UPDATE 1-Spirit AeroSystems posts higher profit - News

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UPDATE 1-Spirit AeroSystems posts higher profit

By: AFX | 05 Nov 2009 | 09:39 AM ET

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ATLANTA, Nov 5 (Reuters) - Spirit AeroSystems Holdings said on Thursday that quarterly results improved from a year earlier, when a machinists union strike at key customer Boeing Co 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) Keywords: SPIRITAERO/ (karen.jacobs@thomsonreuters.com + 1 404 493 3656; Reuters Messaging: karen.jacobs.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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