Spirit AeroSystems Holdings, Inc. Reports Fourth Quarter and Full-Year 2012 Financial Results

Spirit AeroSystems Holdings, Inc. Reports Fourth Quarter and Full-Year 2012 
Financial Results 
Fourth Quarter 2012 
- Revenues of $1.426 billion 
- Operating Income of $98 million, after development program charges 
- Fully-Diluted Earnings Per Share of $0.43 
Full-Year 2012 
- Revenues of $5.398 billion 
- Operating Income of $92 million, after development program charges and 
benefit of insurance settlement 
- Fully-Diluted Earnings Per Share of $0.24 
- Total backlog of over $35 billion 
Financial Guidance for Full-Year 2013 
WICHITA, Kan., Feb. 12, 2013 /CNW/ - Spirit AeroSystems Holdings, Inc. (NYSE: 
SPR) reported fourth quarter and full-year 2012 financial results reflecting 
record revenue on higher ship set deliveries and solid core program operating 
performance. 
Spirit's fourth quarter 2012 revenues were $1.426 billion, up from $1.219 
billion for the same period of 2011 as the company benefited from higher 
production deliveries during the quarter. 
Table 1. Summary Financial Results
(unaudited) 
                   4th Quarter             Twelve Months 
($ in millions, except 2012   2011   Change    2012   2011   Change
per share data) 
Revenues               $1,426 $1,219 17%       $5,398 $4,864 11% 
Operating Income       $98    $102   (4%)      $92    $356   (74%) 
Operating Income as a  6.9%   8.4%   (150) BPS 1.7%   7.3%   (560) BPS
% of Revenues 
Net Income             $61    $60    2%        $35    $192   (82%) 
Net Income as a % of   4.3%   5.0%   (70) BPS  0.6%   4.0%   (340) BPS
Revenues 
Earnings Per Share     $0.43  $0.42  2%        $0.24  $1.35  (82%)
(Fully Diluted) 
Fully Diluted Weighted 142.7  142.3            142.7  142.3
Avg Share Count 
 _____________________________________________________________
| |                                                           |
|_|___________________________________________________________|
|*|Non-GAAP financial measure, see Appendix for reconciliation|
|_|___________________________________________________________| 
Operating income for the fourth quarter of 2012 was $98 million including a 
net pre-tax $34 million forward loss associated with development and low rate 
programs. Net income for the quarter was $61 million, or $0.43 per fully 
diluted share, compared to $60 million, or $0.42 per fully diluted share, in 
the same period of 2011. The current quarter includes a net pre-tax $34 
million, or ($0.19) per share, of forward loss charges principally on 
development programs. 
Revenue for the full-year 2012 increased 11 percent to $5.398 billion.  
Operating income for the full-year was $92 million, significantly lower 
compared to 2011 due primarily to development program charges of $645 million, 
which was partially offset by the net insurance gain of $146 million related 
to the severe weather event at Spirit's Wichita, Kan. facility in April 2012.  
Full-year net income was $35 million, or $0.24 per fully diluted share, 
compared to $192 million, or $1.35 per fully diluted share in 2011. (Table 1) 
After adjusting for forward losses and certain other items, adjusted operating 
income for the full-year 2012 was $556 million, 21 percent higher compared to 
2011 adjusted operating income of $460 million, primarily due to increased 
production volumes. After adjusting for forward losses and certain other 
items, full-year 2012 adjusted earnings per share was $2.30 per fully diluted 
share, compared to 2011 adjusted earnings per share of $1.85 per fully diluted 
share.* 
"Spirit's strong core business performance in 2012 continues to deliver the 
results we expect," said President and Chief Executive Officer Jeff Turner. 
"Annual revenues increased to record levels reflecting higher demand and 
increased production rates for our core products even while we recovered from 
an EF3 tornado at our Wichita, KS facility. Our development program 
performance in 2012 underscores the complexity of our business as we 
transitioned multiple programs to full rate production after over seven years 
of concurrent development and delivered initial production units on the A350 
XWB," Turner continued. 
"Our primary goal in 2013 is to continuously improve operational and cost 
performance across the business and manage the risk profile of development 
programs," Turner concluded. 
Spirit's backlog at the end of the fourth quarter of 2012 increased by over 4 
percent to $35 billion as orders exceeded deliveries. Spirit calculates its 
backlog based on contractual prices for products and volumes from the 
published firm order backlogs of Airbus and Boeing, along with firm orders 
from other customers. 
Spirit updated its contract profitability estimates during the fourth quarter 
of 2012, resulting in a net pre-tax $10 million, or $0.06 per share, favorable 
cumulative catch-up adjustment primarily associated with productivity and 
efficiency improvements on core programs. In comparison, Spirit recognized a 
net pre-tax $21 million favorable cumulative catch-up adjustment for the 
fourth quarter of 2011. 
Additionally, in the fourth quarter of 2012 the company recorded forward loss 
charges on the G280 program of an additional pre-tax ($20) million, or ($0.11) 
per share driven by cost growth in the quarter and a total of ($14) million, 
or ($0.08) per share on low volume large commercial programs driven by model 
mix and program performance. 
Cash flow from operations was a $309 million source of cash for the fourth 
quarter of 2012, compared to a $128 million source of cash for the fourth 
quarter of 2011. The current quarter reflects net insurance proceeds of 
approximately $112 million associated with the severe weather event at 
Spirit's Wichita, Kan. facility in April 2012 and the timing of accounts 
receivable and accounts payable. (Table 2) 
Table 2. Cash Flow and Liquidity
(unaudited) 
                              4th Quarter Twelve Months 
($ in millions)                   2012  2011  2012         2011 
Cash Flow from Operations         $309  $128  $544         ($47) 
Purchases of Property, Plant &    ($79) ($86) ($249)       ($250)
Equipment** 
                                          December 31, December 31, 
Liquidity                                     2012         2011 
Cash                                          $441         $178 
Total Debt                                    $1,176       $1,201 
**Purchases of Property, Plant & Equipment includes purchases related
to the April 14th, 2012 severe weather event 
Cash balances at the end of the year were $441 million, up $263 million from a 
year ago, reflecting the net insurance proceeds and customer cash advances, 
offset by the increase in inventory associated with increased production rates 
and continuing investments in development programs. At the end of 2012, the 
company's $650 million revolving credit facility was undrawn.  Approximately 
$20 million of the credit facility is reserved for financial letters of 
credit.  Debt balances at the end of the fourth quarter were $1.176 billion. 
The company's credit rating remained unchanged at the end of the fourth 
quarter 2012 with a BB rating, stable outlook by Standard & Poor's and a Ba2 
rating, negative outlook by Moody's Investor Services. 
Financial Outlook 
Spirit revenue guidance for the full-year 2013 remains unchanged and is 
expected to be between $5.8 – $6.0 billion based on Boeing's 2013 delivery 
guidance of 635 to 645 aircraft; expected B787 ship set deliveries; expected 
Airbus deliveries in 2013 of approximately 600 aircraft; internal Spirit 
forecasts for other customer production activities; expected non-production 
revenues; and foreign exchange rates consistent with those in the second half 
of 2012. 
Fully diluted earnings per share guidance for 2013 is unchanged and expected 
to be between $1.90 - $2.10 per share, reflecting continued growth and solid 
execution in core programs and transitioning development programs to full rate 
of production.  Fully-diluted earnings per share guidance for 2013 excluding 
severe weather adjustments is expected to be between $2.20 - $2.40.* 
Cash flow from operations, less capital expenditures, is expected to be 
between a net outflow of ($150) million to ($50) million, after capital 
expenditures of approximately $400 million, including approximately $50 
million of expense included in cash from operations and approximately $50 
million of capital expenditures related to the severe weather event. 
The effective tax rate for 2013 is forecasted to be approximately 31 percent, 
reflecting the benefit of research tax credits for 2012 and 2013. (Table 3) 
Risk to our financial guidance includes, among other factors: 787 delivery 
volumes; higher than forecast non-recurring and recurring costs on our 
development programs; commercial settlements with customers; business jet 
market risks; and our ability to achieve anticipated productivity and cost 
improvements. You should review carefully the sections captioned "Risk 
Factors" in our filings with the Securities and Exchange Commission, including 
our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, 
and Current Reports on Form 8-K. 
* Non-GAAP financial measure, see Appendix for reconciliation 
Table 3. Financial 3Q Updated          2012 Actual   2013 Guidance
Outlook            Full-Year Guidance 
Revenues           $5.2 - $5.3         $5.4 billion  $5.8 - $6.0 
               billion                           billion 
Earnings Per Share $0.19 - $0.24       $0.24         $1.90 - $2.10
(Fully Diluted) 
Effective Tax Rate N/M((1))            (211.4%)      ~31% 
Cash Flow from     $500 - $600         $544 million  $250 - $350
Operations         million                           million 
Capital            ~$250 million       $249 million  ~$400 million
Expenditures 
Table 4. Severe
Weather Adjustments 3Q Updated Full-Year  2012 Actual     2013 Guidance
to Financial        Guidance
Outlook 
Revenues            -                     -               - 
Earnings (Loss) Per
Share (Fully        ($0.62)((2))          ($0.65)((2))    $0.30((2))
Diluted) 
Effective Tax Rate  -                     36.3%           - 
Cash Flow from      ($100) million        ($146) million  $50 million
Operations 
Capital             -                     ($13) million   ($50 million)
Expenditures 
Table 5. Financial
Outlook Excluding  3Q Updated          2012 Actual   2013 Guidance
Severe Weather     Full-Year Guidance
Adjustments 
Revenues           $5.2 - $5.3         $5.4 billion  $5.8 - $6.0 
               billion                           billion 
Earnings (Loss)    ($0.43) - ($0.38)(
Per Share (Fully   (2))                ($0.41)((2))  $2.20 - $2.40((2))
Diluted) 
Effective Tax Rate N/M((1))            57.3%         ~31.0% 
Cash Flow from     $400 - $500         $398 million  $300 - $400
Operations         million                           million 
Capital            ~$250 million       $236 million  ~$350 million
Expenditures 
 __________________________________________________________________
|   |Spirit did not provide an effective tax rate due to the       |
|(1)|sensitivity of the annual effective tax rate estimate to even |
|   |minimal changes to forecasted fourth quarter pre-tax earnings.|
|___|______________________________________________________________|
|   |                                                              |
|___|______________________________________________________________|
|(2)|Non-GAAP financial measure, see Appendix for reconciliation   |
|___|______________________________________________________________| 
Cautionary Statement Regarding Forward-Looking Statements 
This press release contains "forward-looking statements" that may involve many 
risks and uncertainties. Forward-looking statements reflect our current 
expectations or forecasts of future events. Forward-looking statements 
generally can be identified by the use of forward-looking terminology such as 
"may," "will," "should," "expect," "anticipate," "intend," "estimate," 
"believe," "project," "continue," "plan," "forecast," or other similar words, 
or the negative thereof, unless the context requires otherwise. These 
statements reflect management's current views with respect to future events 
and are subject to risks and uncertainties, both known and unknown. Our actual 
results may vary materially from those anticipated in forward-looking 
statements. We caution investors not to place undue reliance on any 
forward-looking statements. Important factors that could cause actual results 
to differ materially from those reflected in such forward-looking statements 
and that should be considered in evaluating our outlook include, but are not 
limited to, the following: our ability to continue to grow our business and 
execute our growth strategy, including the timing, execution and profitability 
of new programs; our ability to perform our obligations and manage costs 
related to our new commercial and business aircraft development programs and 
the related recurring production; margin pressures and the potential for 
additional forward-losses on aircraft development programs; our ability to 
accommodate, and the cost of accommodating, announced increases in the build 
rates of certain aircraft; the effect on business and commercial aircraft 
demand and build rates of the following factors: continuing weakness in the 
global economy and economic challenges facing commercial airlines, a lack of 
business and consumer confidence, and the impact of continuing instability in 
global financial and credit markets, including, but not limited to, any 
failure to avert a sovereign debt crisis in Europe; customer cancellations or 
deferrals as a result of  global economic uncertainty; the success and timely 
execution of key milestones such as deliveries and resumption of service of 
Boeing's B787; and first flight, certification and first delivery of Airbus' 
A350 XWB aircraft program, receipt of necessary regulatory approvals, and 
customer adherence to their announced schedules; our ability to enter into 
profitable supply arrangements with additional customers; the ability of all 
parties to satisfy their performance requirements under existing supply 
contracts with Boeing and Airbus, our two major customers, and other customers 
and the risk of nonpayment by such customers; any adverse impact on Boeing's 
and Airbus' production of aircraft resulting from cancellations, deferrals or 
reduced orders by their customers or from labor disputes or acts of terrorism; 
any adverse impact on the demand for air travel or our operations from the 
outbreak of diseases or epidemic or pandemic outbreaks; returns on pension 
plan assets and the impact of future discount rate changes on pension 
obligations; our ability to borrow additional funds or refinance debt; 
competition from original equipment manufacturers and other aerostructures 
suppliers; the effect of governmental laws, such as U.S. export control laws 
and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices 
Act and United Kingdom Bribery Act, and environmental laws and agency 
regulations, both in the U.S. and abroad; the cost and availability of raw 
materials and purchased components; our ability to recruit and retain highly 
skilled employees and our relationships with the unions representing many of 
our employees; spending by the U.S. and other governments on defense; the 
possibility that our cash flows and borrowing facilities may not be adequate 
for our additional capital needs or for payment of interest on and principal 
of our indebtedness; our exposure under our existing senior secured revolving 
credit facility to higher interest payments should interest rates increase 
substantially; the effectiveness of our interest rate and foreign currency 
hedging programs; the outcome or impact of ongoing or future litigation, 
claims and regulatory actions; our exposure to potential product liability and 
warranty claims; and the accuracy or completeness of our assessment of damage 
and costs of restoration and recovery from the severe weather event that hit 
our Wichita, Kan. facility on April 14, 2012. These factors are not exhaustive 
and it is not possible for us to predict all factors that could cause actual 
results to differ materially from those reflected in our forward-looking 
statements.  These factors speak only as of the date hereof, and new factors 
may emerge or changes to the foregoing factors may occur that could impact our 
business. As with any projection or forecast, these statements are inherently 
susceptible to uncertainty and changes in circumstances. Except to the extent 
required by law, we undertake no obligation to, and expressly disclaim any 
obligation to, publicly update or revise any forward-looking statements, 
whether as a result of new information, future events or otherwise. Additional 
information concerning these and other factors can be found in our filings 
with the Securities and Exchange Commission, including our most recent Annual 
Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on 
Form 8-K. 
Appendix  Segment Results 
Fuselage Systems 
Fuselage Systems segment revenues for the fourth quarter of 2012 were $680 
million, up 17 percent from the same period last year, driven by increased 
production volumes.  Operating margin for the fourth quarter of 2012 was 13.6 
percent as compared to 16.6 percent during the same period of 2011. In the 
fourth quarter of 2012 the segment recorded a net pre-tax $5 million favorable 
cumulative catch-up adjustment driven by productivity and efficiency on core 
programs, and a pre-tax additional forward loss of ($6) million on the 747-8 
program driven by program performance.  In comparison, in the fourth quarter 
of 2011 the segment realized a net pre-tax $17 million favorable cumulative 
catch-up adjustment, and a pre-tax ($12) million forward loss on the 747-8 
program. 
Propulsion Systems 
Propulsion Systems segment revenues for the fourth quarter of 2012 were $368 
million, up 14 percent from the same period last year, largely driven by 
higher production volumes and increased aftermarket volumes.  Operating margin 
for the fourth quarter of 2012 was 13.0 percent as compared to 16.3 percent in 
the fourth quarter of 2011. In the fourth quarter of 2012 the segment realized 
a net pre-tax ($1) million unfavorable cumulative catch-up adjustment and a 
pre-tax ($8) million forward loss on the 767 program driven by model mix.  In 
comparison, in the fourth quarter of 2011 the segment realized a net pre-tax 
$6 million favorable cumulative catch-up adjustment. 
Wing Systems 
Wing Systems segment revenues for the fourth quarter of 2012 were $375 
million, up 20 percent from the same period last year, primarily driven by 
increased production volumes. Operating margin for the fourth quarter of 2012 
was 5.2 percent as compared to (2.6) percent during the same period of 2011. 
In the fourth quarter of 2012 the segment realized a net pre-tax $6 million 
favorable cumulative catch-up adjustment driven by productivity and efficiency 
improvements on core programs, and an additional pre-tax ($20) million forward 
loss on the G280 wing program driven by cost growth in the quarter.  In 
comparison, in the fourth quarter of 2011 the segment recorded a net pre-tax 
($2) million unfavorable cumulative catch-up adjustment, a pre-tax ($29) 
million additional forward loss on the G280 program, a pre-tax ($6) million 
forward loss on the 747-8 program, and a pre-tax ($3) million forward loss on 
the A350 non-recurring wing program. 
Table 6.
Segment       (unaudited)                 (unaudited)
Reporting 
          4th Quarter                 Twelve Months 
($ in         2012     2011     Change    2012     2011     Change
millions) 
Segment
Revenues 
Fuselage      $680.2   $582.3   16.8%     $2,590.6 $2,425.0 6.8%
Systems 
Propulsion    $368.1   $321.7   14.4%     $1,420.9 $1,221.5 16.3%
Systems 
Wing Systems  $375.3   $313.6   19.7%     $1,375.1 $1,207.8 13.9% 
All Other     $2.0     $1.3     53.8%     $11.1    $9.5     16.8% 
Total Segment $1,425.6 $1,218.9 17.0%     $5,397.7 $4,863.8 11.0%
Revenues 
Segment
Earnings from
Operations 
Fuselage      $92.5    $96.8    (4.4%)    $387.2   $318.5   21.6%
Systems 
Propulsion    $47.9    $52.3    (8.4%)    $64.7    $194.1   (66.7%)
Systems 
Wing Systems  $19.6    ($8.3)             ($339.1) $0.5 
All Other     ($0.2)   ($0.5)   60.0%     $1.0     $1.3     (23.1%) 
Total Segment
Operating     $159.8   $140.3   13.9%     $113.8   $514.4   (77.9%)
Earnings 
Unallocated
Corporate     ($42.7)  ($37.7)  13.3%     ($155.3) ($145.5) 6.7%
SG&A Expense 
Unallocated
Impact From
Severe        ($18.1)  $0.0               $146.2   $0.0
Weather Event
Expense 
Unallocated
Research &    ($1.0)   ($0.2)   400.0%    ($4.4)   ($1.9)   131.6%
Development
Expense 
Unallocated
Cost of Sales $0.0     $0.0               ($8.0)   ($10.9)  (26.6%)
((1)) 
Total
Earnings from $98.0    $102.4   (4.3%)    $92.3    $356.1   (74.1%)
Operations 
Segment
Operating
Earnings as %
of Revenues 
Fuselage      13.6%    16.6%    (300) BPS 14.9%    13.1%    180 BPS
Systems 
Propulsion    13.0%    16.3%    (330) BPS 4.6%     15.9%    (1,130) BPS
Systems 
Wing Systems  5.2%     (2.6%)   780 BPS   (24.7%)  0.0%     (2,470) BPS 
All Other     (10.0%)  (38.5%)  2,850 BPS 9.0%     13.7%    (470) BPS 
Total Segment
Operating     11.2%    11.5%    (30) BPS  2.1%     10.6%    (850) BPS
Earnings as %
of Revenues 
Total
Operating     6.9%     8.4%     (150) BPS 1.7%     7.3%     (560) BPS
Earnings as %
of Revenues 
 _____________________________________________________________________
|   |Charges in 2012 are associated with UAW stock compensation, Early|
|   |Retirement incentives and asset impairment charges; compared to  |
|(1)|charges in 2011 which were associated with a change in estimate  |
|   |for warranty and extraordinary rework reserves and the UAW Early |
|   |Retirement Incentive in connection with the ratification of their|
|   |ten-year labor contract.                                         |
|___|_________________________________________________________________| 
Spirit Ship Set Deliveries 
(One Ship Set equals One Aircraft) 
2011 Spirit AeroSystems Deliveries 


                      1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2011

B737                  93      97      95      92      377

B747                  4       3       4       6       17

B767                  5       6       6       6       23

B777                  16      22      21      19      78

B787                  6       7       5       7       25

Total                 124     135     131     130     520



A320 Family           103     91      103     106     403

A330/340              18      26      24      25      93

A350                  -       -       -       -       -

A380                  6       5       7       6       24

Total                 127     122     134     137     520



Business/Regional Jet 10      13      12      14      49



Total Spirit          261     270     277     281     1,089
    2012 Spirit AeroSystems Deliveries
                      1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2012

B737                  105     105     107     100     417

B747                  5       6       7       6       24

B767                  7       6       6       6       25

B777                  21      21      22      22      86

B787                  8       11      9       15      43

Total                 146     149     151     149     595



A320 Family           112     109     103     113     437

A330/340              25      24      26      22      97

A350                  1       -       1       1       3

A380                  7       6       3       8       24

Total                 145     139     133     144     561



Business/Regional Jet 12      19      27      26      84



Total Spirit          303     307     311     319     1,240

Spirit AeroSystems Holdings, Inc.

Condensed Consolidated Statements of Operations

(unaudited)
                 For the Three Months      For the Twelve Months Ended
                 Ended
                 December   December 31,   December 31,   December 31,
                 31, 2012   2011           2012           2011
               ($ in millions, except per share data)



Net revenues   $ 1,425.6  $ 1,218.9      $ 5,397.7      $ 4,863.8

Operating
costs and
expenses:

Cost of sales    1,250.7    1,066.5        5,245.3        4,312.1

Selling,
general and      46.3       41.4           172.2          159.9
administrative

Impact from
severe weather   18.1       0.0            (146.2)        0.0
event

Research and     12.5       8.6            34.1           35.7
development

 Total
 operating       1,327.6    1,116.5        5,305.4        4,507.7
 costs and
 expenses

 Operating       98.0       102.4          92.3           356.1
 income

Interest
expense and      (20.3)     (15.9)         (82.9)         (77.5)
financing fee
amortization

Interest         0.1        0.1            0.2            0.3
income

Other income     (1.6)      1.4            1.8            1.4
(expense), net

 Income before
 income taxes
 and equity in   76.2       88.0           11.4           280.3
 net loss of
 affiliate

Income tax       (15.3)     (27.3)         24.1           (86.9)
provision

 Income before
 equity in net   60.9       60.7           35.5           193.4
 loss of
 affiliate

Equity in net
loss of          (0.2)      (0.3)          (0.7)          (1.0)
affiliate

 Net income    $ 60.7     $ 60.4         $ 34.8         $ 192.4



Earnings per
share

Basic          $ 0.43     $ 0.43         $ 0.24         $ 1.36

Shares           140.9      139.4          140.7          139.2



Diluted        $ 0.43     $ 0.42         $ 0.24         $ 1.35

Shares           142.7      142.3          142.7          142.3

Spirit AeroSystems Holdings, Inc.

Condensed Consolidated Balance Sheets

(unaudited)
                                  December 31, 2012   December 31, 2011
                                  ($ in millions)

Current assets

Cash and cash equivalents       $ 440.7             $ 177.8

Accounts receivable, net          420.7               267.2

Inventory, net                    2,410.8             2,630.9

Other current assets              83.2                79.9

Total current assets              3,355.4             3,155.8

Property, plant and equipment,    1,698.5             1,615.7
net

Pension assets                    78.4                118.8

Other assets                      283.0               152.1

Total assets                    $ 5,415.3           $ 5,042.4

Current liabilities

Accounts payable                $ 659.0             $ 559.4

Accrued expenses                  216.3               224.3

Current portion of long-term      10.3                48.9
debt

Advance payments, short-term      70.7                8.8

Deferred revenue, short-term      18.4                28.5

Other current liabilities         92.3                43.6

Total current liabilities         1,067.0             913.5

Long-term debt                    1,165.9             1,152.0

Advance payments, long-term       833.6               655.9

Deferred revenue and other        30.8                34.7
deferred credits

Pension/OPEB obligation           75.6                84.2

Other liabilities                 245.5               237.4

Equity

Preferred stock, par value
$0.01, 10,000,000 shares          -                   -
authorized, no shares issued

Common stock, Class A par value
$0.01, 200,000,000 shares
authorized, 119,671,298 and       1.2                 1.2
118,560,926 issued,
respectively

Common stock, Class B par value
$0.01, 150,000,000 shares
authorized, 24,025,880 and        0.2                 0.2
24,304,717 shares issued,
respectively

Additional paid-in capital        1,012.3             995.9

Accumulated other comprehensive   (145.2)             (126.2)
loss

Retained earnings                 1,127.9             1,093.1

Total shareholders' equity        1,996.4             1,964.2

Noncontrolling interest           0.5                 0.5

Total equity                      1,996.9             1,964.7

Total liabilities and equity    $ 5,415.3           $ 5,042.4
    Spirit AeroSystems Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)
                                  For the Twelve Months Ended
                                  December 31, 2012   December 31, 2011
                                  ($ in millions)

Operating activities

Net income                      $ 34.8              $ 192.4

Adjustments to reconcile net
income to net cash (used in)
provided by operating activities

Depreciation expense              151.1               129.2

Amortization expense              19.7                10.5

Accretion of customer supply      0.2                 -
agreement

Employee stock compensation       15.3                11.2
expense

Bad Debt Expense                  -                   1.4

Excess tax benefits from          (1.2)               (1.3)
share-based payment arrangements

Loss on disposition of assets     14.1                1.0

Loss from discontinued hedge      5.2                 -
accounting on interest rate swaps

(Gain) on effectiveness of        (1.5)               -
hedge contracts

(Gain) / Loss from foreign        (5.6)               1.0
currency transactions

Deferred taxes                    (120.1)             21.6

Long-term tax provision           3.6                 (6.1)

Pension and other                 (8.9)               (9.6)
post-retirement benefits, net

Grant income                      (5.8)               (5.4)

Equity in net loss of affiliate   0.7                 1.0

Changes in assets and
liabilities

Accounts receivable               (151.1)             (66.3)

Inventory, net                    228.3               (121.6)

Accounts payable and accrued      114.5               100.6
liabilities

Advance payments                  239.6               (159.9)

Deferred revenue and other        (12.4)              (265.9)
deferred credits

Other                             23.9                118.9

Net cash (used in) provided by    544.4               (47.3)
operating activities

Investing activities

Purchase of property, plant and   (236.1)             (249.7)
equipment

Purchase of property, plant and
equipment - severe weather        (12.9)              -
related expenses

Other                             0.2                 0.5

Net cash (used in) investing      (248.8)             (249.2)
activities

Financing activities

Proceeds from revolving credit    170.0               30.0
facility

Payments on revolving credit      (170.0)             (30.0)
facility

Proceeds from issuance of debt    547.6               -

Principal payments of debt        (571.0)             (8.0)

Debt issuance and financing       (12.4)              -
costs

Excess tax benefits from
share-based payment               1.2                 1.3
arrangements

Net cash (used in) financing      (34.6)              (6.7)
activities

Effect of exchange rate changes   1.9                 (0.6)
on cash and cash equivalents

Net increase (decrease) in cash
and cash equivalents for the      262.9               (303.8)
period

Cash and cash equivalents,        177.8               481.6
beginning of the period

Cash and cash equivalents, end  $ 440.7             $ 177.8
of the period

Management believes that the non-GAAP (Generally Accepted Accounting 
Principles) measures used in this report provide investors with important 
perspectives into the company's ongoing business performance. The company does 
not intend for the information to be considered in isolation or as a 
substitute for the related GAAP measure. Other companies may define the 
measure differently.

Adjusted EPS
                          3Q Updated         2012 Actual 2013 Guidance
                          Full-Year Guidance

Earnings Per Share (Fully $0.19 - $0.24      $0.24       $1.90 - $2.10
Diluted)



Adjustment for Estimated
Severe Weather Impact

Severe Weather Impact     ($127.3)           ($146.2)    $59.0
Adjustment (in millions)

Tax Rate Assumed          31%                36%         31%

After Tax Severe Weather
Impact Adjustment (in     ($87.8)            ($93.1)     $40.7
millions)

Share Count (in millions) 142.9((1))         142.7       144.1((1))

Estimated Severe Weather  ~($0.62)           ($0.65)     ~$0.30
Impact



Adjusted EPS              ($0.43) - ($0.38)  ($0.41)     $2.20 - $2.40



((1)) Estimated share
      count

Operating Income % of Revenues Excluding Impact of Forward Losses and
Certain Other Items
                                                     2011      2012

Operating Income under GAAP                          $ 356.1   $ 92.3



Adjustments to Operating Income:

CH-53K Forward-Loss                                  (29.0)

787 Forward-Loss                                               (184.0)

G650 Forward-Loss                                              (162.5)

G280 Forward-Loss                                    (81.8)    (118.8)

BR725 Forward-Loss                                             (151.0)

A350 Non-Recurring Forward-Loss                      (3.0)     (8.9)

747-8 Non-Recurring Forward-Loss                     (18.3)    (11.5)

767 Forward-Loss                                               (8.0)

Cumulative Catch-Up Adjustments                      28.1      34.7

Insurance Settlement related to Severe Weather Event           146.2

Total Adjustments                                    $(104.0)  $(463.8)



Adjusted Operating Income                            $ 460.1   $ 556.1

Adjusted Operating Income % of Revenues              9.5%      10.3%

Earnings Per Share Excluding Impact of Forward Losses and Certain Other
Items
                          Twelve Months Ended   Twelve Months Ended
                          December 31, 2011     December 31, 2012
                          Earnings Per Share    Earnings Per Share



GAAP Diluted Earnings Per $ 1.35                $ 0.24
Share



CH-53K Forward-Loss       $ 0.14              a

787 Forward-Loss                                $ 0.89              b

G650 Forward-Loss                               $ 0.79              c

G280 Forward-Loss         $ 0.40              d $ 0.58              e

BR725 Forward-Loss                              $ 0.73              f

A350 Non-Recurring        $ 0.01              g $ 0.04              h
Forward-Loss

747-8 Non-Recurring       $ 0.09              i $ 0.06              j
Forward-Loss

767 Forward-Loss                                $ 0.04              k

Insurance Settlement
related to Severe Weather                       $ (0.71)            l
Event

Favorable cumulative      $ (0.14)            m $ (0.17)            n
catch-up adjustment

Tax Benefit Reduction                           $ (0.19)            o



Earnings Per Share
Excluding Impact of       $ 1.85                $ 2.30
Forward Losses and
Certain Other Items

 _____________________________________________________________________
| |Represents the net earnings per share impact of CH-53K Forward-Loss|
|a|charge of $29.0 million. The earnings per share amount is presented|
| |net of income taxes of 31.0 percent.                               |
|_|___________________________________________________________________|
| |EPS Calculation: 29.0mm * (1 - .31) = 20.01 , 20.01 / 142.3mm      |
| |Diluted Shares = $0.14                                             |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of 787 Forward-Loss   |
|b|expense of $184 million. The earnings per share amount is presented|
| |net of income taxes of 31.0 percent.                               |
|_|___________________________________________________________________|
| |EPS Calculation: 184mm * (1 - .31) = 126.96 , 126.96 / 142.7mm     |
| |Diluted Shares = $0.89                                             |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of G650 Forward-Loss  |
|c|expense of $163 million. The earnings per share amount is presented|
| |net of income taxes of 31.0 percent.                               |
|_|___________________________________________________________________|
| |EPS Calculation: 163mm * (1 - .31) = 112.47 , 112.47 / 142.7mm     |
| |Diluted Shares = $0.79                                             |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of G280 Forward-Loss  |
|d|expense of $82 million. The earnings per share amount is presented |
| |net of income taxes of 31.0 percent.                               |
|_|___________________________________________________________________|
| |EPS Calculation: 82mm * (1 - .31) = 56.58 , 56.58 / 142.3mm Diluted|
| |Shares = $0.40                                                     |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of G280 Forward-Loss  |
|e|expense of $119 million. The earnings per share amount is presented|
| |net of income taxes of 31.0 percent.                               |
|_|___________________________________________________________________|
| |EPS Calculation: 119mm * (1 - .31) = 82.11 , 82.11 / 142.7mm       |
| |Diluted Shares = $0.58                                             |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of BR725 Forward-Loss |
|f|expense of $151 million. The earnings per share amount is presented|
| |net of income taxes of 31.0 percent.                               |
|_|___________________________________________________________________|
| |EPS Calculation: 151mm * (1 - .31) = 104.19 , 104.19 / 142.7mm     |
| |Diluted Shares = $0.73                                             |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of A350 Non-Recurring |
|g|forward-loss expense of $3 million. The earnings per share amount  |
| |is presented net of income taxes of 31.0 percent.                  |
|_|___________________________________________________________________|
| |EPS Calculation: 3mm * (1 - .31) = 2.07 , 2.07 / 142.3mm Diluted   |
| |Shares = $0.01                                                     |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of A350 Non-Recurring |
|h|forward-loss expense of $9 million. The earnings per share amount  |
| |is presented net of income taxes of 31.0 percent.                  |
|_|___________________________________________________________________|
| |EPS Calculation: 9mm * (1 - .31) = 6.21 , 6.21 / 142.7mm Diluted   |
| |Shares = $0.04                                                     |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of 747-8 Non-Recurring|
|i|forward-loss expense of $18 million. The earnings per share amount |
| |is presented net of income taxes of 31.0 percent.                  |
|_|___________________________________________________________________|
| |EPS Calculation: 18mm * (1 - .31) = 12.42 , 12.42 / 142.3mm Diluted|
| |Shares = $0.09                                                     |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of 747-8 Non-Recurring|
|j|forward-loss expense of $12 million. The earnings per share amount |
| |is presented net of income taxes of 31.0 percent.                  |
|_|___________________________________________________________________|
| |EPS Calculation: 12mm * (1 - .31) = 8.28 , 8.28 / 142.7mm Diluted  |
| |Shares = $0.06                                                     |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of 767 Forward-Loss   |
|k|expense of $8 million. The earnings per share amount is presented  |
| |net of income taxes of 31.0 percent.                               |
|_|___________________________________________________________________|
| |EPS Calculation: 8mm * (1 - .31) = 5.52 , 5.52 / 142.7mm Diluted   |
| |Shares = $0.04                                                     |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of the insurance      |
| |settlement related to the April 2012 severe weather event less     |
|l|incurred expenses year-to-date of $146 million. The earnings per   |
| |share amount is presented net of income taxes of 31.0 percent. EPS |
| |Calculation: 146mm * (1 - .31) = 100.74 , 100.74 / 142.7mm Diluted |
| |Shares = $0.71                                                     |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of favorable          |
|m|cumulative catch-up adjustment of $28 million. The earnings per    |
| |share amount is presented net of income taxes of 31.0 percent.     |
|_|___________________________________________________________________|
| |EPS Calculation: 28mm * (1 - .31) = 19.32 , 19.32 / 142.3mm Diluted|
| |Shares = $0.14                                                     |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of favorable          |
|n|cumulative catch-up adjustment of $35 million. The earnings per    |
| |share amount is presented net of income taxes of 31.0 percent.     |
|_|___________________________________________________________________|
| |EPS Calculation: 35mm * (1 - .31) = 24.15 , 24.15 / 142.7mm Diluted|
| |Shares = $0.17                                                     |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |Represents the net earnings per share impact of the tax benefit    |
|o|reduction. EPS Calculation: (27.63)mm / 142.7mm Diluted Shares =   |
| |($0.19)                                                            |
|_|___________________________________________________________________|
| |                                                                   |
|_|___________________________________________________________________|
| |$(27.63)mm represents net earnings change due to tax rate          |
| |differences attributable to net losses driven of 2012 events:      |
|_|___________________________________________________________________|
| |2012 effective tax rate - 2012 normalized effective tax rate = rate|
| |impact from net losses * 2012 earnings before tax = earnings       |
|_|___________________________________________________________________|
| |((211.4)% - 31.0% = (242.4)%*$11.4 earnings before taxes = $       |
| |(27.63))                                                           |
|_|___________________________________________________________________|

http://www.spiritaero.com

Investors, Coleen Tabor +1-316-523-7040, or Media, Ken Evans +1-316-523-4070

http://www.spiritaero.com

SOURCE: Spirit AeroSystems Holdings, Inc.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/12/c4845.html

CO: Spirit AeroSystems Holdings, Inc.
ST: Kansas
NI: AIR ARO TRN FIN ERN EST ERN 

-0- Feb/12/2013 12:46 GMT


 
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