UPDATE 1-Spirit AeroSystems posts higher profit

Thu Nov 5, 2009 2:24pm GMT
 
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*Q3 EPS 62 cents vs. estimate 55 cents

*Full-year revenue forecast lowered

ATLANTA, Nov 5 (Reuters) - Spirit AeroSystems Holdings (SPR.N) said on Thursday that quarterly results improved from a year earlier, when a machinists union strike at key customer Boeing Co (BA.N) hurt shipments of its aircraft parts.

Net income came to $87 million, or 62 cents a share, in the third quarter, compared with $74 million, or 53 cents a share, in the prior year.

Analysts expected profit of 55 cents a share, according to Thomson Reuters I/B/E/S.

Quarterly revenue rose 3 percent to $1.05 billion, compared with $1.12 billion expected by analysts.

Sales of fuselage systems rose 9 percent in the quarter over a year earlier, when the strike at Boeing depressed deliveries. Wing systems revenue rose 4 percent, but propulsion systems sales fell 9 percent.

The company stood by a July forecast calling for full-year profit of $1.45 to $1.55 a share but said 2009 revenue is now expected to be between $4.1 billion and $4.2 billion, compared with a prior range of $4.2 billion to $4.3 billion. It cited the movement of certain forecasted non-recurring contract settlements out of 2009.

Analysts expected profit of $1.51 a share on revenue of $4.2 billion for the year.

(Reporting by Karen Jacobs, editing by Dave Zimmerman)

 

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