
Operating
income
|
|
266.5
|
|
235.3
|
Interest expense and
financing fee amortization
|
|
(11.4)
|
|
(17.9)
|
Other expense,
net
|
|
(2.2)
|
|
(6.4)
|
|
Income before
income taxes and equity in net income of affiliate
|
|
252.9
|
|
211.0
|
Income tax
provision
|
|
(81.9)
|
|
(29.4)
|
|
Income before
equity in net income of affiliate
|
|
171.0
|
|
181.6
|
Equity in net income
of affiliate
|
|
0.6
|
|
0.3
|
|
Net
income
|
|
$171.6
|
|
$181.9
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
Basic
|
|
$1.30
|
|
$1.31
|
Shares
|
|
131.6
|
|
138.9
|
|
|
|
|
|
|
Diluted
|
|
$1.29
|
|
$1.30
|
Shares
|
|
132.7
|
|
140.4
|
Spirit AeroSystems
Holdings, Inc.
|
Condensed
Consolidated Balance Sheets
|
(unaudited)
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
|
($ in
millions)
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$822.9
|
|
$957.3
|
Accounts receivable,
net
|
|
683.2
|
|
537.0
|
Inventory,
net
|
|
1,808.0
|
|
1,774.4
|
Other current
assets
|
|
27.5
|
|
30.4
|
Total current assets
|
|
3,341.6
|
|
3,299.1
|
Property, plant and
equipment, net
|
|
1,947.2
|
|
1,950.7
|
Pension
assets
|
|
242.7
|
|
246.9
|
Other
assets
|
|
255.4
|
|
280.8
|
Total assets
|
|
$5,786.9
|
|
$5,777.5
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$645.8
|
|
$618.2
|
Accrued
expenses
|
|
225.5
|
|
230.2
|
Profit
sharing
|
|
18.4
|
|
61.6
|
Current portion of
long-term debt
|
|
42.9
|
|
35.6
|
Advance payments,
short-term
|
|
192.5
|
|
178.3
|
Deferred revenue,
short-term
|
|
312.1
|
|
285.5
|
Deferred grant income
liability - current
|
|
12.6
|
|
11.9
|
Other current
liabilities
|
|
88.7
|
|
37.7
|
Total current liabilities
|
|
1,538.5
|
|
1,459.0
|
Long-term
debt
|
|
1,083.4
|
|
1,097.6
|
Advance payments,
long-term
|
|
452.9
|
|
507.4
|
Pension/OPEB
obligation
|
|
70.2
|
|
67.7
|
Deferred revenue and
other deferred credits
|
|
172.4
|
|
170.0
|
Deferred grant income
liability - non-current
|
|
78.2
|
|
82.3
|
Other
liabilities
|
|
270.6
|
|
273.5
|
Equity
|
|
|
|
|
Preferred stock, par
value $0.01, 10,000,000 shares authorized, no shares
issued
|
|
-
|
|
-
|
Common stock,
Class A par value $0.01, 200,000,000 shares authorized,
132,474,893 and 135,617,589 shares issued and outstanding,
respectively
|
|
1.3
|
|
1.4
|
Common stock,
Class B par value $0.01, 150,000,000 shares authorized,
121 shares issued and outstanding each period,
respectively
|
|
-
|
|
-
|
Additional paid-in
capital
|
|
1,054.0
|
|
1,051.6
|
Accumulated other
comprehensive loss
|
|
(168.5)
|
|
(160.5)
|
Retained
earnings
|
|
1,827.8
|
|
1,656.2
|
Treasury stock, at
cost (13,306,381 and 9,691,865 shares, respectively)
|
|
(594.4)
|
|
(429.2)
|
Total shareholders' equity
|
|
2,120.2
|
|
2,119.5
|
Noncontrolling
interest
|
|
0.5
|
|
0.5
|
Total equity
|
|
2,120.7
|
|
2,120.0
|
Total liabilities and equity
|
|
$5,786.9
|
|
$5,777.5
|
Spirit AeroSystems
Holdings, Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(unaudited)
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
March 31,
2016
|
|
April 2,
2015
|
|
|
($ in
millions)
|
Operating
activities
|
|
|
|
|
Net income
|
|
$171.6
|
|
$181.9
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
Depreciation
expense
|
|
49.4
|
|
43.6
|
Amortization
expense
|
|
-
|
|
0.5
|
Amortization of deferred
financing fees
|
|
1.1
|
|
4.2
|
Accretion of customer supply
agreement
|
|
1.0
|
|
0.4
|
Employee stock compensation
expense
|
|
5.3
|
|
6.9
|
Excess tax benefits from
share-based payment arrangements
|
|
(0.3)
|
|
-
|
Loss on effectiveness of
hedge contracts
|
|
-
|
|
1.6
|
Loss from foreign currency
transactions
|
|
4.6
|
|
6.4
|
Loss on disposition of
assets
|
|
2.5
|
|
-
|
Deferred taxes
|
|
24.1
|
|
1.2
|
Pension and other
post-retirement benefits, net
|
|
7.0
|
|
(6.1)
|
Grant liability
amortization
|
|
(2.7)
|
|
(2.6)
|
Equity in net income of
affiliate
|
|
(0.6)
|
|
(0.3)
|
Changes in assets and
liabilities
|
|
|
|
|
Accounts receivable,
net
|
|
(148.6)
|
|
0.3
|
Inventory, net
|
|
(50.6)
|
|
33.8
|
Accounts payable and accrued
liabilities
|
|
19.9
|
|
(10.2)
|
Profit sharing/deferred
compensation
|
|
(43.1)
|
|
(91.1)
|
Advance payments
|
|
(40.3)
|
|
(10.2)
|
Income taxes
receivable/payable
|
|
58.2
|
|
198.0
|
Deferred revenue and other
deferred credits
|
|
29.9
|
|
56.7
|
Other
|
|
5.4
|
|
8.7
|
Net
cash provided by operating activities
|
|
$93.8
|
|
$423.7
|
Investing
activities
|
|
|
|
|
Purchase of property, plant
and equipment
|
|
(50.4)
|
|
(40.3)
|
Net
cash used in investing activities
|
|
($50.4)
|
|
($40.3)
|
Financing
activities
|
|
|
|
|
Proceeds from issuance of
debt
|
|
-
|
|
535.0
|
Principal payments of
debt
|
|
(7.5)
|
|
(7.5)
|
Payments on term
loan
|
|
-
|
|
(534.9)
|
Taxes paid related to net
share settlement awards
|
|
(2.9)
|
|
-
|
Excess tax benefits from
share-based payment arrangements
|
|
0.2
|
|
-
|
Debt issuance and financing
costs
|
|
-
|
|
(4.7)
|
Purchase of treasury
stock
|
|
(165.2)
|
|
-
|
Net
cash used in financing activities
|
|
($175.4)
|
|
($12.1)
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(2.4)
|
|
0.3
|
Net
(decrease) increase in cash and cash equivalents for the
period
|
|
($134.4)
|
|
$371.6
|
Cash and cash
equivalents, beginning of the period
|
|
957.3
|
|
377.9
|
Cash and cash
equivalents, end of the period
|
|
$822.9
|
|
$749.5
|
Appendix
Management believes that the non-GAAP (Generally Accepted
Accounting Principles) measures (indicated by *) used in this
report provide investors with important perspectives into the
company's ongoing business performance. The company does not intend
for the information to be considered in isolation or as a
substitute for the related GAAP measures. Other companies may
define the measures differently.
Adjusted
EPS
|
|
|
|
|
|
|
|
|
1st
Quarter
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
GAAP Diluted Earnings
Per Share
|
|
$1.29
|
|
$1.30
|
|
Impact of Partial
Release of Deferred Tax Asset Valuation Allowance
|
|
-
|
|
(0.30)
|
a
|
Adjusted Diluted
Earnings Per Share
|
|
$1.29
|
|
$1.00
|
|
|
|
|
|
|
|
Diluted
Shares
|
|
132.7
|
|
140.4
|
|
|
|
|
|
|
|
a Represents
the net earnings per share impact of deferred tax asset valuation
allowance not associated with the Gulfstream divestiture of ($42)
million in 2015.
|
Free Cash
Flow
|
($ in
millions)
|
|
|
|
|
|
|
1st
Quarter
|
|
Guidance
|
|
2016
|
2015
|
|
2016
|
|
|
|
|
|
Cash Provided by
Operating Activities
|
$94
|
$424
|
|
$575 -
$675
|
Capital
Expenditures
|
(51)
|
(40)
|
|
(250 -
300)
|
Free Cash
Flow
|
$43
|
$384
|
|
$325 -
$375
|
Cash Received under
787 Interim Pricing Agreement
|
(43)
|
(16)
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow
|
$0
|
$368
|
|
|
* Non-GAAP financial measure, see Appendix for
reconciliation
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SOURCE Spirit AeroSystems Holdings, Inc.