Spirit AeroSystems (SPR) Q4 Earnings Miss, Revenues Up Y/Y
Zacks Investment Research | Mar 01, 2020 09:44PM ET
Spirit AeroSystems Holdings, Inc. (NYSE:SPR) reported fourth-quarter 2019 adjusted earnings of 79 cents per share, which lagged the Zacks Consensus Estimate of $1.57 by 49.7%. The bottom line also plunged 57% from the year-ago quarter’s $1.85.
Barring one-time adjustments, the company reported GAAP earnings of $1.68 per share compared with $1.07 in the year-ago quarter.
For 2019, Spirit AeroSystems’ earnings came in at $5.54 per share, which declined 12% from the prior year’s $6.26.
Highlights of the Release
Total revenues of $1,959 million exceeded the Zacks Consensus Estimate of $1,926 million by 1.7%. Moreover, the top line rose 7% on a year-over-year basis.
Backlog at the end of fourth-quarter 2019 was $43 billion compared with $48 million at the end of fourth-quarter 2018.
For 2019, Spirit AeroSystems generated revenues of $7,863 million, which improved 9% from the prior year’s $7,222 million.
Segment Performance
Fuselage Systems: Revenues at the segment grew 1.7% to $1,034.5 million from $1017.4 million in fourth-quarter 2018. Higher production volumes of the Boeing (NYSE:BA) 787 and increased GCS&S activities drove the top line.
Operating margin for the fourth quarter of 2019 decreased to 5.8% compared with 15.6% during the same period in 2018.
Propulsion Systems: The segment recorded revenues of $532.3 million in the reported quarter, up 20.2% from $442.9 million a year ago. The uptick can be attributed to higher production volumes of the Boeing 737, 777 and Airbus A220 programs as well as a favorable model mix on the Boeing 737 program.
Operating margin for the fourth quarter of 2019 increased to 18.7% compared with 18% during the same period of 2018.
Wing Systems: Revenues at the segment rose 4.4% to $390.9 million from $374.4 million in the prior-year quarter. The uptick can be attributed to higher production volumes of the Boeing 787 and Airbus A350 programs.
Operating margin for the fourth quarter of 2019 decreased to 10% compared with 16.1% during the same period of 2018.
Spirit Aerosystems Holdings, Inc. Price, Consensus and EPS Surprise
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