◎完全希釈化１株利益は０・５２ドル スピリット社１－３月期も堅調
◎完全希釈化１株利益は０・５２ドル スピリット社１－３月期も堅調
AsiaNet 49216
☆共JBN 外０５９８（産業、航空）（１２・５・７）
【産業担当デスク殿】４９２１６
◎完全希釈化１株利益は０・５２ドル スピリット社１－３月期も堅調
【ウィチタ（米カンザス州）３日PRN=共同JBN】スピリット・エアロシステムズ・ホールディングス社（Spirit AeroSystems Holdings, Inc.、NYSE：SPR）は３日、２０１２年度第１四半期（１－３月期）の決算について、大型航空機の需要が依然強いことから同社全体の中核事業の業績が堅調であると発表した。同社第１四半期の売上高は１２億６６００万ドルで、四半期中にかなり大きな製造納入から利益を得た２０１１年同期の１０億５００万ドルより２１％増を記録した。
営業利益は主として取引量の増大に牽引されて、前年同期の７０００万ドルに対して１億２２００万ドルだった。同社は当該四半期に、ガルフストリームG280プログラムについて次期繰越損失として、税引き前１１００万ドルもしくは１株当たり０・０５ドルの損失、ボーイング７４７－８ウイング・プログラムについて次期繰越損失として税引き前３００万ドルもしくは１株当たり０・０１ドルの損失を追加計上している。比較すると、２０１１年第１四半期の営業利益には、税引き前３００万ドルの累積遡及修正による損失とヘリコプターCH-53Kプログラムについて２８００万ドルの税引き前損失追加が含まれている。
表１：決算概要（未監査）
(単位：１株当たりデータを除き１００万ドル）
第１四半期
2012 2011 Change
売上高 $1,266 $1,050 21%
営業利益 $122 $70 76%
営業利益率 9.7% 6.6% 310 BPS
純利益 $74 $35 113%
純利益率 5.8% 3.3% 250 BPS
１株利益(完全希釈) $0.52 $0.24 117%
平均株式数（完全希釈） 142.5 142.1
当該四半期の純益は７４００万ドルもしくは完全希釈後１株当たり０・５２ドルだった。前年同期は３５００万ドルもしくは完全希釈後１株当たり０・２４ドル。（表１参照）
ジェフ・ターナー社長兼最高経営責任者（CEO）は「当社の第１四半期決算は、中核製品に対する需要増と全社的な生産性および効率に対する現行のコミットメントの恩恵を反映している」とコメントした。同社長兼CEOはさらに次のように語った。
「われわれは当該四半期に引き続き、８機のボーイング７８７型機のセットおよびエアバスA350XWBに対する初の複合材胴体中央部を納入して、長期的な成功のための新製品および派生製品を成長への位置づけにしている」
「われわれは特にウィチタを襲った竜巻とその後に、従業員、契約者、コミュニティーが安全だったことを感謝する。ウィチタ施設を安全に再稼働させた作業は、スピリットとともに当社労働組合、顧客、サプライヤー、政府およびコミュニティーのパートナーを持つチームの証である」
「今後の展望だが、ベストセラーの航空機と当社の機敏な対応、質、能力とを結合した立場から、長期的な価値の創造に向けて事業を調整し続ける」
２０１２年第１四半期末現在のスピリットの受注残高は、受注が納入を上回って４％増の３３０億ドルとなった。スピリットはエアバスとボーイングからの発表済み確定注文と他の顧客からの確定注文ととともに、製品と数量に対する契約価格に基づいて受注残高を算出している。
スピリットは２０１２年第１四半期に収益性予測を更新して、一部供給チェーンのコストに牽引されG280プログラムについて、次期繰越損失として税引き前１１００万ドルもしくは１株当たり０・０５ドルの損失、一部の製造コスト増により７４７－８ウイング・プログラムについて次期繰越損失として税引き前３００万ドルもしくは１株当たり０・０１ドルの損失を追加計上している。これに対して、スピリットは２０１１年第１四半期には、税引き前３００万ドルの累積遡及修正による損失と２８００万ドルの税引き前損失の追加が含まれている。
２０１２年第１四半期の営業活動キャッシュフローは１２００万ドルだった。前年同期は１億２８００万ドル。当該四半期はA350XWB胴体プログラムの顧客契約に関連する１億５０００万ドルの顧客前払いを計上しているが、現金課税の増額、売掛金勘定と買掛金勘定のタイミングによって相殺された。前払い金は一機当たりセット納入につき１２５万ドルの率で償還される見込みである。１億５０００万ドルの顧客前払いを除外すると、営業によるキャッシュフローは、現金の使用額で１億３８００万ドルだった。（表２参照）
表２：キャッシュフローと流動性 （単位１００万ドル）
第１四半期
2012 2011
営業活動キャッシュフロー $12 ($128)
不動産、工場、機材購入 ($54) ($42)
流動性 March 29 December 31,
2012 2011
現金 $134 $178
債務総額 $1,194 $1,201
当該四半期末キャッシュバランスは１億３４００万ドルで、債務残高は１１億９４００万ドルだった。同社は当該四半期中に、開発計画への投資を継続するためその与信枠を活用し、当該四半期末までに債務を完全に償還した。信用枠の約１９９０万ドルは金融信用枠向けに留保された。
同社は２０１２年４月１８日に１２億ドルの優先信用枠融資借り換えを完了した。これは満期２０１７年４月の新たに６億５０００万ドルの回転信用枠および満期２０１９年４月の新たな５億５０００万ドルの長期貸し付けが含まれる。この借り換えの結果として、同社債務満期は、満期２０１７年の３億ドルの無担保社債、満期２０１９年の新たな５億５０００万ドルの優先長期貸し付け、満期２０２０年の３億ドルの無担保社債で構成される。
借り換えと関連して、同社のコーポレート信用格付けは、スタンダート＆プアーズがBB（安定）を確認し、ムーディーズはBa2を維持してプラスの信用見通しである。
▽財務展望
２０１２年４月１４日に厳しい天気事象に見舞われて、スピリットのカンザス州ウィチタ施設はEF3竜巻に襲われて、いくつかのビルが深刻な損害を受け、公益施設を乱された結果、８日間の操業停止となった。同社はこの事象の財務的見通しを評価して、２０１２年第２四半期の収益発表に財務展望を更新する見込みである。
以下のガイダンスは竜巻の影響を含まない。
スピリットの売上高ガイダンスは２０１２年通年で変わらず、約５８５機から６００機というボーイングの２０１２年納入ガイダンス、B787機セット納入見込み、２０１２年に約５７０機のエアバス納入見込み、その他顧客向けの社内見通し、非製造部門の収入、２０１２年第１四半期と変わらない為替交換率などに基づき、５２億ドルから５４億ドルの間になる見通しである。
２０１２年の完全希釈化１株利益のガイダンスは変わらず、２・００ドルから２・１５ドルの間になる見込みである。
営業活動のキャッシュフローおよび資本支出減額のガイダンスは、資本支出を約２億５０００万ドルとして、顧客前払いを除き総額５０００万ドルを上回る見込みである。
２０１２年の実効税率は、米国の研究費税額控除が与えられることを想定して３１％から３２％との予測である。（表３参照）
同社財務ガイダンスに対するリスクには以下が含まれる。それらはとりわけ２０１２年４月１４日の竜巻の結果として財政に及ぼす影響で当社ガイダンスに入っていない要因、７８７機の納入機数、予測を上回る当社開発プログラムに関する一時的および継続的コスト、顧客との商務上の和解、中距離ビジネスジェット市場のリスク、期待される生産性とコスト削減達成への能力など。
表３：財務展望
２０１１年実績 ２０１２年ガイダンス
売上高 $4.9 billion $5.2 - $5.4 billion
１株利益（完全希釈化） 1.35 $2.00 - $2.15
実効税率 31.0% 31% - 32%*
営業キャッシュフロー ($47) million ＞$300 million**
資本支出 $250 million ~$250 million
（＊）実効税率ガイダンスはとりわけ、米国の研究費税額控除（１・２５％以下の控除を想定）の適用に起因する貢献を想定している。
（＊＊）顧客の前払いを除く。
付属文書
▽セグメント別業績
＊胴体システム
２０１２年第１四半期の胴体システム・セグメントの売上高は、主として生産高の増加に牽引されて前年同期から１８％増の６億２３００万ドルだった。当該四半期中の営業利益率は前年同期の８・９％に対して１４・０％だった。同セグメントは、ブロックの在庫処分に伴う穏やかなコスト増が起因して、税引き前６００万ドルのマイナス累積遡及調整を計上した。同セグメントは２０１１年第1四半期にCH-53Kプログラムに２８００万ドルのマイナス累積遡及調整を計上した。
＊推進システム
２０１２年第1四半期の推進システム・セグメントの売上高は、主として生産高の増加とアフターマーケット量の増加に牽引され、前年同期から２６％増の３億４４００万ドルだった。当該四半期の営業利益率は前年同期の１４・９％から１６・７％に増加した。当該四半期中、同セクターは税引き前４００万ドルのプラス累積遡及調整を計上した。
＊ウィング・システム
２０１２年第1四半期のウィング・システム・セグメント売上高は、主として生産高の増大に牽引されて前年同期比２１％増の２億９７００万ドルだった。当該四半期の営業利益率は前年同期の７・１％から６・９％に減少した。当該四半期中、同セグメントは中核プログラムの生産性および効率の向上に牽引されて、税引き前２００万ドルのプラス累積遡及調整を計上した。これはG280プログラムでのサプライチェーン・コストに起因する税引き前１１００万ドルの追加的繰越損失、および747-8ウイング・プログラムでの製造コスト増大に起因する税引き前３００万ドルの追加的繰越損失である。
（了）
Table 4. Segment Reporting (unaudited)
1st Quarter
($ 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 $69.6 75.7%
Segment Operating Earnings as % of Revenues
Fuselage Systems 14.0% 8.9% 510 BPS
Propulsion Systems 16.7% 14.9% 180 BPS
Wing Systems 6.9% 7.1% (20) BPS
All Other 7.7% 0.0%
Total Segment Operating Earnings as % of
Revenues 13.0% 10.0% 300 BPS
Total Operating Earnings as % of Revenues 9.7% 6.6% 310 BPS
Spirit Ship Set Deliveries
(One Ship Set equals One Aircraft)
2011 Spirit AeroSystems Deliveries
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2011
B737 93 97 95 92 377
B747 4 3 4 6 17
B767 5 6 6 6 23
B777 16 22 21 19 78
B787 6 7 5 7 25
Total 124 135 131 130 520
A320 Family 103 91 103 106 403
A330/340 18 26 24 25 93
A350 - - - - -
A380 6 5 7 6 24
Total 127 122 134 137 520
Business/Regional Jet 10 13 12 14 49
Total Spirit 261 270 277 281 1,089
2012 Spirit AeroSystems Deliveries
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 2012
B737 105 105
B747 5 5
B767 7 7
B777 21 21
B787 8 8
Total 146 146
A320 Family 112 112
A330/340 25 25
A350 1 1
A380 7 7
Total 145 145
Business/Regional Jet 12 12
Total Spirit 303 303
Spirit AeroSystems Holdings, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
For the Three Months Ended
March 29, March 31,
2012 2011
($ 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, December 31,
2012 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, March 31,
2012 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.
CONTACT: Investor Relations, Coleen Tabor, +1-316-523-7040, or
Media, Ken Evans, +1-316-523-4070,
both of Spirit AeroSystems Holdings, Inc.
PR49216
Spirit AeroSystems Holdings, Inc. Reports First Quarter 2012 Financial Results; Reports Revenues of $1.266 billion and Fully Diluted EPS of $0.52 Per Share
WICHITA, Kan., May 3, 2012 /PRN=KYODO JBN/ --
- First Quarter 2012 Revenues of $1.266 billion
- Operating Income of $122 million; Operating Margins of 9.7 percent
- Fully Diluted Earnings Per Share of $0.52
- Cash and Cash Equivalents were $134 million
- Total backlog of approximately $33 billion
- Guidance unchanged excluding impact of tornado damage
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 more than $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 de fense; 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 $69.6 75.7%
Segment Operating Earnings as % of Revenues
Fuselage Systems 14.0% 8.9% 510 BPS
Propulsion Systems 16.7% 14.9% 180 BPS
Wing Systems 6.9% 7.1% (20) BPS
All Other 7.7% 0.0%
Total Segment Operating Earnings as % of
Revenues 13.0% 10.0% 300 BPS
Total Operating Earnings as % of Revenues 9.7% 6.6% 310 BPS
Spirit Ship Set Deliveries
(One Ship Set equals One Aircraft)
2011 Spirit AeroSystems Deliveries
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2011
B737 93 97 95 92 377
B747 4 3 4 6 17
B767 5 6 6 6 23
B777 16 22 21 19 78
B787 6 7 5 7 25
Total 124 135 131 130 520
A320 Family 103 91 103 106 403
A330/340 18 26 24 25 93
A350 - - - - -
A380 6 5 7 6 24
Total 127 122 134 137 520
Business/Regional Jet 10 13 12 14 49
Total Spirit 261 270 277 281 1,089
2012 Spirit AeroSystems Deliveries
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 2012
B737 105 105
B747 5 5
B767 7 7
B777 21 21
B787 8 8
Total 146 146
A320 Family 112 112
A330/340 25 25
A350 1 1
A380 7 7
Total 145 145
Business/Regional Jet 12 12
Total Spirit 303 303
Spirit AeroSystems Holdings, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
For the Three Months Ended
March 29, March 31,
2012 2011
($ 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, December 31,
2012 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, March 31,
2012 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.
CONTACT: Investor Relations, Coleen Tabor, +1-316-523-7040, or
Media, Ken Evans, +1-316-523-4070,
both of Spirit AeroSystems Holdings, Inc.
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