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Spirit AeroSystems Holdings, Inc. Reports Second Quarter 2012 Financial Results; Reports Revenues of $1.341 billion and Fully Diluted EPS of $0.24 Per Share
-- Second Quarter 2012 Revenues of $1.341 billion -- Operating Income of $83 million; Oper...
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[{"type":"text","content":"\n\n\n\n\n-- Second Quarter 2012 Revenues of $1.341 billion\n-- Operating Income of $83 million; Operating Margins of 6.2 percent including previously announced charges\n-- Fully Diluted Earnings Per Share of $0.24 including previously announced charges of ($0.31) per share\n-- Cash and Cash Equivalents were $180 million\n-- Total backlog of approximately $32 billion\n-- Full-Year 2012 Financial Guidance remains unchanged excluding severe weather event related impacts\n\nWICHITA, Kan., Aug. 2, 2012 /CNW/ - Spirit AeroSystems Holdings, Inc. [NYSE: SPR] reported second quarter 2012 financial results reflecting solid core operating performance, continued strong demand for large commercial aircraft, and the impact of unusual charges. Spirit's second quarter 2012 revenues were $1.341 billion, down from $1.466 billion for the same period of 2011 as the previous period included recognition of deferred revenue associated with the 787 program contract amendment. \n\nTable 1. Summary Financial Results (unaudited)\n\n\n\n\n\n\n\n2nd Quarter\n\n\n\nSix Months\n\n\n\n\n($ in millions, except per share data)\n\n\n2012\n\n\n2011\n\n\nChange\n\n\n2012\n\n\n2011\n\n\nChange\n\n\n\n\n\n\n\n\n\n\n\nRevenues\n\n\n$1,341\n\n\n$1,466\n\n\n(9%)\n\n\n$2,607\n\n\n$2,515\n\n\n4%\n\n\n\nOperating Income\n\n\n$83\n\n\n$64\n\n\n30%\n\n\n$205\n\n\n$133\n\n\n54%\n\n\n\nOperating Income as a % of Revenues\n\n\n6.2%\n\n\n4.3%\n\n\n 190 BPS\n\n\n7.9%\n\n\n5.3%\n\n\n 260 BPS\n\n\n\nNet Income\n\n\n$35\n\n\n$30\n\n\n16%\n\n\n$109\n\n\n$65\n\n\n68%\n\n\n\nNet Income as a % of Revenues\n\n\n2.6%\n\n\n2.1%\n\n\n 50 BPS\n\n\n4.2%\n\n\n2.6%\n\n\n 160 BPS\n\n\n\nEarnings per Share (Fully Diluted)\n\n\n$0.24\n\n\n$0.21\n\n\n14%\n\n\n$0.76\n\n\n$0.45\n\n\n69%\n\n\n\nFully Diluted Weighted Avg Share Count\n\n\n142.7\n\n\n142.3\n\n\n\n142.6\n\n\n142.4\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating income was $83 million, compared to $64 million for the same period in 2011, driven by increased production volume. In the quarter, as previously announced, the company recognized a pre-tax ($55) million, or ($0.26) per share, charge for expenses related to the April 14, 2012 severe weather event at its Wichita, KS facility. The company also recognized a pre-tax ($7) million, or ($0.03) per share, additional forward-loss on the A350 non-recurring wing program. In comparison, the...