Spirit AeroSystems Holdings, Inc. Reports Fourth Quarter and Full-Year 2010 Financial Results; Reports Revenues of $4.172 Billion and Fully Diluted EPS of $1.55 Per Share; Provides 2011 Financial Guidance

    <<
    - Full-Year 2010 Revenues of $4.172 billion

    - Full-Year Operating Income of $357 million; Operating Margins of 8.6
    percent

    - Full-Year Fully Diluted Earnings Per Share of $1.55 per share

    - Cash and Cash Equivalents were $482 million at year-end

    - Total backlog of approximately $28.3 billion

    - 2011 Guidance: Revenue between $4.5 - $4.7 billion and fully diluted
    earnings per share between $1.70 and $1.90 per share










    >>

WICHITA, Kan., Feb. 10, 2011 /CNW/ -- Spirit AeroSystems Holdings, Inc. (NYSE: SPR) reported fourth quarter and full-year 2010 financial results reflecting solid core operating performance across the company as demand for large commercial aircraft remains strong.

Spirit's fourth quarter 2010 revenues were $1.071 billion, stable from $1.078 billion for the same period of 2009, as fewer large commercial aircraft deliveries were offset with non-production revenues. Operating income was $96 million, compared to $85 million for the same period in 2009. Net income for the quarter was $62 million, or $0.44 per fully diluted share, compared to $50 million, or $0.36 per fully diluted share, in the same period of 2009. (Table 1)

Table 1. Summary Financial Results (unaudited)

    <<
                      4th Quarter                  Twelve Months
                      -----------                  -------------
    ($ in
     millions,
     except per
     share data)     2010     2009  Change       2010     2009   Change
    ------------     ----     ----  ------       ----     ----   ------
    >>

    <<
    Revenues       $1,071   $1,078       ~0%  $4,172   $4,079           2%
    Operating
     Income           $96      $85        13%    $357     $303          18%
    Operating
     Income as a %
     of Revenues      9.0%     7.9% 110  BPS      8.6%     7.4%   120  BPS
    Net Income        $62      $50        24%    $219     $192          14%
    Net Income as
     a % of
     Revenues         5.8%     4.6% 120  BPS      5.2%     4.7%    50  BPS
    Earnings per
     Share (Fully
     Diluted)       $0.44    $0.36        22%   $1.55    $1.37          13%
    Fully Diluted
     Weighted Avg
     Share Count    141.8    140.2              141.0    139.8
    -------------   -----    -----              -----    -----


    >>

Fourth quarter pre-tax earnings were reduced by approximately ($3) million for the quarter, or ($0.02) per share, related to the award of stock to eligible union employees as part of the new ten-year agreement with the United Automobile, Aerospace, & Agricultural Implement Workers of America (UAW).

Revenue for the full-year reached $4.172 billion. Operating income for the full-year increased to $357 million, up 18 percent from the full-year in 2009. Full-year net income increased 14 percent to $219 million, or $1.55 per fully diluted share, compared to $192 million, or $1.37 per fully diluted share in 2009.

"We continued to execute well on our core programs and made good progress on our development programs in 2010," said President and Chief Executive Officer Jeff Turner. "The operating engine of the company continues to improve while the global demand for large commercial aircraft remains strong and new products are brought to the market."

"During the fourth quarter, we delivered over two-hundred forty core products to our customers as well as making our first delivery of the composite CH-53K helicopter fuselage to the customer. We also reached agreement with the UAW on a new ten-year labor contract in Oklahoma, and established a path forward on the 787 program with Boeing," Turner added.

"Looking forward, our company is financially strong and in a solid competitive position as our core product volumes increase and our development programs mature. With a substantial backlog supporting Spirit's future, we are implementing plans to expand capacity for our core business. With this growth outlook and our focus on performance, we are positioned to drive long-term value," Turner concluded.

Spirit's backlog at the end of the fourth quarter of 2010 was $28.3 billion. 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 2010, resulting in a net pre-tax $10 million ($0.05 per share) unfavorable cumulative catch-up adjustment primarily associated with changes in contract profitability estimates on the 787 program. In comparison, Spirit recognized a $34 million unfavorable cumulative catch-up adjustment for the fourth quarter of 2009.

Cash flow from operations was a $364 million source of cash for the fourth quarter of 2010, compared to a $197 million source of cash for the fourth quarter of 2009. The current quarter compared to the same period of 2009 reflects relatively stable working capital while performance is largely the result of an increase in deferred revenue, partially offset by current and deferred tax effects. (Table 2)

    <<
    Table 2.  Cash Flow and Liquidity
                                     4th Quarter          Twelve Months
                                     -----------          -------------
    ($ in millions)                  2010   2009        2010         2009
    ---------------                  ----   ----        ----         ----
    >>

    <<
    Cash Flow from Operations        $364   $197        $125         ($14)
    Purchases of Property, Plant
     & Equipment                   ($105)  ($70)       ($288)       ($228)
    >>

    <<
                                                   December     December
                                                      31,          31,
    Liquidity                                           2010         2009
                                                        ----         ----
    >>

    <<
    Cash                                                $482         $369
    Total Debt                                        $1,197         $894
    ----------                                        ------         ----


    >>

Cash balances at the end of the year were $482 million, up $113 million from a year ago, largely reflecting the proceeds generated from the issuance of the $300 million senior unsecured notes in November of 2010, and receipt of non-recurring contract payments associated with our development programs, partially offset by continued investment in our new programs. At the end of the fourth quarter of 2010, the company's $650 million revolving credit facility remained undrawn. Approximately $19 million of the credit facility is reserved for financial letters of credit. Debt balances at the end of the fourth quarter were $1,197 million, up $303 million from the end of 2009, primarily reflecting the associated debt for the unsecured notes, issued in fourth quarter of 2010.

During the quarter, the company's credit rating was affirmed by Standard & Poor's with a BB rating while Moody's upgraded its rating to a Ba2.

    <<

    Financial Outlook
    >>

Spirit revenue guidance for the full-year 2011 is expected to be between $4.5 and $4.7 billion based on Boeing's 2011 delivery guidance of 485 to 500 aircraft; expected B787 deliveries; expected Airbus deliveries in 2011 of approximately 520 to 530 aircraft; internal Spirit forecasts for non-OEM production activity and other customers; and foreign exchange rates consistent with those in the second half of 2010.

Fully diluted earnings per share guidance for 2011 is expected to be between $1.70 and $1.90 per share, reflecting continued growth in core programs and transitioning new programs to initial production.

Cash flow from operations, less capital expenditures, is expected to be approximately ($250) million use of cash in the aggregate, with capital expenditures of approximately $325 million.

The effective tax rate for 2011 is forecasted to be between 31 and 32 percent. (Table 3)

Risk to our financial guidance includes, among other factors: 787 delivery volumes; higher than forecasted non-recurring and recurring costs on our development programs; mid-range business jet market risks; and our ability to achieve anticipated productivity and cost improvements; and assumes completion of the 787 contract amendment.

    <<
    Table 3.  Financial             2010
     Outlook                       Actual            2011 Guidance
    -------------------             ------           -------------
    >>

Revenues $4.2 billion $4.5 - $4.7 billion

    <<
    Earnings Per Share
     (Fully Diluted)                   $1.55            $1.70 - $1.90
    >>

Effective Tax Rate 26.3% 31% - 32%

    <<
    Cash Flow from
     Operations                $125  million         ~$75  million
    >>

    <<
    Capital Expenditures       $288  million         ~$325 million
    --------------------       -------------         -------------


    Cautionary Statement Regarding Forward-Looking Statements
    >>

This press release contains "forward-looking statements." 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," "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 and execution 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; potential reduction in the build rates of certain Boeing aircraft including, but not limited to, the B737 program, the B747 program, the B767 program and the B777 program, and build rates of the Airbus A320 and A380 programs, which could be negatively impacted by continuing weakness in the global economy and economic challenges facing commercial airlines, and by a lack of business and consumer confidence and the impact of continuing instability in the global financial and credit markets, including, but not limited to, sovereign debt concerns in Europe; the inability to resolve significant claims with Boeing related to non-recurring and recurring costs on the B787 program; declining business jet manufacturing rates and customer cancellations or deferrals as a result of the weakened global economy; the success and timely execution of key milestones such as certification and delivery of Boeing's new B787 and Airbus' new A350 XWB aircraft programs, including receipt of necessary regulatory approvals and customer adherence to their announced schedules; our ability to enter into supply arrangements with additional customers and 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 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, the Foreign Corrupt Practices Act, 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 successfully extend or renegotiate our primary collective bargaining contracts with our labor unions; 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 and the possibility that we may be unable to borrow additional funds or refinance debt; our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; the outcome or impact of ongoing or future litigation and regulatory actions; and our exposure to potential product liability and warranty claims. 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. You should review carefully the section captioned "Risk Factors" in our 2009 Form 10-K for a more complete discussion of these and other factors that may affect our business.

    <<

    Appendix

    Segment Results

    Fuselage Systems
    >>

Fuselage Systems segment revenues for the fourth quarter of 2010 were $519.1 million, up 2.6 percent over the same period last year, largely driven by additional non-production revenues. Operating margin for the fourth quarter of 2010 was 13.1 percent as compared to 11.5 percent during the same period of 2009. During the fourth quarter of 2010, the segment realized an unfavorable pre-tax $2 million cumulative catch-up adjustment. In comparison, a pre-tax $21 million unfavorable cumulative catch-up adjustment was realized during the fourth quarter of 2009.

    <<

    Propulsion Systems
    >>

Propulsion Systems segment revenues for the fourth quarter of 2010 were $262.8 million, up 1.9 percent over the same period last year, primarily driven by additional non-production revenues and product mix. Operating margin for the fourth quarter of 2010 was 15.2 percent as compared to 9.8 percent in the fourth quarter of 2009, largely driven by favorable product mix. During the fourth quarter of 2010, the segment realized an unfavorable pre-tax $5 million cumulative catch-up adjustment. In comparison, the segment experienced lower aftermarket sales and a pre-tax $8 million unfavorable cumulative catch-up adjustment during the fourth quarter of 2009.

    <<

    Wing Systems
    >>

Wing Systems segment revenues for the fourth quarter of 2010 were $287.7 million, down 7.6 percent over the same period last year, as the previous quarter included additional non-production revenues. Operating margin for the fourth quarter of 2010 was 9.7 percent as compared to 10.7 percent during the same period of 2009. During the fourth quarter of 2010, the segment realized an unfavorable pre-tax $3 million cumulative catch-up adjustment. In comparison, a pre-tax $5 million unfavorable cumulative catch-up adjustment was realized during the fourth quarter of 2009.

    <<
    Table 4.  Segment
     Reporting                          (unaudited)
                                        4th Quarter
                                        -----------
    ($ in millions)              2010      2009     Change
    ---------------              ----      ----     ------
    >>

    <<
    Segment Revenues
       Fuselage Systems        $519.1    $506.0           2.6%
       Propulsion Systems      $262.8    $257.9           1.9%
       Wing Systems            $287.7    $311.5         (7.6%)
       All Other                 $1.5      $2.3        (34.8%)
                                 ----      ----       -------
    Total Segment Revenues   $1,071.1  $1,077.7         (0.6%)
    >>

    <<
    Segment Earnings from
     Operations
       Fuselage Systems         $67.9     $58.2          16.7%
       Propulsion Systems       $39.9     $25.4          57.1%
       Wing Systems             $27.9     $33.4        (16.5%)
       All Other                 $0.5     ($0.4)        225.0%
                                 ----     -----         -----
    Total Segment Operating
     Earnings                  $136.2    $116.6          16.8%
    >>

    <<
    Unallocated Corporate
     SG&A                      ($35.6)   ($29.8)         19.5%
    Unallocated Research &
     Development                ($1.4)    ($1.9)       (26.3%)
    Unallocated Cost of
     Sales (1)(2)               ($3.3)     $0.0            NA
                                -----      ----           ---
    Total Earnings from
     Operations                 $95.9     $84.9          13.0%
    >>

    <<
    Segment Operating
     Margins
       Fuselage Systems          13.1%     11.5%     160  BPS
       Propulsion Systems        15.2%      9.8%     540  BPS
       Wing Systems               9.7%     10.7%    (100) BPS
       All Other                 33.3%   (17.4%)   5,070  BPS
                                 ----   -------    ----------
    Total Segment Operating
     Margins                     12.7%     10.8%     190  BPS
    >>

    <<
    Total Operating Margins       9.0%      7.9%     110  BPS
    -----------------------       ---       ---      --------



    >>

    <<
    Table 4.  Segment
     Reporting                          (unaudited)
                                       Twelve Months
                                       -------------
    ($ in millions)              2010      2009    Change
    ---------------              ----      ----    ------
    >>

    <<
    Segment Revenues
       Fuselage Systems      $2,035.1  $2,003.6         1.6%
       Propulsion Systems    $1,061.8  $1,030.0         3.1%
       Wing Systems          $1,067.4  $1,024.4         4.2%
       All Other                 $8.1     $20.5      (60.5%)
                                 ----     -----     -------
    Total Segment Revenues   $4,172.4  $4,078.5         2.3%
    >>

    <<
    Segment Earnings from
     Operations
       Fuselage Systems        $292.3    $287.6         1.6%
       Propulsion Systems      $137.5    $122.6        12.2%
       Wing Systems            $101.0     $20.7       387.9%
       All Other                ($1.8)    ($1.4)     (28.6%)
                                -----     -----     -------
    Total Segment Operating
     Earnings                  $529.0    $429.5        23.2%
    >>

    <<
    Unallocated Corporate
     SG&A                    ($139.7)  ($122.7)        13.9%
    Unallocated Research &
     Development                ($3.6)    ($3.5)        2.9%
    Unallocated Cost of
     Sales (1)(2)              ($28.7)     $0.0          NA
                               ------      ----         ---
    Total Earnings from
     Operations                $357.0    $303.3        17.7%
    >>

    <<
    Segment Operating
     Margins
       Fuselage Systems          14.4%     14.4%     0  BPS
       Propulsion Systems        12.9%     11.9%   100  BPS
       Wing Systems               9.5%      2.0%   750  BPS
                                                     (1,540)
       All Other               (22.2%)    (6.8%)        BPS
                              -------    ------     -------
    Total Segment Operating
     Margins                     12.7%     10.5%   220  BPS
    >>

    <<
    Total Operating Margins       8.6%      7.4%   120  BPS
    -----------------------       ---       ---    --------


    >>

    <<
        Charges in the fourth quarter of 2010 are associated with the grant of
        shares to represented employees of the UAW in connection with the
    (1) ratification of a new ten-year labor contract.
        Year-to-date charges include the fourth quarter charge related to
        the grant of shares to UAW represented employees; the third quarter
        charge for the IAM Early Retirement Incentive; and the second quarter
        charge related to the grant of shares to represented employees of the
        IAM in connection with the ratification of their ten-year labor
    (2) contract.


    >>

    <<
                   Spirit Ship Set Deliveries
               (One Ship Set equals One Aircraft)
    >>

2009 Spirit AeroSystems Deliveries

    <<
                   1st     2nd     3rd     4th     Total
                   Qtr     Qtr     Qtr     Qtr      2009
                    ---     ---     ---     ---   ------
           B737      74      96      93      87       350
           B747       3       1       3       4        11
           B767       3       3       3       3        12
           B777      21      21      21      19        82
           B787       2       2       2       5        11
                    ---     ---     ---     ---       ---
          Total     103     123     122     118       466
    >>

    <<
    A320 Family     105     101      94     108       408
       A330/340      26      23      28      23       100
           A380       -       2       5       4        11
                    ---     ---     ---     ---       ---
          Total     131     126     127     135       519
    >>

    <<
         Hawker
          850XP      18      13       6       7        44
                    ---     ---     ---     ---       ---
    >>

    <<
          Total
         Spirit     252     262     255     260     1,029
                    ===     ===     ===     ===     =====
    >>

2010 Spirit AeroSystems Deliveries

    <<
                   1st     2nd     3rd     4th     Total
                   Qtr     Qtr     Qtr     Qtr      2010
                  ----    ----    ----    ----    ------
           B737      94      96      93      89       372
           B747       3       1       2       4        10
           B767       3       4       3       5        15
           B777      21      18      14      14        67
           B787       5       4       4       3        16
                    ---     ---     ---     ---       ---
          Total     126     123     116     115       480
    >>

    <<
    A320 Family     102      95      75      96       368
       A330/340      25      23       5      19        72
           A380       1       5       7       5        18
                    ---     ---     ---     ---       ---
          Total     128     123      87     120       458
    >>

    <<
         Hawker
          850XP       5       4       4       6        19
                    ---     ---     ---     ---       ---
    >>

    <<
          Total
         Spirit     259     250     207     241       957
                    ===     ===     ===     ===       ===


    >>

    <<
                       Spirit AeroSystems Holdings, Inc.
                Condensed Consolidated Statements of Operations
                                  (unaudited)
    >>

    <<
                            For the Three              For the Twelve Months
                            Months Ended                       Ended
                              -------------          ---------------------
                      December        December       December       December
                      31, 2010        31, 2009       31, 2010       31, 2009
                      ---------      ---------      ---------      ---------
                            ($ in millions, except per share data)
    >>

    <<
    Net
     revenues          $1,071.1       $1,077.7       $4,172.4       $4,078.5
       Operating
       costs
       and
       expenses:
      Cost of
       sales              918.7          944.2        3,607.9        3,581.4
      Selling,
       general
       and
       administrative      40.1           33.5          156.0          137.1
      Research
       and
       development         16.4           15.1           51.5           56.7
                           ----           ----           ----           ----
         Total
          operating
          costs
          and
          expenses     975.2       992.8     3,815.4     3,775.2
          Operating
          income           95.9           84.9          357.0          303.3
    Interest
     expense
     and
     financing
     fee
     amortization      (18.5)      (14.5)      (59.1)      (43.6)
    Interest
     income                 0.1            0.8            0.3            7.0
    Other
     income
     (expense),
     net                   (0.1)           0.9           (0.4)           6.1
                           ----            ---           ----            ---
         Income
          before
          income
          taxes
          and
          equity
          in net
          loss of
          affiliate     77.4        72.1       297.8       272.8
    Income
     tax
     provision            (15.4)         (22.1)         (78.2)         (80.9)
                          -----          -----          -----          -----
         Income
          before
          equity
          in net
          loss of
          affiliate     62.0        50.0       219.6       191.9
    Equity
     in net
     loss of
     affiliate             (0.1)             -           (0.7)          (0.2)
                           ----            ---           ----           ----
         Net
          income          $61.9          $50.0         $218.9         $191.7
                          =====          =====         ======         ======
    >>

    <<
    Earnings
     per
     share
    Basic                 $0.44          $0.36          $1.56          $1.39
    Shares                138.4          137.2          137.9          138.3
    >>

    <<
    Diluted               $0.44          $0.36          $1.55          $1.37
    Shares                141.8          140.2          141.0          139.8




    >>

    <<
                            Spirit AeroSystems Holdings, Inc.
                          Condensed Consolidated Balance Sheets
                                       (unaudited)
    >>

    <<
                                                 December        December
                                                 31, 2010        31, 2009
                                                  --------        --------
                                                       ($ in millions)
    Current assets
    Cash and cash equivalents                       $481.6          $369.0
    Accounts receivable, net                         200.2           160.4
    Inventory, net                                 2,507.9         2,206.9
    Other current assets                             105.0           116.6
                                                     -----           -----
        Total current assets                       3,294.7         2,852.9
    Property, plant and equipment, net             1,470.0         1,279.3
    Pension assets                                   172.4           171.2
    Other assets                                     164.9           170.4
                                                     -----           -----
        Total assets                              $5,102.0        $4,473.8
                                                  ========        ========
    Current liabilities
    Accounts payable                                $443.5          $441.3
    Accrued expenses                                 220.3           165.5
    Current portion of long-term debt                  9.5             9.1
    Advance payments, short-term                     169.4           237.4
    Deferred revenue, short-term                     302.6           107.1
    Other current liabilities                         19.5            21.8
                                                      ----            ----
        Total current liabilities                  1,164.8           982.2
    Long-term debt                                 1,187.3           884.7
    Advance payments, long-term                      655.2           727.5
    Deferred revenue and other deferred credits       29.0            46.0
    Pension/OPEB obligation                           72.5            62.6
    Other liabilities                                182.3           197.0
    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, 107,201,314
     and 105,064,561 issued, respectively              1.1             1.0
    Common stock, Class B par value $0.01,
     150,000,000 shares authorized, 34,897,388
     and 35,669,740 shares issued, respectively        0.3             0.4
    Additional paid-in capital                       983.6           949.8
    Accumulated other comprehensive loss             (75.3)          (59.7)
    Retained earnings                                900.7           681.8
                                                     -----           -----
        Total shareholders' equity                 1,810.4         1,573.3
    Noncontrolling interest                            0.5             0.5
                                                       ---             ---
        Total equity                               1,810.9         1,573.8
                                                   -------         -------
        Total liabilities and equity              $5,102.0        $4,473.8
                                                  ========        ========




    >>

    <<
                                Spirit AeroSystems Holdings, Inc.
                         Condensed Consolidated Statements of Cash Flows
                                           (unaudited)
    >>

    <<
                                       For the Twelve Months Ended
                                       ---------------------------
                                   December 31,          December 31,
                                       2010                  2009
                                  -------------         -------------
                                             ($ in millions)
    Operating activities
    Net income                            $218.9                $191.7
    Adjustments to
     reconcile net income
     to net cash provided
     by (used in) operating
     activities
         Depreciation expense              115.3                 123.0
         Amortization expense               12.7                  11.0
         Accretion of long-term
          receivable                           -                  (6.5)
         Employee stock
          compensation expense              28.8                  10.1
         Excess tax benefits
          from share-based
          payment arrangements              (5.0)                    -
         (Gain) Loss from
          foreign currency
          transactions                       4.8                  (4.5)
         Loss on disposition of
          assets                             0.7                   0.1
         Deferred  taxes                    48.6                  28.7
         Long-term tax benefit              (9.7)                    -
         Pension and other post-
          retirement benefits,
          net                               (8.9)                  2.2
         Grant income                       (3.1)                 (1.9)
         Equity in net loss of
          affiliate                          0.7                   0.2
    Changes in assets and
     liabilities
         Accounts receivable               (41.6)                 (8.2)
         Inventory, net                   (300.3)               (320.7)
         Accounts payable and
          accrued liabilities               26.8                 125.7
         Advance payments                 (140.3)                (97.5)
         Deferred revenue and
          other deferred credits           181.8                 (14.8)
         Other                              (5.1)                (52.5)
            Net cash provided by
             (used in) operating
             activities                    125.1                 (13.9)
                                           -----                 -----
    Investing activities
    Purchase of property,
     plant and equipment                  (288.1)               (228.2)
    Long-term receivable                       -                 115.4
    Other                                   (0.3)                  0.4
            Net cash (used in)
             investing activities         (288.4)               (112.4)
                                          ------                ------
    Financing activities
    Proceeds from revolving
     credit facility                       150.0                 300.0
    Payments on revolving
     credit facility                      (150.0)               (300.0)
    Proceeds from issuance
     of debt                                   -                   6.9
    Proceeds from issuance
     of bonds                              300.0                 293.4
    Proceeds from
     government grants                         -                   0.7
    Principal payments of
     debt                                   (9.6)                 (7.6)
    Debt issuance and
     financing costs                       (18.0)                (17.3)
     Excess tax benefits
      from share-based
      payment arrangements                   5.0                     -
            Net cash provided by
             financing activities          277.4                 276.1
                                           -----                 -----
    Effect of exchange rate
     changes on cash and
     cash equivalents                       (1.5)                  2.7
                                            ----                   ---
            Net increase in cash
             and cash equivalents
             for the period                112.6                 152.5
    Cash and cash
     equivalents, beginning
     of the period                         369.0                 216.5
    Cash and cash
     equivalents, end of
     the period                           $481.6                $369.0
                                          ======                ======




    >>

SOURCE Spirit AeroSystems Holdings, Inc.

For further information: investors, Alan Hermanson, +1-316-523-7040, or media, Debbie Gann, +1-316-526-3910, both of Spirit AeroSystems Holdings, Inc. Web Site: http://www.spiritaero.com


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