UPDATE 3-Spirit AeroSystems' shares soar on Boeing deal

* Q2 profit, revenue beat Street

* Raises 2017 adj. EPS, cash flow forecasts

* Shares hit record high of $71.55 (Updates shares, adds analyst and Boeing comments)

Aug 2 (Reuters) - Spirit AeroSystems reached a tentative agreement with Boeing on pricing terms related to aircraft such as the 787 Dreamliner as part of a long-pending supply deal, sending its shares to a record high.

The aircraft parts maker on Wednesday said it took a $353 million charge, in the second quarter ended June 29, for lowering prices of certain parts of the 787 aircraft.

The deal comes a year after Spirit Aero reached a similar agreement with Airbus for its A350 XWB aircraft, a competitor to Boeing's Dreamliner.

Boeing, Spirit Aero's biggest customer, and European rival Airbus have been pressing suppliers to cut prices on aircraft parts, as they seek to stay competitive amid burgeoning demand from airlines for more capable planes at lower prices.

"The (deal) removes the major overhang for the stock," Bernstein analyst Douglas Harned said.

Spirit Aero's shares rose just 4.6 percent this year, underperforming the broader Dow Jones U.S. Aerospace index , which increased 26.4 percent.

Spirit Aero has been in talks with Boeing related to prices for parts, including fuselage sections, components connecting engines to wings and wing structures for the 787-9 and 787-10 Dreamliners.

Pricing for the initial configuration of Boeing's wide-body 787-8 variant had been established through 2021, the company had disclosed in a regulatory filing. (http://bit.ly/2w5SiJS)

However, Spirit Aero and Boeing were yet to determine initial prices for parts of the 787-9 and 787-10.

Spirit Aero said on Wednesday that the deal was expected to close in the third quarter of 2017, and it would establish prices for the 787 aircraft through 2022.

The agreement will also address "open commercial issues" on a range of Boeing programs, including the single-aisle 737 Max aircraft.

The deal reduces uncertainty that has long existed with Boeing and preserves Spirit Aero's ability to meet long-term cash flow goals, Chief Executive Tom Gentile said.

Boeing told Reuters that the deal would provide additional stability to its commercial aircraft unit and reduce business risk.

Spirit Aero raised its full-year adjusted earnings per share forecast to $5.00 to $5.25 from $4.60 to $4.85.

The company also increased its free cash flow forecast by $50 million to $500 million to $550 million.

On an adjusted basis, Spirit Aero earned $1.57 per share, beating Street's estimate of $1.21, according to Thomson Reuters I/B/E/S.

Total revenue was little changed at $1.83 billion, but was higher than the $1.75 billion that analysts were expecting. (Reporting by Ankit Ajmera in Bengaluru; Editing by Martina D'Couto)