Spirit AeroSystems reported fourth quarter and full-year 2016 financial results driven by strong operating performance of mature programs. Spirit’s fourth quarter 2016 revenue was US$1.6bn, down by two percent compared to the same period of 2015, primarily driven by lower production deliveries on the Boeing 747 and 777 programs, partially offset by higher activity on non-recurring programs. Revenue for the full year increased two percent to US$6.8bn, primarily due to higher production deliveries on the Airbus A350 XWB and Boeing 767 programs, partially offset by lower revenue recognized due to the impact of pricing terms on the Boeing 787 program and lower production deliveries on the Boeing 747 program. Operating income for the fourth quarter of 2016 was US$161m, compared to US$206m in the same period of 2015, primarily due to one-time incentive payments received in the fourth quarter of 2015. Operating income for the full year was US$725m compared to US$863m in 2015, with the decrease primarily resulting from forward loss charges recognized during the second quarter of 2016. Fourth quarter reported EPS was US$0.89, compared to US$1.01 EPS in the same period of 2015. Full-year EPS was US$3.70, compared to US$5.66 EPS in 2015.
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada