Spirit AeroSystems (Finally) Reports Earnings
After keeping investors waiting a week while its auditors finished a final round of i-dotting and t-crossing, Wichita, Kan.-based Spirit AeroSystems finally released its earnings report Monday afternoon.
As expected, Spirit reported Q2 revenue growth of 13% year over year, to $1.5 billion. The company was unable to earn a profit, however, instead reporting a $1.47-per-share loss for the quarter. Charges to earnings taken on Gulfstream jet programs accounted for the entirety of the quarter's net loss. But for Spirit's $448 million pre-tax charge related to Gulfstream, the company would have turned a profit.
Spirit also updated investors on its cash position, noting that while free cash flow in the second quarter was down from Q2 2012,and remains negative (to the tune of $121 million) year to date, the company was still free cash flow-positive in Q2, generating nearly $5 million in cash profit.
Looking forward, Spirit noted that its total backlog of work to be done has increased and now approximates $38 billion, with approximately 65% of backlog type the contracts to produce parts for the Boeing 737 MAX series of aircraft, as well as for Airbus' A320neo.
The article Spirit AeroSystems (Finally) Reports Earnings originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Spirit AeroSystems Holdings. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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