Spirit AeroSystems reports full-year 2017 revenue of US$7.0bn

Spirit’s fourth quarter 2017 revenue was US$1.7bn, up 9% from the same period of 2016, primarily driven by higher recurring and non-recurring activity on the Boeing 737 program, higher production deliveries on the 787 program and increased defence-related activity, partially offset by lower production deliveries on the Boeing 777 program. Revenue for the full year increased 3% to US$7.0bn, primarily due to higher recurring and non-recurring activity on the Boeing 737 program, higher production deliveries on the Airbus A350 XWB and A320 programs and increased defence-related activity, partially offset by lower production deliveries on the Boeing 777 program and decreased Global Customer Support and Services (GCS&S) activity. Spirit’s backlog at the end of the fourth quarter of 2017 was approximately US$47bn, with work packages on all commercial platforms in the Boeing and Airbus backlog. Operating income for the fourth quarter of 2017 was US$227m, up 41% compared to US$161m in the same period of 2016, primarily due to higher non-recurring activity on the Boeing 737 program and favorable changes in estimates on the Boeing 787 program, partially offset by unfavorable changes in estimates on the Boeing 737 program. Operating income for the full year was US$569m, down compared to US$725m in 2016, with the decrease primarily due to the impact from the MOU with Boeing entered into during the second quarter of 2017. Fourth quarter EPS was $1.07, up compared to $0.89 in the same period of 2016. Fourth quarter adjusted EPS was $1.32, up 48 percent compared to $0.89 in the same period of 2016. Full-year EPS was $3.01, down compared to $3.70 in 2016. Full-year adjusted EPS was $5.35 in 2017, up 17% compared to $4.56 in 2016.