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Spirit AeroSystems Holdings
swung to a profit in the second quarter and raised its forecast for FY14.
The Wichita, Kansas-based company posted quarterly net income of $143.4 million, or $1.01 per share, versus a year-ago loss of $209.4 million, or $1.47 per share. The year-ago period included pre-tax charges of $448 million and net pre-tax favorable cumulative catch-up adjustments of $41 million.
Its revenue climbed 18.6% to $1.8 billion from $1.5 billion. Analysts were expecting earnings of $0.68 per share on revenue of $1.68 billion.
Fuselage Systems segment revenue rose to $905 million, from $732 million in the year-ago period. Propulsion Systems segment revenue climbed to $461 million from $419 million, while Wing Systems segment revenue jumped to $438 million from $369 million.
Spirit's backlog at the end of the quarter was around $41 billion. At the end of the quarter, cash balances were $382 million and debt balances were $1,160 million.
"Spirit continues to grow with the commercial aerospace upcycle and realize improved operational performance," said President and Chief Executive Officer Larry Lawson.
Spirit now expects full year 2014 earnings of $2.90 to $3.05 per share on revenue of $6.7 to $6.9 billion. The company earlier expected earnings of $2.50 to $2.65 per share on revenue of $6.5 to $6.7 billion. It also lifted its free cash flow forecast to around $250 million.
Spirit AeroSystems shares climbed 7.46% to $35.00 in pre-market trading.
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