- Spirit AeroSystems Holdings, Inc. SPR reported first-quarter FY23 revenue growth of 22% year-over-year to $1.43 billion, missing the consensus of $1.52 billion.
- The revenue increase reflects higher production deliveries on Boeing Company BA 737 program and increased Defense and Space revenue, partially offset by lower production deliveries on the Airbus SE EADSY A220 program.
- Sales by segments: Commercial $1.15 billion (+22.4% Y/Y), Defense & Space $188.4 million (+18.9% Y/Y), and Aftermarket $94.5 million (+21.5% Y/Y).
- Adjusted EPS was $(1.69) versus $0.03 in 1Q22, missing the consensus of $(0.29).
- Operating loss expanded to $(95) million from $(42) million a year ago.
- SPR cash used in operations narrowed for the quarter to $(46) million vs. $(270) million a year ago and free cash flow usage of $(69) million for Q1.
- Spirit's backlog was ~$37 billion at the end of Q1, with work packages on all commercial platforms in the Airbus and Boeing backlog.
- The cash balance at the end of the quarter was $568 million.
- Spirit AeroSystems delivered 346 shipsets versus 321 last year.
- 737 Program - Vertical Fin Attach Fittings Update: SPR identified the affected units in Wichita and has begun implementing repairs to those units.
- SPR expects disruptions and rework within its Wichita factory to negatively impact full-year gross profit by $31 million, of which $17 million is reflected in 1Q23.
- Related: Southwest Airlines To Face The Heat Of Boeing's 737 MAX Manufacturing Fault: Report
- Price Action: SPR shares are trading lower by 7.21% at $27.80 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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