WICHITA, Kan., Oct. 27, 2015 /CNW/ --
Key Announcements
- Raising 2015 EPS guidance to a range of $3.80 - $3.95
- Releasing $189 million of
deferred tax valuation allowance
- Resolution of historical claims resulting in a pretax
($26) million charge; ($0.12) EPS impact
Third Quarter 2015 Consolidated Results
- Total Revenues of $1.6
billion
- Reports fully diluted EPS of $2.24, adjusted EPS of $0.89* excluding the impact of deferred tax
valuation allowance
- Free Cash Flow of $139
million*
Spirit AeroSystems Holdings, Inc. [NYSE: SPR] reported third
quarter financial results driven by positive operating performance
of mature programs. Spirit's third quarter 2015 revenues were
$1.6 billion, down six percent
compared to the same period of 2014 primarily due to the Gulfstream
wing divestiture and lower revenues recognized on the 787
program.
Table 1.
Summary Financial Results (unaudited)
|
|
|
|
|
3rd
Quarter
|
|
Nine
Months
|
|
($ in millions,
except per share data)
|
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
|
|
|
|
|
|
|
Revenues
|
$1,594
|
$1,693
|
(6%)
|
$5,035
|
$5,225
|
(4%)
|
Operating
Income
|
$192
|
$216
|
(11%)
|
$657
|
$627
|
5%
|
Operating Income
as a % of Revenues
|
12.0%
|
12.8%
|
(80)
BPS
|
13.1%
|
12.0%
|
110
BPS
|
Net
Income
|
$314
|
$168
|
87%
|
$650
|
$465
|
40%
|
Net Income as a %
of Revenues
|
19.7%
|
9.9%
|
980
BPS
|
12.9%
|
8.9%
|
400
BPS
|
Earnings Per Share
(Fully Diluted)
|
$2.24
|
$1.20
|
87%
|
$4.64
|
$3.27
|
42%
|
Fully Diluted
Weighted Avg Share Count
|
140.2
|
140.0
|
|
140.1
|
142.2
|
|
|
|
|
|
|
|
|
Operating income was $192 million,
down from $216 million for the same
period in 2014. Net income for the quarter was $314 million, or $2.24 per fully diluted share, compared to net
income of $168 million, or
$1.20 per fully diluted share, in the
same period of 2014. The current quarter includes $1.35 earnings per share for the release of the
majority of the deferred tax valuation allowance compared to
$0.30 earnings per share for the same
period of 2014. (Table 1)
"Preparing for production rate increases has been one of our top
priorities this year. We are executing to plan on rate
increases for the 737, A320, 787 and A350. We are managing
the ramp up with great detail to address the full value chain and
protect our gains in quality," said President and Chief Executive
Officer Larry Lawson.
"We are confident about the long term outlook for our business
and the health of our balance sheet," Lawson added.
"With regard to capital deployment, in the second quarter we
announced a share repurchase program of $350
million. In the third quarter, we repurchased 924,000
shares for $46 million," Lawson
concluded.
In the third quarter the company resolved customer and supplier
matters that de-risked our exposure to certain historical claims.
While the nature and terms of these resolutions are subject to
confidentiality obligations, they collectively resulted in a
one-time pretax ($26) million charge,
or ($0.12) per share.
Spirit's backlog remained strong at $46
billion at the end of the third quarter, as a result of
continued strong commercial aerospace demand.
Free cash flow was a $139 million*
source of cash for the third quarter of 2015, compared to a
$75 million* source of cash in the
third quarter of 2014, primarily due to an increase in deferred
revenue payments and timing of accounts receivable partially offset
by an increase in capital expenditures and cash advance repayments.
(Table 2)
Table 2.
Cash Flow and Liquidity (unaudited)
|
|
|
|
|
3rd
Quarter
|
Nine
Months
|
($ in
millions)
|
2015
|
2014
|
2015
|
2014
|
|
|
|
|
|
Cash Flow from
Operations
|
$240
|
$119
|
$969
|
$328
|
Purchases of
Property, Plant & Equipment
|
($101)
|
($44)
|
($216)
|
($134)
|
Free Cash
Flow*
|
$139
|
$75
|
$753
|
$194
|
|
|
|
|
|
|
|
|
October
1,
|
December
31,
|
Liquidity
|
|
|
2015
|
2014
|
|
|
|
|
|
Cash
|
|
|
$1,043
|
$378
|
Total
Debt
|
|
|
$1,141
|
$1,154
|
|
|
|
|
|
Cash balances at the end of the third quarter were $1.0 billion, and debt balances were $1.1 billion. The company's $650 million revolving credit facility was
undrawn at the end of the third quarter. The company's credit
rating remained unchanged at the end of the third quarter of
2015.
Financial Outlook and Risk to Future Financial
Results
Revenue guidance for the full-year 2015 remains
unchanged and is expected to be between $6.6
billion and $6.7 billion. Fully diluted earnings
guidance per share is increased to be between $3.80 and $3.95 per share, which does not include
the year-to-date impact or potential future adjustments to the
deferred tax asset valuation allowance. Free cash flow
guidance for 2015 remains unchanged and is expected to be between
$700 million and $800 million*, which
includes higher capital expenditures of $325
million to $375 million compared to 2014. The
effective tax rate for 2015 is forecasted to be between 32.0
percent and 33.0 percent, including the expected benefit of the
U.S. Research Tax Credit for 2015, and excluding any potential
adjustment to the valuation allowance against U.S. net deferred tax
assets. (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 Updated October 27, 2015
|
|
2015
Guidance
|
|
|
|
|
Revenues
|
|
|
$6.6 - $6.7
billion
|
|
|
|
|
Earnings Per Share
(Fully Diluted)
|
|
|
$3.80 -
$3.95
|
|
|
|
|
Effective Tax
Rate**
|
|
|
~32.0% -
33.0%
|
|
|
|
|
Free Cash
Flow*
|
|
|
$700 - $800
million
|
|
|
|
|
* Non-GAAP financial
measure, see Appendix for reconciliation.
|
** Effective tax rate
guidance, among other factors, assumes the benefit attributable to
the extension of the U.S. Research Tax Credit and does not assume
the year-to-date impact or potential future adjustments to the
valuation allowance against the U.S. net deferred tax
assets.
|
Segment Results
Fuselage Systems
Fuselage Systems segment revenues in
the third quarter of 2015 were $820
million, up from $804 million
for the same period last year driven by increased deliveries on the
737 and A350 programs. Operating margin for the third quarter
of 2015 was 15.9 percent compared to 17.7 percent during the same
period of 2014. In the third quarter of 2015, the segment
recorded a pretax ($26) million
charge for claims resolution and pretax $8
million in favorable cumulative catch-up adjustments on
mature programs. In comparison, the segment recorded pretax
$10 million in favorable cumulative
catch-up adjustments in the third quarter of 2014.
Propulsion Systems
Propulsion Systems segment
revenues in the third quarter of 2015 were $430 million compared to $442 million for the same period last year
primarily due to lower non-recurring revenues. Operating
margin for the third quarter of 2015 was 22.1 percent compared to
18.5 percent in the third quarter of 2014. In the third quarter of
2015, the segment realized pretax $8
million in favorable cumulative catch-up adjustments on
mature programs. In comparison, the segment recorded pretax
$8 million in favorable cumulative
catch-up adjustments in the third quarter of 2014.
Wing Systems
Wing Systems segment revenues in the
third quarter of 2015 were $341
million, down from $446
million for the same period last year primarily due to the
Gulfstream wing divestiture. Operating margin for the third
quarter of 2015 was 13.4 percent compared to 14.1 percent during
the same period of 2014. In the third quarter of 2015, the
segment realized pretax $3 million in
favorable cumulative catch-up adjustments on mature programs. The
segment recorded pretax $15 million
in favorable cumulative catch-up adjustments in the third quarter
of 2014.
Table 4.
Segment Reporting (unaudited)
|
|
|
|
3rd
Quarter
|
Nine
Months
|
($ in
millions)
|
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
|
|
|
|
|
|
|
Segment
Revenues
|
|
|
|
|
|
|
Fuselage
Systems
|
$819.8
|
$804.0
|
2.0%
|
$2,624.2
|
$2,567.3
|
2.2%
|
Propulsion Systems
|
429.5
|
441.8
|
(2.8%)
|
1,316.0
|
1,352.5
|
(2.7%)
|
Wing
Systems
|
341.2
|
446.2
|
(23.5%)
|
1,085.4
|
1,298.7
|
(16.4%)
|
All
Other
|
3.1
|
1.0
|
|
8.9
|
6.3
|
|
Total Segment
Revenues
|
$1,593.6
|
$1,693.0
|
(5.9%)
|
$5,034.5
|
$5,224.8
|
(3.6%)
|
|
|
|
|
|
|
|
Segment Earnings
(Loss) from Operations
|
|
|
|
|
|
|
Fuselage
Systems
|
$130.7
|
$142.4
|
(8.2%)
|
$463.2
|
$416.6
|
11.2%
|
Propulsion Systems
|
95.1
|
81.8
|
16.3%
|
279.0
|
248.2
|
12.4%
|
Wing
Systems
|
45.6
|
63.1
|
(27.7%)
|
140.9
|
184.1
|
(23.5%)
|
All
Other
|
0.2
|
(0.3)
|
|
1.3
|
-
|
|
Total Segment
Operating Earnings
|
$271.6
|
$287.0
|
(5.4%)
|
$884.4
|
$848.9
|
4.2%
|
|
|
|
|
|
|
|
Unallocated
Expense
|
|
|
|
|
|
|
Corporate
SG&A
|
($54.5)
|
($50.0)
|
9.0%
|
($159.9)
|
($164.9)
|
(3.0%)
|
Research &
Development
|
(6.5)
|
(8.7)
|
(25.3%)
|
(20.2)
|
(21.8)
|
(7.3%)
|
Cost of
Sales
|
(19.0)
|
(12.0)
|
58.3%
|
(47.1)
|
(35.3)
|
33.4%
|
Total Earnings
from Operations
|
$191.6
|
$216.3
|
(11.4%)
|
$657.2
|
$626.9
|
4.8%
|
|
|
|
|
|
|
|
Segment Operating
Earnings (Loss) as % of Revenues
|
|
|
|
|
|
|
Fuselage
Systems
|
15.9%
|
17.7%
|
(180)
BPS
|
17.7%
|
16.2%
|
150
BPS
|
Propulsion Systems
|
22.1%
|
18.5%
|
360
BPS
|
21.2%
|
18.4%
|
280
BPS
|
Wing
Systems
|
13.4%
|
14.1%
|
(70)
BPS
|
13.0%
|
14.2%
|
(120)
BPS
|
All
Other
|
6.5%
|
(30.0%)
|
|
14.6%
|
0.0%
|
|
Total Segment
Operating Earnings as % of Revenues
|
17.0%
|
17.0%
|
0
BPS
|
17.6%
|
16.2%
|
140
BPS
|
|
|
|
|
|
|
|
Total Operating
Earnings as % of Revenues
|
12.0%
|
12.8%
|
(80)
BPS
|
13.1%
|
12.0%
|
110
BPS
|
|
|
|
|
|
|
|
On the web: http://www.spiritaero.com
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,"
or other similar words, 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 Boeing and Airbus, our two major customers,
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 and Quarterly Reports on Form 10-Q.
Spirit Shipset
Deliveries
|
(one shipset
equals one aircraft)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
Nine
Months
|
|
|
2015
|
2014
|
|
2015
|
2014
|
B737
|
|
127
|
124
|
|
389
|
379
|
B747
|
|
4
|
5
|
|
12
|
14
|
B767
|
|
3
|
4
|
|
13
|
10
|
B777
|
|
27
|
25
|
|
78
|
77
|
B787
|
|
31
|
26
|
|
97
|
90
|
Total
|
|
192
|
184
|
|
589
|
570
|
|
|
|
|
|
|
|
A320
Family
|
|
115
|
132
|
|
370
|
381
|
A330/340
|
|
17
|
27
|
|
63
|
87
|
A350
|
|
8
|
4
|
|
23
|
11
|
A380
|
|
6
|
8
|
|
18
|
22
|
Total
|
|
146
|
171
|
|
474
|
501
|
|
|
|
|
|
|
|
Business/Regional
Jet
|
|
9
|
37
|
|
42
|
105
|
|
|
|
|
|
|
|
Total
Spirit
|
|
347
|
392
|
|
1,105
|
1,176
|
Spirit AeroSystems
Holdings, Inc.
|
Condensed
Consolidated Statements of Operations
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
|
|
October 1,
2015
|
|
October 2,
2014
|
|
October 1,
2015
|
|
October 2,
2014
|
|
|
|
($ in millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$1,593.6
|
|
$1,693.0
|
|
$5,034.5
|
|
$5,224.8
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
1,341.0
|
|
1,418.0
|
|
4,197.2
|
|
4,411.2
|
Selling, general and
administrative
|
|
54.5
|
|
50.0
|
|
159.9
|
|
164.9
|
Research and
development
|
|
6.5
|
|
8.7
|
|
20.2
|
|
21.8
|
|
Total operating
costs and expenses
|
|
1,402.0
|
|
1,476.7
|
|
4,377.3
|
|
4,597.9
|
|
Operating
income
|
|
191.6
|
|
216.3
|
|
657.2
|
|
626.9
|
Interest expense and
financing fee amortization
|
|
(11.7)
|
|
(16.0)
|
|
(41.7)
|
|
(72.2)
|
Other expense,
net
|
|
(2.5)
|
|
(8.4)
|
|
(0.8)
|
|
(1.2)
|
|
Income before
income taxes and equity in net income of affiliate
|
|
177.4
|
|
191.9
|
|
614.7
|
|
553.5
|
Income
tax benefit (provision)
|
|
135.9
|
|
(23.9)
|
|
34.8
|
|
(88.9)
|
|
Income before
equity in net income of affiliate
|
|
313.3
|
|
168.0
|
|
649.5
|
|
464.6
|
Equity in net income
of affiliate
|
|
0.3
|
|
-
|
|
0.9
|
|
0.4
|
|
Net
income
|
|
$313.6
|
|
$168.0
|
|
$650.4
|
|
$465.0
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
Basic
|
|
$2.25
|
|
$1.21
|
|
$4.67
|
|
$3.30
|
Shares
|
|
139.3
|
|
138.6
|
|
139.1
|
|
140.4
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$2.24
|
|
$1.20
|
|
$4.64
|
|
$3.27
|
Shares
|
|
140.2
|
|
140.0
|
|
140.1
|
|
142.2
|
Spirit AeroSystems
Holdings, Inc.
|
Condensed
Consolidated Balance Sheets
|
(unaudited)
|
|
|
October 1,
2015
|
|
December 31,
2014
|
|
|
($ in
millions)
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$1,042.7
|
|
$377.9
|
Accounts receivable,
net
|
|
575.8
|
|
605.6
|
Inventory,
net
|
|
1,791.5
|
|
1,753.0
|
Deferred tax asset -
current
|
|
80.6
|
|
53.2
|
Other current
assets
|
|
98.7
|
|
262.4
|
Total current assets
|
|
3,589.3
|
|
3,052.1
|
Property, plant and
equipment, net
|
|
1,874.9
|
|
1,783.6
|
Pension
assets
|
|
223.1
|
|
203.4
|
Other
assets
|
|
250.4
|
|
123.6
|
Total assets
|
|
$5,937.7
|
|
$5,162.7
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
$677.0
|
|
$611.2
|
Accrued
expenses
|
|
276.8
|
|
329.1
|
Profit
sharing
|
|
62.9
|
|
111.8
|
Current portion of
long-term debt
|
|
35.7
|
|
9.4
|
Advance payments,
short-term
|
|
172.2
|
|
118.6
|
Deferred revenue,
short-term
|
|
196.2
|
|
23.4
|
Deferred grant income
liability - current
|
|
11.5
|
|
10.2
|
Other current
liabilities
|
|
71.7
|
|
45.1
|
Total current liabilities
|
|
1,504.0
|
|
1,258.8
|
Long-term
debt
|
|
1,105.0
|
|
1,144.1
|
Advance payments,
long-term
|
|
551.8
|
|
680.4
|
Pension/OPEB
obligation
|
|
76.4
|
|
73.0
|
Deferred revenue and
other deferred credits
|
|
142.8
|
|
27.5
|
Deferred grant income
liability - non-current
|
|
86.3
|
|
96.1
|
Other
liabilities
|
|
247.0
|
|
260.8
|
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,
140,383,915 and 141,084,378 shares issued,
respectively
|
|
1.4
|
|
1.4
|
Common stock,
Class B par value $0.01, 150,000,000 shares authorized,
121 and 4,745 shares issued, respectively
|
|
-
|
|
-
|
Additional paid-in
capital
|
|
1,044.5
|
|
1,035.6
|
Accumulated other
comprehensive loss
|
|
(164.8)
|
|
(153.8)
|
Retained
earnings
|
|
1,517.9
|
|
867.5
|
Treasury stock, at
cost (4,924,000 and 4,000,000 shares, respectively)
|
|
(175.1)
|
|
(129.2)
|
Total shareholders' equity
|
|
2,223.9
|
|
1,621.5
|
Noncontrolling
interest
|
|
0.5
|
|
0.5
|
Total equity
|
|
2,224.4
|
|
1,622.0
|
Total liabilities and equity
|
|
$5,937.7
|
|
$5,162.7
|
Spirit AeroSystems
Holdings, Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(unaudited)
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
|
October 1,
2015
|
|
October 2,
2014
|
|
|
($ in
millions)
|
Operating
activities
|
|
|
|
|
Net income
|
|
$650.4
|
|
$465.0
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
Depreciation
expense
|
|
133.4
|
|
126.3
|
Amortization
expense
|
|
0.6
|
|
5.7
|
Amortization of deferred
financing fees
|
|
6.0
|
|
21.0
|
Accretion of customer supply
agreement
|
|
1.6
|
|
0.8
|
Employee stock compensation
expense
|
|
19.0
|
|
12.7
|
Excess tax benefits from
share-based payment arrangements
|
|
(10.7)
|
|
(2.4)
|
Loss from interest rate
swaps
|
|
-
|
|
0.1
|
Loss (gain) from hedge
contracts
|
|
1.6
|
|
(1.4)
|
Loss from foreign currency
transactions
|
|
6.3
|
|
4.3
|
Loss on disposition of
assets
|
|
3.0
|
|
0.3
|
Deferred
taxes
|
|
(200.7)
|
|
2.1
|
Long-term tax
provision
|
|
-
|
|
(1.2)
|
Pension and other
post-retirement benefits, net
|
|
(19.7)
|
|
(19.2)
|
Grant income
|
|
(7.5)
|
|
(6.3)
|
Equity in net income of
affiliate
|
|
(0.9)
|
|
(0.4)
|
Changes in assets and
liabilities
|
|
|
|
|
Accounts receivable,
net
|
|
24.4
|
|
(264.2)
|
Inventory, net
|
|
(53.9)
|
|
(122.5)
|
Accounts payable and accrued
liabilities
|
|
11.2
|
|
21.6
|
Profit sharing/deferred
compensation
|
|
(48.8)
|
|
39.7
|
Advance payments
|
|
(75.0)
|
|
(46.0)
|
Income taxes
receivable/payable
|
|
179.6
|
|
37.2
|
Deferred revenue and other
deferred credits
|
|
290.3
|
|
0.9
|
Other
|
|
59.2
|
|
54.2
|
Net
cash provided by operating activities
|
|
$969.4
|
|
$328.3
|
Investing
activities
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(216.5)
|
|
(134.0)
|
Proceeds from sale of
assets
|
|
1.8
|
|
0.4
|
Net
cash used in investing activities
|
|
($214.7)
|
|
($133.6)
|
Financing
activities
|
|
|
|
|
Proceeds from
issuance of debt
|
|
535.0
|
|
-
|
Proceeds from
issuance of bonds
|
|
-
|
|
300.0
|
Principal payments of
debt
|
|
(29.2)
|
|
(14.6)
|
Payments on term
loan
|
|
(534.9)
|
|
-
|
Payments on
bonds
|
|
-
|
|
(300.0)
|
Taxes paid related to
net share settlement awards
|
|
(20.7)
|
|
-
|
Excess tax benefit
from share-based payment arrangements
|
|
10.7
|
|
2.4
|
Debt issuance and
financing costs
|
|
(4.7)
|
|
(20.8)
|
Purchase of treasury
stock
|
|
(45.9)
|
|
(129.2)
|
Net
cash used in financing activities
|
|
($89.7)
|
|
($162.2)
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(0.2)
|
|
(0.4)
|
Net
increase in cash and cash equivalents for the period
|
|
$664.8
|
|
$32.1
|
Cash and cash
equivalents, beginning of the period
|
|
377.9
|
|
420.7
|
Cash and cash
equivalents, end of the period
|
|
$1,042.7
|
|
$452.8
|
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 measure. Other companies may define
the measure differently.
Adjusted
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
Nine
Months
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Diluted Earnings
Per Share
|
|
$2.24
|
|
$1.20
|
|
$4.64
|
|
$3.27
|
|
Impact of Partial
Release of Deferred Tax Asset Valuation Allowance
|
|
(1.35)
|
a
|
(0.30)
|
b
|
(1.67)
|
c
|
(0.55)
|
d
|
Adjusted Diluted
Earnings Per Share
|
|
$0.89
|
|
$0.90
|
|
$2.97
|
|
$2.72
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Shares
|
|
140.2
|
|
140.0
|
|
140.1
|
|
142.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a Represents
the net earnings per share impact of deferred tax asset valuation
allowance of $189.4 million.
|
|
|
|
|
|
|
|
|
|
|
b Represents
the net earnings per share impact of deferred tax asset valuation
allowance of $42.2 million.
|
|
|
|
|
|
|
|
|
|
|
c Represents
the net earnings per share impact of deferred tax asset valuation
allowance of $233.5 million.
|
|
|
|
|
|
|
|
|
|
|
d Represents
the net earnings per share impact of deferred tax asset valuation
allowance of $77.9 million.
|
Free Cash
Flow
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
Nine
Months
|
|
Guidance
|
|
2015
|
2014
|
|
2015
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
Cash Provided by
Operating Activities
|
$240
|
$119
|
|
$969
|
$328
|
|
$1,025 -
$1,175
|
Capital
Expenditures
|
(101)
|
(44)
|
|
(216)
|
(134)
|
|
(325 -
375)
|
Free Cash
Flow
|
$139
|
$75
|
|
$753
|
$194
|
|
$700 -
$800
|
Logo -
http://photos.prnewswire.com/prnh/20130515/CG13652LOGO
* Non-GAAP financial measure, see Appendix for
reconciliation.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/spirit-aerosystems-holdings-inc-reports-third-quarter-2015-financial-results-revenues-of-16-billion-and-adjusted-eps-of-089-300166627.html
SOURCE Spirit AeroSystems Holdings, Inc.