Spirit AeroSystems Q2 Profit Rises, Backs 2015 Outlook - Quick Facts

(RTTNews) - Spirit AeroSystems Holdings, Inc. (SPR) reported that second-quarter net income grew to $154.9 million or $1.11 per share from $143.4 million or $1.01 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.09 per share, compared to $0.98 per share in the year-ago quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined 6 percent to $1.70 billion from $1.80 billion in the same quarter last year, primarily due to the Gulfstream wing divestiture and lower revenues recognized on the 787 program. Analysts expected revenue of $1.72 billion for the quarter.

Looking ahead to fiscal 2015, Spirit AeroSystems continued to expect earnings in the range of $3.60 to $3.80 per share, on projected revenues between $6.6 billion and $6.7 billion. Analysts expect the company to report earnings of $3.88 per share for the year on revenue of $6.75 billion.

However, the company raised 2015 free cash flow guidance by $100 million to a range of $700 million to $800 million.

The Board of Directors also authorized a share repurchase program of up to $350 million of Spirit's common stock under which repurchases may be made intermittently through December 31, 2017.