Wichita, Kansas-based Spirit AeroSystems Holdings, Inc. [NYSE: SPR] has reported first quarter 2017 financial results driven by strong operating performance, the company said.
Spirit´s first quarter 2017 revenue was USD 1.7bn, up by 1% compared to the same period of 2016, primarily driven by higher production deliveries on the Airbus A350 XWB, partially offset by lower production deliveries on the Boeing 777 program.
Spirit´s backlog at the end of the first quarter of 2017 was approximately USD 46bn, with work packages on all commercial platforms in the Boeing and Airbus backlog.
Operating income for the first quarter of 2017 was USD 214m, compared to USD 267m in the same period of 2016, primarily due to higher favorable changes in estimates recognized during the first quarter of 2016, which were USD 42m higher when compared to those recognized in the current period.
First quarter reported EPS was USD 1.17, compared to USD 1.29 EPS in the same period of 2016. The EPS impact from favorable changes in estimates was USD 0.19 per share more in the first quarter of 2016 than in the current period, based upon the statutory tax rate.
Spirit AeroSystems designs and builds aerostructures for both commercial and defense customers. The company operates sites in the US, UK, France, and Malaysia. Its core products include fuselages, pylons, nacelles and wing components for the world´s premier aircraft.