Spirit AeroSystems Holdings, Inc. SPR posted first-quarter 2016 adjusted earnings of $1.29per share, beating the Zacks Consensus Estimate of $1.06 by 21.7%. Earnings were also higher than the year-ago figure of $1.00 by 29%.On a GAAP basis, the company reported earnings of $1.29 per share in the reported quarter, compared with $1.30 per share in the prior-year quarter. The difference between operating and GAAP results was due to the impact of deferred tax asset valuation allowance.Spirit Aerosystems Holdings Inc. (SPR) EPS BNRI & Surprise Percent - Last 5 Quarters | FindTheCompany Highlights of the ReleaseTotal revenue of $1,682 million in the first quarter missed the Zacks Consensus Estimate of $1,700 million by 1.1%. Revenues also declined 3% year over year.Backlog at the end of the quarter was $46 billion, registering a sequential increase of $1 billion.Segment PerformanceFuselage Systems: Revenues at the segment decreased 4.7% to $873.8 million from the prior-year figure of $916.8 million.Propulsion Systems: The segment recorded revenues of $438.6 million in the reported quarter, down from $446 million a year ago.Wing Systems: Revenues at this segment decreased 4.3% to $360.5 million.Financial PositionAs of Mar 31, 2016, Spirit AeroSystems had $822.9 million in cash and cash equivalents, compared with $957.3 million as of Dec 31, 2015.Long-term debt (excluding current portion), as of Mar 31, 2016, was $1,083.4 million, compared with $1,097.6 million at the end of 2015.Cash flow from operating activities decreased significantly to $93.8 million in the quarter from $423.7 million a year ago.Capital expenditure was $50.4 million compared with $40.3 million in the year-ago period.GuidanceSpirit AeroSystems maintained its earnings guidance for 2016 in the range of $4.15−$4.35 per share on revenues of $6.6 billion to $6.7 billion.Management expects free cash flow in the range of $325−$375 million and capital investment in the range of $250−$300 million.Other Defense ReleasesRockwell Collins Inc. COL reported financial results for second-quarter fiscal 2016 ended Mar 31, 2016. The company’s adjusted earnings per share of $1.30 surpassed the Zacks Consensus Estimate of $1.29 by 0.8%. Reported earnings also improved 6.6% from the adjusted profit level of $1.22 per share reported a year ago.Raytheon Company RTN reported first-quarter 2016 adjusted earnings from continuing operations of $1.43 per share, beating the Zacks Consensus Estimate of $1.36 by 5.1%. However, earnings decreased 19.7% from the year-ago figure of $1.78.B/E Aerospace Inc. BEAV reported first-quarter 2016 adjusted earnings of 81 cents per share, beating the Zacks Consensus Estimate of 79 cents by 2.53%.Zacks RankSpirit AeroSystems currently has a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ROCKWELL COLLIN (COL): Free Stock Analysis Report SPIRIT AEROSYS (SPR): Free Stock Analysis Report B/E AEROSPACE (BEAV): Free Stock Analysis Report RAYTHEON CO (RTN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research