Spirit AeroSystems profits decline in 2016

Spirit AeroSystems revenue down 2% – financial highlights:

• Three months ended 31-Dec-2016:
• • Revenue: USD1570 million, -2.4% year-on-year;
  • • Fuselage systems: USD819.1 million, -0.4%;
    • Propulsion systems: USD404.0 million, -7.1%;
    • Wing systems: USD347.2 million, -1.4%;
  • Operating profit: USD161 million, -21.8%;
  • Total segment operating profit: USD251.2 million, -10.6%;
  • • Fuselage systems: USD127.7 million, -11.4%;
    • Propulsion systems: USD75.0 million, -24.4%;
    • Wing systems: USD48.9 million, +30.1%;
  • Net profit: USD108 million, -22%;
• 12 months ended 31-Dec-2016:
• • Revenue: USD6793 million, +2.2%;
  • • Fuselage systems: USD3499 million, +1.5%;
    • Propulsion systems: USD1777 million, +1.5%;
    • Wing systems: USD1509 million, +4.9%;
  • Operating profit: USD725 million, -16.0%;
  • Total segment operating profit: USD1020 million, -12.5%;
  • • Fuselage systems: USD468.6 million, -22.8%;
    • Propulsion systems: USD325.9 million, -13.8%;
    • Wing system: USD223.6 million, +25.3%;
  • Net profit: USD470 million, -40%;
  • Total assets: USD5405 million;
  • Cash and cash equivalents: USD697.7 million;
  • Total liabilities: USD3476 million. [more - original PR]

Spirit AeroSystems: “A major focus in 2017 will revolve around executing our supply chain strategy, improving our productivity, digitizing our shop floor, and meeting our customers’ requirements for production rate changes,” Tom Gentile, President and CEO. Source: Company statement, 01-Feb-2017.