Spirit AeroSystems Clocks 30% Revenue Growth In Q1 - Spirit AeroSystems Hldgs (NYSE:SPR)

Spirit AeroSystems Holdings, Inc. SPR reported first-quarter revenue growth of 30% year-over-year to $1.18 billion, beating the consensus of $1.09 billion.
This increase reflects higher production deliveries on the Boeing Co BA 737, Airbus SE EADSY A220, and Airbus A320 programs and increased Aftermarket revenue, partially offset by lower production volume on the Boeing 787 program.
Sales by segments: Commercial $938.4 million (+34.8% Y/Y), Defense & Space $158.5 million (+3.3% Y/Y), and Aftermarket $77.8 million (+51.7% Y/Y).
Adjusted EPS was $0.03 versus $(1.22) in 1Q21.
Operating loss narrowed to $(42) million from $(126) million a year ago.
SPR reported cash used in operations of $(270) million vs. $(170) million a year ago and free cash flow usage of $(298) million for Q1, reflecting headwinds and the impacts of the Russia/Ukraine conflicts.
“Our factories continue to meet deliveries to our customers, but we have seen downward revisions in schedule to some programs. On the 737 MAX, our largest program, we have recently increased production to 31 shipsets per month and currently expect to hold at that rate for the remainder of the year,” commented CEO Tom Gentile.
Spirit’s backlog was ~$36 billion at the end of Q1, with work packages on all commercial platforms in the Airbus and Boeing backlog.
Spirit AeroSystems delivered 321 shipsets versus 262 last year.
Price Action: SPR shares are trading lower by 3.61% at $40.84 on the last check Wednesday.