Spirit AeroSystems (Finally) Reports Earnings

After keeping investors waiting a week while its auditors finished a final round of i-dotting and t-crossing, Wichita, Kan.-based Spirit AeroSystems (NYSE: SPR  ) finally released its earnings report Monday afternoon.

As expected, Spirit reported Q2 revenue growth of 13% year over year, to $1.5 billion. The company was unable to earn a profit, however, instead reporting a $1.47-per-share loss for the quarter. Charges to earnings taken on Gulfstream jet programs accounted for the entirety of the quarter's net loss. But for Spirit's $448 million pre-tax charge related to Gulfstream, the company would have turned a profit.

Spirit also updated investors on its cash position, noting that while free cash flow in the second quarter was down from Q2 2012,and remains negative (to the tune of $121 million) year to date, the company was still free cash flow-positive in Q2, generating nearly $5 million in cash profit.

Looking forward, Spirit noted that its total backlog of work to be done has increased and now approximates $38 billion, with approximately 65% of backlog type the contracts to produce parts for the Boeing 737 MAX series of aircraft, as well as for Airbus' A320neo.


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