My Account Menu

CAPA Login

Register to trial CAPA Membership!

Spirit AeroSystems revenue down 5%, profits also deteriorate in 3Q2010

3-Nov-2010 1:35 PM

Spirit AeroSystems revenue down 5% - financial highlights for the three months ended 30-Sep-2010:

  • Revenue: USD1002 million, -5% year-on-year;
    • Fuselage Systems: USD484.6 million, -8%;
    • Propulsion Systems: USD252.6 million, -5%;
    • Wing Systems: USD263.9 million, +3%;
  • Operating profit: USD82 million, -37%;
  • Segment operating profit: USD124.0 million, -22%;
    • Fuselage Systems: USD67.6 million, -29%;
    • Propulsion Systems: USD30.6 million, -13%;
    • Wing Systems: USD25.9 million, -3%;
  • Net profit: USD46 million, -47%;
  • Operating cash (out)flow: (USD122 million) compared to a positive inflow of USD5 million in p-c-p;
  • Cash: USD66 million, -82.1% when compared to period ended 31-Dec-2009;
  • Total debt: USD1023 million, +14.4% when compared to period ended 31-Dec-2009;
  • 2010 forecast:
    • Revenue: USD4000 million to USD4100 million;
    • Earnings per share: USD1.50 to USD1.60;
    • Operating cash flow: USD75 million;
    • Capital expenditure: USD325 million. [more]

Spirit AeroSystems: “Spirit revenue guidance for the full-year 2010 has been updated to reflect movement of certain production units and non-production contract settlements out of 2010. Revenues are now expected to be between USD4.0 (billion) and USD4.1 billion based on Boeing’s 2010 delivery guidance of approximately 460 aircraft; anticipated B787 deliveries; expected Airbus deliveries in 2010 of approximately 500 aircraft; internal Spirit forecasts for non-OEM production activity and other customers; and foreign exchange rates consistent with those in the third quarter of 2010,” Company statement. Source: Spirit AeroSystems, 02-Nov-2010.