Spirit AeroSystems Q1 Profit Surges; Backs FY14 Outlook

(RTTNews) - Spirit AeroSystems Holdings, Inc. (SPR) Friday reported higher earnings for the first quarter, backed by tax benefits from the Malaysian tax holiday and the partial release of the deferred tax valuation allowance. In addition, the company reaffirmed its full-year outlook for fiscal 2014.

Net income for the quarter surged to $154 million or $1.07 per share, from $81 million or $0.57 per share in the same period of 2013.Operating income was $194 million, up from $145 million last year.

Driven by higher production volumes and four additional workdays in the quarter, Spirit's first-quarter revenues were $1.7 billion, up from $1.4 billion in the year-ago period.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share and revenues of $1.60 billion for the quarter. Analysts' estimates typically exclude special items.

For 2014, the firm continues to expect full-year earnings in the range of $2.50 - $2.65 per share and annual revenues in the range of $6.5 billion - $6.7 billion. Analysts project full-year earnings of $2.60 per share on revenues of $6.64 billion.

Free cash flow guidance is increased and is now expected to be nearly $200 million, with capital expenditures consistent with those for the full year of 2013.