3-Nov-2010 1:35 PM
Spirit AeroSystems revenue down 5%, profits also deteriorate in 3Q2010
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.