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Spirit AeroSystems Holdings, Inc. Reports Fourth Quarter and Full-Year 2011 Financial Results; Provides 2012 Financial Guidance
Fourth Quarter 2011 - Revenues of $1.219 billion - Operating Income of $102 million; Ope...
About this update from Onex Corporation
[{"type":"text","content":"\n\n\n\n\nFourth Quarter 2011\n- Revenues of $1.219 billion\n- Operating Income of $102 million; Operating Margins of 8.4 percent\n- Fully-Diluted Earnings Per Share of $0.42; includes $0.10 per share favorable adjustment for block closeout and ($0.25) per share related to new program charges\nFull-Year 2011\n- Revenues of $4.864 billion\n- Operating Income of $356 million; Operating Margins of 7.3 percent\n- Fully-Diluted Earnings Per Share of $1.35\n- Total backlog of approximately $32 billion\nFinancial Guidance for 2012\n\nWICHITA, Kan., Feb. 9, 2012 /CNW/ - Spirit AeroSystems Holdings, Inc. (NYSE: SPR) reported fourth quarter and full-year 2011 financial results reflecting strong revenue growth on higher ship set deliveries and solid core operating performance. Full-year net income decreased primarily due to charges recorded on development programs in 2011, including net pre-tax $50 million, or ($0.25) per share, of forward loss charges in the fourth quarter.\nSpirit's fourth quarter 2011 revenues were $1.219 billion, up from $1.071 billion for the same period of 2010 as the company benefited from higher production deliveries during the quarter. \nTable 1. Summary Financial Results (unaudited)\n\n\n\n\n\n\n4th Quarter\n\n\nTwelve Months\n\n\n\n($ in millions, except per share data)\n\n2011\n\n2010\n\nChange\n\n2011\n\n2010\n\nChange\n\n\n\n\n\n\n\n\n\n\nRevenues\n\n$1,219\n\n$1,071\n\n14%\n\n$4,864\n\n$4,172\n\n17%\n\n\nOperating Income\n\n$102\n\n$96\n\n7%\n\n$356\n\n$357\n\n(0%)\n\n\nOperating Income as a % of Revenues\n\n8.4%\n\n9.0%\n\n (60) BPS\n\n7.3%\n\n8.6%\n\n (130) BPS\n\n\nNet Income\n\n$60\n\n$62\n\n(2%)\n\n$192\n\n$219\n\n(12%)\n\n\nNet Income as a % of Revenues\n\n5.0%\n\n5.8%\n\n (80) BPS\n\n4.0%\n\n5.2%\n\n (120) BPS\n\n\nEarnings per Share (Fully Diluted)\n\n$0.42\n\n$0.44\n\n(5%)\n\n$1.35\n\n$1.55\n\n(13%)\n\n\nFully Diluted Weighted Avg Share Count\n\n142.3\n\n141.8\n\n\n142.3\n\n141.0\n\n\n\n\n\n\n\n\n\n\nOperating income for the fourth quarter 2011 was $102 million, compared to $96 million for the same period in 2010, primarily driven by increased production volumes, partially offset by the charges recorded on development programs. Net income for the quarter was $60 million, or $0.42 per fully diluted share, compared to $62 million, or $0.44 per fully diluted share, in the same period of 2010. (Table 1)...