Spirit AeroSystems Holdings Inc. (SPR, Financial) filed Quarterly Report for the period ended 2013-06-27.
Spirit Aerosystems Holdings, Inc. has a market cap of $3.54 billion; its shares were traded at around $24.64 with a P/E ratio of 83.00 and P/S ratio of 0.60.
Wing Systems. Wing Systems segment net revenues for the three months ended June 27, 2013 were $368.6 million, an increase of $10.0 million, or 3%, compared to the same period in the prior year. The increase in net revenues was primarily driven by recurring net revenue increases on the B777, B787 and A350 XWB, partially offset by a decrease on the B747. Non-recurring net revenue increased in the second quarter of 2013 on the B787 and A350 XWB. Wing Systems posted segment operating margins of (110%) for the three months ended June 27, 2013, a decrease from segment operating margins of 8% for the same period in the previous year. In the second quarter of 2013, the segment recorded forward loss charges of $191.5 million on the G280 program, $234.2 million on the G650 program and $22.0 million on the B787 program, partially offset by a favorable cumulative catch-up adjustment of $1.3 million. In comparison, during the second quarter of 2012, the segment recorded a forward loss charge of $6.5 million on its A350 XWB non-recurring wing program due to engineering cost growth, partially offset by a favorable cumulative catch-up adjustment of $3.2 million.
Net Revenues. Net revenues for the six months ended June 27, 2013 were $2,962.9 million, an increase of $356.1 million, or 14%, compared with net revenues of $2,606.8 million for the same period in the prior year. The increase in net revenues was primarily driven by $282.8 million in production volume increases in the first half of 2013 on several Boeing and business jet programs, an increase of approximately $77.9 million in non-recurring revenue on several Boeing programs and the A350 XWB, offset by a decrease of $5.4 million in aftermarket volume primarily driven by propulsion sales. Ship set deliveries to Boeing increased by 9% year-over-year to support production rate increases across several Boeing models. Ship set deliveries to Airbus increased by 11% year-over-year to support customer delivery schedules. In total, ship set deliveries increased by 11% to 676 ship sets during the six months ended June 27, 2013, compared to 610 ship sets delivered in the same period of the prior year. Approximately 95% of Spirits net revenues for the six months ended June 27, 2013 came from our two largest customers, Boeing and Airbus.
Cost of Sales. Cost of sales as a percentage of net revenues was 99% for the six months ended June 27, 2013 and 86% for the same period in the prior year. Included in cost of sales for the six months ended June 27, 2013 are forward loss charges of $191.5 million on the G280 wing program, $234.2 million on the G650 wing program, $37.3 million on the B787 wing program, $5.0 million on the B747 fuselage program, $4.0 million on the B767 propulsion program and a reduction in forward loss charges of $(8.4) million due to a change in estimates on the BR725. In comparison, in the same period of 2012, we recorded forward loss charges of $10.7 million, $2.7 million and $6.5 million on our G280, B747-8 and A350 XWB non-recurring contracts, respectively, and charges of $3.6 million related to asset impairment, $2.2 million in UAW share grant awards in accordance with our labor agreement, and $2.1 million in early retirement incentives to eligible employees. In the first half of 2013, we updated our contract estimates and recorded a favorable $51.7 million cumulative catch-up adjustment related to the six months ended June 27, 2013 driven by productivity improvements on our mature programs.
Wing Systems. Wing Systems segment net revenues for the six months ended June 27, 2013 were $711.9 million, an increase of $56.7 million, or 9%, compared to the same period in the prior year. The increase in net revenues was primarily driven by higher production volume on Boeing and Airbus models and increased non-recurring efforts on the B787 and A350 XWB. Wing Systems posted segment operating margins of (54%) for the six months ended June 27, 2013, a decrease from segment operating margins of 7% for the same period in the previous year. In the first half of 2013, the segment recorded forward loss charges of $191.5 million on the G280 program, $234.2 million on the G650 program and $37.3 million on the B787 program, slightly offset by a favorable cumulative catch-up adjustment of $0.5 million. In comparison, during the first half of 2012, the segment recorded forward loss charges of $10.7 million, $2.7 million and $6.5 million on its G280, B747-8 and A350 XWB non-recurring contracts, respectively, partially offset by a favorable cumulative catch-up adjustment related to the period of $4.6 million.
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Spirit Aerosystems Holdings, Inc. has a market cap of $3.54 billion; its shares were traded at around $24.64 with a P/E ratio of 83.00 and P/S ratio of 0.60.
Highlight of Business Operations:
Cost of Sales. Cost of sales as a percentage of net revenues was 111% for the three months ended June 27, 2013 and 86% for the three months ended June 28, 2012. The second quarter of 2013 reflects net positive cumulative catch-up adjustments of $40.6 million on the Boeing and Airbus programs, primarily driven by productivity and efficiency as well as a reduction in forward loss charges of $(8.4) million on the BR725 resulting from a change in estimates, offset by forward loss charges of $191.5 million on the G280 wing program, $234.2 million on the G650 wing program, $22.0 million on the B787 wing program, $5.0 million on the B747 fuselage program, and $4.0 million on the B767 propulsion program. In comparison, in the same period of 2012, we recorded a forward loss charge of $6.5 million recorded on our A350 XWB non-recurring wing contract, a net $6.3 million favorable cumulative catch-up adjustment, a $3.6 million asset impairment charge, a charge of $2.2 million in UAW share grant awards in accordance with our labor agreement, and a charge of $1.1 million in early retirement incentives for eligible employees.Wing Systems. Wing Systems segment net revenues for the three months ended June 27, 2013 were $368.6 million, an increase of $10.0 million, or 3%, compared to the same period in the prior year. The increase in net revenues was primarily driven by recurring net revenue increases on the B777, B787 and A350 XWB, partially offset by a decrease on the B747. Non-recurring net revenue increased in the second quarter of 2013 on the B787 and A350 XWB. Wing Systems posted segment operating margins of (110%) for the three months ended June 27, 2013, a decrease from segment operating margins of 8% for the same period in the previous year. In the second quarter of 2013, the segment recorded forward loss charges of $191.5 million on the G280 program, $234.2 million on the G650 program and $22.0 million on the B787 program, partially offset by a favorable cumulative catch-up adjustment of $1.3 million. In comparison, during the second quarter of 2012, the segment recorded a forward loss charge of $6.5 million on its A350 XWB non-recurring wing program due to engineering cost growth, partially offset by a favorable cumulative catch-up adjustment of $3.2 million.
Net Revenues. Net revenues for the six months ended June 27, 2013 were $2,962.9 million, an increase of $356.1 million, or 14%, compared with net revenues of $2,606.8 million for the same period in the prior year. The increase in net revenues was primarily driven by $282.8 million in production volume increases in the first half of 2013 on several Boeing and business jet programs, an increase of approximately $77.9 million in non-recurring revenue on several Boeing programs and the A350 XWB, offset by a decrease of $5.4 million in aftermarket volume primarily driven by propulsion sales. Ship set deliveries to Boeing increased by 9% year-over-year to support production rate increases across several Boeing models. Ship set deliveries to Airbus increased by 11% year-over-year to support customer delivery schedules. In total, ship set deliveries increased by 11% to 676 ship sets during the six months ended June 27, 2013, compared to 610 ship sets delivered in the same period of the prior year. Approximately 95% of Spirits net revenues for the six months ended June 27, 2013 came from our two largest customers, Boeing and Airbus.
Cost of Sales. Cost of sales as a percentage of net revenues was 99% for the six months ended June 27, 2013 and 86% for the same period in the prior year. Included in cost of sales for the six months ended June 27, 2013 are forward loss charges of $191.5 million on the G280 wing program, $234.2 million on the G650 wing program, $37.3 million on the B787 wing program, $5.0 million on the B747 fuselage program, $4.0 million on the B767 propulsion program and a reduction in forward loss charges of $(8.4) million due to a change in estimates on the BR725. In comparison, in the same period of 2012, we recorded forward loss charges of $10.7 million, $2.7 million and $6.5 million on our G280, B747-8 and A350 XWB non-recurring contracts, respectively, and charges of $3.6 million related to asset impairment, $2.2 million in UAW share grant awards in accordance with our labor agreement, and $2.1 million in early retirement incentives to eligible employees. In the first half of 2013, we updated our contract estimates and recorded a favorable $51.7 million cumulative catch-up adjustment related to the six months ended June 27, 2013 driven by productivity improvements on our mature programs.
Wing Systems. Wing Systems segment net revenues for the six months ended June 27, 2013 were $711.9 million, an increase of $56.7 million, or 9%, compared to the same period in the prior year. The increase in net revenues was primarily driven by higher production volume on Boeing and Airbus models and increased non-recurring efforts on the B787 and A350 XWB. Wing Systems posted segment operating margins of (54%) for the six months ended June 27, 2013, a decrease from segment operating margins of 7% for the same period in the previous year. In the first half of 2013, the segment recorded forward loss charges of $191.5 million on the G280 program, $234.2 million on the G650 program and $37.3 million on the B787 program, slightly offset by a favorable cumulative catch-up adjustment of $0.5 million. In comparison, during the first half of 2012, the segment recorded forward loss charges of $10.7 million, $2.7 million and $6.5 million on its G280, B747-8 and A350 XWB non-recurring contracts, respectively, partially offset by a favorable cumulative catch-up adjustment related to the period of $4.6 million.
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