Spirit AeroSystems Stock Slides As Q3 Results Miss Estimates

  • Spirit AeroSystems Holdings, Inc. SPR reported third-quarter operating revenue growth of 22% year-over-year to $980 million, missing the consensus of $1.02 billion.
  • Sales by segments: Fuselage Systems $481.2 million (+14.3% Y/Y), Propulsion Systems $247.8 million (+45.1% Y/Y), Wing Systems $243 million (+44.4% Y/Y).
  • The revenue increase reflects higher production deliveries on the Boeing Co BA 737 and increased revenue from the recently acquired A220 wing and Bombardier Inc BDRAF programs.
  • Spirit AeroSystems delivered 250 shipsets versus 206 last year.
  • Adjusted loss per share was $(1.13), versus $(1.34) in 3Q20, missing consensus of $(0.77).
  • The operating loss narrowed to $(156.6) million from $(176.9) million a year ago.
  • The company's backlog at the end of the quarter was ~$33 billion.
  • Spirit AeroSystems generated cash from operating activities year-to-date of $13.3 million versus $612.8 million used a year ago. Free cash flow was $(77) million.
  • Beginning with the 2021 fiscal year-end, Spirit will report results in the Commercial, Defense & Space, and Aftermarket segments.
  • The company's cash guidance is unchanged for full-year 2021.
  • Price Action: SPR shares are trading lower by 5.13% at $40.28 during the premarket session on Wednesday.
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