Spirit AeroSystems posts third quarter results

Spirit AeroSystems reported third quarter 2016 financial results driven by strong operating performance of mature programs. During the quarter, Spirit purchased 7.4 million shares for US$332m, which concludes the current US$600m share repurchase program. Spirit’s third quarter 2016 revenue was US$1.7bn, up 7% compared to the same period of 2015, primarily driven by higher production deliveries on the A350 XWB and Boeing 767 programs and higher revenue recognized on certain non-recurring Boeing programs, offset by lower production deliveries on the Boeing 747 program. Spirit’s backlog at the end of the third quarter of 2016 was approximately US$46bn, with work packages on all commercial platforms in the Boeing and Airbus backlog. Operating income for the third quarter of 2016 was US$214m, compared to US$192m in the third quarter of 2015, reflecting higher production deliveries. Reported EPS was US$1.16, compared to US$2.24 EPS (or US$0.89 adjusted EPS excluding the impact of Deferred Tax Asset Valuation Allowance) in the same period of 2015. On an adjusted basis EPS is up 30% year over year.