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.
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada