WICHITA, Kan., May 3, 2012 /PRNewswire/ -- Spirit
AeroSystems Holdings, Inc. (NYSE: SPR) reported first quarter 2012
financial results reflecting solid core operating performance
across the company as demand for large commercial airplanes remains
strong. Spirit's first quarter 2012 revenues were $1.266 billion, up 21% from $1.050 billion for the same period of 2011 as the
company benefited from higher production deliveries during the
quarter.
Operating income was $122 million,
compared to $70 million for the same
period in 2011, primarily driven by increased volume. In the
quarter the company recognized a pre-tax ($11) million, or ($0.05) per share, additional forward-loss on the
G280 program and a pre-tax ($3)
million, or ($0.01) per share,
additional forward-loss on the 747-8 wing program. In comparison,
the first quarter of 2011 operating income included a net pre-tax
($3) million unfavorable cumulative
catch-up adjustment and a ($28)
million pre-tax charge on the CH-53K program.
Table
1. Summary Financial Results (unaudited)
|
|
1st
Quarter
|
|
($ in
millions, except per share data)
|
2012
|
2011
|
Change
|
|
|
|
|
Revenues
|
$1,266
|
$1,050
|
21%
|
Operating Income
|
$122
|
$70
|
76%
|
Operating Income as a % of Revenues
|
9.7%
|
6.6%
|
310
BPS
|
Net
Income
|
$74
|
$35
|
113%
|
Net
Income as a % of Revenues
|
5.8%
|
3.3%
|
250
BPS
|
Earnings per Share (Fully Diluted)
|
$0.52
|
$0.24
|
117%
|
Fully
Diluted Weighted Avg Share Count
|
142.5
|
142.1
|
|
|
|
|
|
Net income for the quarter was $74
million, or $0.52 per fully
diluted share, compared to $35
million, or $0.24 per fully
diluted share, in the same period of 2011. (Table 1)
"Spirit's first quarter results reflect the increase in
demand for our core products and the benefits of our ongoing
commitment to productivity and efficiency across the company," said
President and Chief Executive Officer Jeff
Turner.
"We continued to make progress positioning our new and
derivative products for long-term success as we delivered eight 787
ship sets and the first composite center fuselage section for the
A350 XWB to our customer in the quarter," Turner continued.
Turner also said, "We are especially thankful for the safety of
our employees, contractors, and the community during and after the
recent tornado in Wichita. The
work to bring the Wichita facility
back online safely is a testament to the team we have here at
Spirit as well as our unions, customers, suppliers, government and
community partners."
"Looking forward, our position on the best-selling airplanes
combined with our agility, quality, and capability continues to
align the business for long-term value creation," Turner
concluded.
Spirit's backlog at the end of the first quarter of 2012
increased by over 4 percent to $33
billion as orders exceeded deliveries. Spirit calculates its
backlog based on current contractual prices for products and
volumes from the published firm order backlogs of Airbus and
Boeing, along with firm orders from other customers.
Spirit updated its contract profitability estimates during the
first quarter of 2012, resulting in a pre-tax ($11) million, or ($0.05) per share, additional forward-loss on the
G280 program driven by certain supply chain costs and a pre-tax
($3) million, or ($0.01) per share, additional forward-loss on the
747-8 wing program due to specific manufacturing cost growth. In
comparison, Spirit recognized a net pre-tax ($3) million unfavorable cumulative catch-up
adjustment and a pre-tax ($28)
million charge for the first quarter of 2011.
Cash flow from operations was a $12
million source of cash for the first quarter of 2012,
compared to a $128 million use of
cash for the first quarter of 2011. The current quarter
reflects a $150 million customer
advance associated with a customer agreement on the A350 XWB
fuselage program, offset by higher cash tax and the timing of
accounts receivable and accounts payable. The advance is expected
to be repaid at a rate of $1.25
million per ship set delivery. Excluding the $150 million customer advance payment, cash from
operations was a $138 million use of
cash. (Table 2)
Table
2. Cash Flow and Liquidity
|
|
|
|
1st
Quarter
|
($ in
millions)
|
2012
|
2011
|
|
|
|
Cash
Flow from Operations
|
$12
|
($128)
|
Purchases of Property, Plant &
Equipment
|
($54)
|
($42)
|
|
|
|
|
March
29,
|
December 31,
|
Liquidity
|
2012
|
2011
|
|
|
|
Cash
|
$134
|
$178
|
Total
Debt
|
$1,194
|
$1,201
|
|
|
|
Cash balances at the end of the quarter were $134 million and debt balances were $1,194 million. During the quarter, the company
utilized its credit-line as it continued to invest in development
programs and fully repaid the borrowing by the end of the
quarter. Approximately $19.9
million of the credit facility is reserved for financial
letters of credit.
On April 18, 2012, the company
completed a $1.2 billion refinancing
of its senior secured credit facilities that include a new
$650 million revolving credit
facility maturing in April 2017 and a
new $550 million term loan maturing
in April 2019. As a result of this
refinancing, the company's debt maturities now consist of
$300 million of unsecured notes
maturing in 2017; the new $550
million senior secured term loan maturing in 2019; and
$300 million of unsecured notes
maturing in 2020.
In connection with the refinancing, the company's corporate
credit rating was affirmed by Standard & Poor's (BB, stable
outlook) and placed on positive credit outlook by Moody's while
maintaining its Ba2 corporate rating.
Financial Outlook
On April 14, 2012, during a severe
weather event, Spirit's Wichita,
Kansas facility was hit with an EF3 tornado, which caused
significant damage to several buildings, disrupted utilities and
resulted in an eight day suspension of operations. The
company is assessing the financial impact of this event and expects
to provide an update to its financial outlook in its second quarter
2012 earnings release.
The following guidance excludes the impact of the tornado:
Spirit's revenue guidance remains unchanged for the full-year
2012 and is expected to be between $5.2 and
$5.4 billion based on Boeing's 2012 delivery guidance
of approximately 585 to 600 aircraft; expected B787 ship set
deliveries; expected Airbus deliveries in 2012 of approximately 570
aircraft; internal Spirit forecasts for other customer production
activities; expected non-production revenues; and foreign exchange
rates consistent with those in the first quarter of 2012.
Fully diluted earnings per share guidance for 2012 remains
unchanged and is expected to be between $2.00-$2.15.
Guidance for cash flow from operations, less capital
expenditures, remains unchanged and is expected to be greater than
$50 million in the aggregate,
excluding customer advances, with capital expenditures of
approximately $250 million.
The 2012 forecasted tax rate is expected to be between 31 and 32
percent assuming the U.S. Research Tax Credit is extended. (Table
3)
Risk to our financial guidance includes, among other factors:
financial impact resulting from the tornado on April 14, 2012, which has not been incorporated
into our guidance; 787 delivery volumes; higher than forecast
non-recurring and recurring costs on our development programs;
commercial settlements with customers; mid-range business jet
market risks; and our ability to achieve anticipated productivity
and cost improvements.
Table
3. Financial Outlook
|
2011
Actual
|
|
2012
Guidance
|
|
|
|
|
Revenues
|
$4.9
billion
|
|
$5.2 -
$5.4 billion
|
|
|
|
|
Earnings Per Share (Fully Diluted)
|
$1.35
|
|
$2.00 -
$2.15
|
|
|
|
|
Effective Tax Rate
|
31.0%
|
|
31% -
32%*
|
|
|
|
|
Cash
Flow from Operations
|
($47)
million
|
|
>$300 million**
|
|
|
|
|
Capital
Expenditures
|
$250
million
|
|
~$250
million
|
|
|
|
|
*Effective tax rate guidance, among other factors,
assumes the benefit attributable to the extension of the U.S.
Research Tax Credit (Assumes ~1.25% benefit)
**Excludes customer advance
payments
|
|
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 "may," "will,"
"should," "expect," "anticipate," "intend," "estimate," "believe,"
"project," "continue," "plan," "forecast," 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: our ability to
continue to grow our business and execute our growth strategy,
including the timing, execution and profitability of new programs;
our ability to perform our obligations and manage costs related to
our new commercial and business aircraft development programs and
the related recurring production; margin pressures and the
potential for additional forward-losses on aircraft development
programs; our ability to accommodate, and the cost of
accommodating, announced increases in the build rates of certain
aircraft, including, but not limited to, the Boeing B737, B747,
B767 and B777 programs, and the Airbus A320 and A380 programs; the
effect on business and commercial aircraft demand and build rates
of the following factors: continuing weakness in the global economy
and economic challenges facing commercial airlines, a lack of
business and consumer confidence, and the impact of continuing
instability in global financial and credit markets, including, but
not limited to, any failure to avert a sovereign debt crisis
in Europe; customer cancellations
or deferrals as a result of global economic uncertainty; the
success and timely execution of key milestones such as deliveries
of Boeing's B787 and first flight, certification and first delivery
of Airbus' A350 XWB, receipt of necessary regulatory approvals, and
customer adherence to their announced schedules; our ability to
enter into profitable supply arrangements with additional
customers; 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; 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; any adverse impact on the demand for
air travel or our operations from the outbreak of diseases or
epidemic or pandemic outbreaks; returns on pension plan assets and
the impact of future discount rate changes on pension obligations;
our ability to borrow additional funds or refinance debt;
competition from original equipment manufacturers and other
aerostructures suppliers; 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 United Kingdom
Bribery Act, and environmental laws and agency regulations, both in
the U.S. and abroad; the cost and availability of raw materials and
purchased components; our ability to successfully extend or
renegotiate our primary collective bargaining contracts with our
labor unions; our ability to recruit and retain highly skilled
employees and our relationships with the unions representing many
of our employees; spending by the U.S. and other governments on
defense; 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; our
exposure under our existing senior secured revolving credit
facility to higher interest payments should interest rates increase
substantially; the effectiveness of our interest rate and foreign
currency hedging programs; the outcome or impact of ongoing or
future litigation, claims and regulatory actions; our exposure to
potential product liability and warranty claims; and the accuracy
and completeness of initial assessment of the damage from the
tornado that hit our Wichita, KS
facility on April 14, 2012,
availability of insurance to cover expected losses, and ability to
return to full operations in a timely manner. 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. You should review
carefully the sections captioned "Risk Factors" in our 2011 Form
10-K filed with the Securities and Exchange Commission on
February 23, 2012 for a more complete
discussion of these and other factors that may affect our
business.
Appendix
Segment Results
Fuselage Systems
Fuselage Systems segment revenues for the first quarter of 2012
were $623 million, up 18 percent from
the same period last year, primarily driven by higher production
volumes. Operating margin for the first quarter of 2012 was
14.0 percent as compared to 8.9 percent during the same period of
2011. The segment recorded a net pre-tax ($6) million unfavorable cumulative catch-up
adjustment driven by modest cost growth as we close out blocks. The
segment realized a ($28) million
charge on the CH-53K program in the first quarter of 2011.
Propulsion Systems
Propulsion Systems segment revenues for the first quarter of
2012 were $344 million, up 26 percent
from the same period last year, largely driven by higher production
volumes and increased aftermarket volumes. Operating
margin for the first quarter of 2012 was 16.7 percent as compared
to 14.9 percent in the first quarter of 2011. In the first quarter
of 2012 the segment realized a net pre-tax $4 million favorable cumulative catch-up
adjustment associated with productivity and efficiency on core
programs.
Wing Systems
Wing Systems segment revenues for the first quarter of 2012 were
$297 million, up 21 percent from the
same period last year, primarily driven by higher production
volumes. Operating margin for the first quarter of 2012 was 6.9
percent as compared to 7.1 percent during the same period of 2011.
In the quarter the segment recorded a net pre-tax $2 million favorable cumulative catch-up
adjustment driven by productivity and efficiency improvements on
core programs; a pre-tax ($11)
million additional forward-loss on the G280 program driven
by supply chain costs; and a pre-tax ($3)
million additional forward-loss on the 747-8 wing program
due to manufacturing cost growth.
Table
4. Segment Reporting
|
(unaudited)
|
|
1st
Quarter
|
($ in
millions)
|
2012
|
2011
|
Change
|
|
|
|
|
Segment
Revenues
|
|
|
|
|
Fuselage
Systems
|
$622.6
|
$528.0
|
17.9%
|
|
Propulsion
Systems
|
$344.0
|
$273.0
|
26.0%
|
|
Wing
Systems
|
$296.6
|
$244.9
|
21.1%
|
|
All
Other
|
$2.6
|
$3.7
|
|
Total
Segment Revenues
|
$1,265.8
|
$1,049.6
|
20.6%
|
|
|
|
|
Segment
Earnings from Operations
|
|
|
|
|
Fuselage
Systems
|
$86.9
|
$47.0
|
84.9%
|
|
Propulsion
Systems
|
$57.6
|
$40.8
|
41.2%
|
|
Wing
Systems
|
$20.4
|
$17.4
|
17.2%
|
|
All
Other
|
$0.2
|
$0.0
|
|
Total
Segment Operating Earnings
|
$165.1
|
$105.2
|
56.9%
|
|
|
|
|
Unallocated Corporate SG&A Expense
|
($40.7)
|
($35.1)
|
16.0%
|
Unallocated Research & Development
Expense
|
($1.1)
|
($0.5)
|
120.0%
|
Unallocated Cost of Sales
|
($1.0)
|
$0.0
|
|
Total
Earnings from Operations
|
$122.3
|
$69.6
|
75.7%
|
|
|
|
|
Segment
Operating Earnings as % of Revenues
|
|
|
|
|
Fuselage
Systems
|
14.0%
|
8.9%
|
510
BPS
|
|
Propulsion
Systems
|
16.7%
|
14.9%
|
180
BPS
|
|
Wing
Systems
|
6.9%
|
7.1%
|
(20)
BPS
|
|
All
Other
|
7.7%
|
0.0%
|
|
Total
Segment Operating Earnings as % of Revenues
|
13.0%
|
10.0%
|
300
BPS
|
|
|
|
|
Total
Operating Earnings as % of Revenues
|
9.7%
|
6.6%
|
310
BPS
|
|
|
|
|
Spirit
Ship Set Deliveries
|
(One
Ship Set equals One Aircraft)
|
|
|
|
|
|
|
2011
Spirit AeroSystems Deliveries
|
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
4th
Qtr
|
Total
2011
|
B737
|
93
|
97
|
95
|
92
|
377
|
B747
|
4
|
3
|
4
|
6
|
17
|
B767
|
5
|
6
|
6
|
6
|
23
|
B777
|
16
|
22
|
21
|
19
|
78
|
B787
|
6
|
7
|
5
|
7
|
25
|
Total
|
124
|
135
|
131
|
130
|
520
|
|
|
|
|
|
|
A320
Family
|
103
|
91
|
103
|
106
|
403
|
A330/340
|
18
|
26
|
24
|
25
|
93
|
A350
|
-
|
-
|
-
|
-
|
-
|
A380
|
6
|
5
|
7
|
6
|
24
|
Total
|
127
|
122
|
134
|
137
|
520
|
|
|
|
|
|
|
Business/Regional Jet
|
10
|
13
|
12
|
14
|
49
|
|
|
|
|
|
|
Total
Spirit
|
261
|
270
|
277
|
281
|
1,089
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
Spirit AeroSystems Deliveries
|
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
4th
Qtr
|
YTD
2012
|
B737
|
105
|
|
|
|
105
|
B747
|
5
|
|
|
|
5
|
B767
|
7
|
|
|
|
7
|
B777
|
21
|
|
|
|
21
|
B787
|
8
|
|
|
|
8
|
Total
|
146
|
|
|
|
146
|
|
|
|
|
|
|
A320
Family
|
112
|
|
|
|
112
|
A330/340
|
25
|
|
|
|
25
|
A350
|
1
|
|
|
|
1
|
A380
|
7
|
|
|
|
7
|
Total
|
145
|
|
|
|
145
|
|
|
|
|
|
|
Business/Regional Jet
|
12
|
|
|
|
12
|
|
|
|
|
|
|
Total
Spirit
|
303
|
|
|
|
303
|
|
|
|
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
Condensed Consolidated Statements of
Operations
|
(unaudited)
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
|
March
29, 2012
|
|
March
31, 2011
|
|
|
($ in
millions, except per share data)
|
|
|
|
|
|
|
Net
revenues
|
$
|
1,265.8
|
$
|
1,049.6
|
Operating
costs and expenses:
|
|
|
|
|
Cost of
sales
|
|
1,091.1
|
|
928.0
|
Selling,
general and administrative
|
|
45.0
|
|
39.0
|
Research
and development
|
|
7.4
|
|
13.0
|
|
Total
operating costs and expenses
|
|
1,143.5
|
|
980.0
|
|
Operating income
|
|
122.3
|
|
69.6
|
Interest
expense and financing fee amortization
|
|
(18.3)
|
|
(20.9)
|
Interest
income
|
|
-
|
|
0.1
|
Other
income (expense), net
|
|
3.5
|
|
1.5
|
|
Income
before income taxes and equity in net loss of
affiliate
|
|
107.5
|
|
50.3
|
Income tax
provision
|
|
(33.6)
|
|
(15.3)
|
|
Income
before equity in net loss of affiliate
|
|
73.9
|
|
35.0
|
Equity in
net loss of affiliate
|
|
(0.3)
|
|
(0.4)
|
|
Net
income
|
$
|
73.6
|
$
|
34.6
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
Basic
|
$
|
0.52
|
$
|
0.25
|
Shares
|
|
139.5
|
|
138.6
|
|
|
|
|
|
|
Diluted
|
$
|
0.52
|
$
|
0.24
|
Shares
|
|
142.5
|
|
142.1
|
|
|
|
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
Condensed Consolidated Balance
Sheets
|
(unaudited)
|
|
|
March
29, 2012
|
|
December 31, 2011
|
|
|
($ in
millions)
|
Current
assets
|
|
|
|
|
Cash and
cash equivalents
|
$
|
134.1
|
$
|
177.8
|
Accounts
receivable, net
|
|
414.4
|
|
267.2
|
Inventory,
net
|
|
2,739.1
|
|
2,630.9
|
Other
current assets
|
|
71.0
|
|
79.9
|
|
Total
current assets
|
|
3,358.6
|
|
3,155.8
|
Property,
plant and equipment, net
|
|
1,625.6
|
|
1,615.7
|
Pension
assets
|
|
124.9
|
|
118.8
|
Other
assets
|
|
141.4
|
|
152.1
|
|
Total
assets
|
$
|
5,250.5
|
$
|
5,042.4
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
$
|
557.6
|
$
|
559.4
|
Accrued
expenses
|
|
227.9
|
|
224.3
|
Current
portion of long-term debt
|
|
42.3
|
|
48.9
|
Advance
payments, short-term
|
|
35.2
|
|
8.8
|
Deferred
revenue, short-term
|
|
17.2
|
|
28.5
|
Other
current liabilities
|
|
33.2
|
|
43.6
|
|
Total
current liabilities
|
|
913.4
|
|
913.5
|
Long-term
debt
|
|
1,151.6
|
|
1,152.0
|
Advance
payments, long-term
|
|
779.2
|
|
655.9
|
Deferred
revenue and other deferred credits
|
|
33.9
|
|
34.7
|
Pension/OPEB obligation
|
|
85.7
|
|
84.2
|
Other
liabilities
|
|
239.2
|
|
237.4
|
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,
118,735,017 and 118,560,926 issued, respectively
|
|
1.2
|
|
1.2
|
Common
stock, Class B par value $0.01, 150,000,000 shares authorized,
24,180,155 and 24,304,717 shares issued, respectively
|
|
0.2
|
|
0.2
|
Additional
paid-in capital
|
|
1,000.0
|
|
995.9
|
Accumulated other comprehensive loss
|
|
(121.1)
|
|
(126.2)
|
Retained
earnings
|
|
1,166.7
|
|
1,093.1
|
|
Total
shareholders' equity
|
|
2,047.0
|
|
1,964.2
|
Noncontrolling interest
|
|
0.5
|
|
0.5
|
|
Total
equity
|
|
2,047.5
|
|
1,964.7
|
|
Total
liabilities and equity
|
$
|
5,250.5
|
$
|
5,042.4
|
|
|
|
|
|
|
|
Spirit
AeroSystems Holdings, Inc.
|
Condensed Consolidated Statements of Cash
Flows
|
(unaudited)
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
|
March
29, 2012
|
|
March
31, 2011
|
|
|
($ in
millions)
|
Operating activities
|
|
|
|
|
Net
income
|
$
|
73.6
|
$
|
34.6
|
Adjustments to reconcile net income to net cash (used
in) operating activities
|
|
|
|
|
|
Depreciation expense
|
|
32.9
|
|
32.0
|
|
Amortization expense
|
|
2.8
|
|
3.5
|
|
Employee
stock compensation expense
|
|
4.0
|
|
2.2
|
|
Accretion
of customer advances
|
|
0.1
|
|
-
|
|
Excess tax
benefits from share-based payment arrangements
|
|
(0.1)
|
|
(0.3)
|
|
(Gain)
from the effectiveness of hedge contracts
|
|
(0.3)
|
|
(0.1)
|
|
(Gain) from foreign currency
transactions
|
|
(2.4)
|
|
(0.9)
|
|
Deferred
taxes
|
|
5.8
|
|
6.3
|
|
Long-term
tax (benefit) provision
|
|
(0.2)
|
|
0.7
|
|
Pension
and other post-retirement benefits, net
|
|
(2.1)
|
|
(1.5)
|
|
Grant
income
|
|
(1.4)
|
|
(1.3)
|
|
Equity in
net loss of affiliate
|
|
0.3
|
|
0.4
|
Changes in
assets and liabilities
|
|
|
|
|
|
Accounts
receivable
|
|
(144.4)
|
|
(81.5)
|
|
Inventory,
net
|
|
(103.1)
|
|
(140.4)
|
|
Accounts
payable and accrued liabilities
|
|
7.7
|
|
30.5
|
|
Advance
payments
|
|
149.6
|
|
(37.0)
|
|
Deferred
revenue and other deferred credits
|
|
(11.8)
|
|
(5.9)
|
|
Other
|
|
0.6
|
|
30.6
|
|
|
Net
cash (used in) provided by operating activities
|
|
11.6
|
|
(128.1)
|
Investing activities
|
|
|
|
|
Purchase
of property, plant and equipment
|
|
(54.2)
|
|
(41.5)
|
Other
|
|
0.6
|
|
0.3
|
|
|
Net
cash (used in) investing activities
|
|
(53.6)
|
|
(41.2)
|
Financing activities
|
|
|
|
|
Proceeds
from revolving credit facility
|
|
120.0
|
|
-
|
Payments
on revolving credit facility
|
|
(120.0)
|
|
-
|
Principal
payments of debt
|
|
(2.5)
|
|
(2.2)
|
Excess tax
benefits from share-based payment arrangements
|
|
0.1
|
|
0.3
|
|
|
Net
cash (used in) provided by financing activities
|
|
(2.4)
|
|
(1.9)
|
Effect of
exchange rate changes on cash and cash equivalents
|
|
0.7
|
|
0.5
|
|
|
Net
decrease in cash and cash equivalents for the period
|
|
(43.7)
|
|
(170.7)
|
Cash and
cash equivalents, beginning of the period
|
|
177.8
|
|
481.6
|
Cash and
cash equivalents, end of the period
|
$
|
134.1
|
$
|
310.9
|
|
On the web: http://www.spiritaero.com
SOURCE Spirit AeroSystems Holdings, Inc.