Spirit AeroSystems Slips To Loss In Q4; Guides FY14 - Quick Facts

(RTTNews) - Spirit AeroSystems Holdings Inc. (SPR) said that its fourth-quarter net loss was $587 million or $4.15 per share, compared to net income of $61 million, or $0.43 per share, in the same period of 2012.

The latest-quarter includes net pre-tax ($546) million, or ($2.42) per share, of forward loss charges principally on the 787 program. This is compared to net pre-tax ($34) million, or ($0.19) per share, of forward loss charges in the same period of 2012.

The recent quarter also includes a ($381) million, or ($2.69) per share, negative impact due to the establishment of a valuation allowance against U.S. net deferred tax assets. Additionally, the quarter includes net pre-tax $51 million favorable cumulative catch-up adjustments, or $0.22 per share, and pension related gains of $17 million, or $0.09 per share.

Operating loss for the fourth quarter of 2013 was $321 million compared to operating income of $98 million in the fourth quarter of 2012.

Quarterly revenues were $1.49 billion, up from $1.43 billion for the same period of 2012 due to increased production deliveries during the quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share and revenues of $1.55 billion for the quarter. Analysts' estimates typically exclude special items.

Spirit revenue for the full-year 2014 is expected to be between $6.5 billion - $6.7 billion based on Boeing's 2014 delivery guidance of 715 to 725 aircraft; expected Airbus deliveries in 2014 at a similar level to those in 2013; internal Spirit forecasts for other customer production activities; expected non-production revenues; and foreign exchange rates consistent with those for the full year of 2013. Earnings per share guidance for 2014 is expected to be between $2.50 - $2.65 per share.

Street currently is looking for fiscal year 2014 earnings of $2.68 per share on annual revenues of $6.61 billion.