Spirit AeroSystems posts 3Q profit
NEWS: Spirit AeroSystems Inc., which makes airplane sections and other components for Boeing and Airbus, reported a third-quarter profit after losing money a year ago as it benefited from a large tax benefit and faster production.
DETAILS: Spirit has been investing to ramp up to make sections of Boeing's new 787. It's also keeping up with Boeing's speedup in production of the 737, for which Spirit makes the fuselage and sends it by rail from Kansas to Renton, Wash. In the most recent quarter, Spirit made sections for 338 planes, up from 311 a year earlier.
NUMBERS: Net income rose to $94 million, or 65 cents per share, after Spirit lost $134 million, or 94 cents per share, a year earlier. The recent profit included a tax benefit of 40 cents per share. The company said its adjusted profit would have been 77 cents per share.
Revenue rose 10 percent to $1.5 billion, from $1.37 billion a year earlier. Analysts surveyed by FactSet had been expecting a profit of 60 cents per share on revenue of $1.5 billion.
FUTURE: Spirit suspended financial guidance in May. It says it will include 2014 guidance when it reports fourth-quarter results, expected in February. Spirit has said it is reviewing its development programs. On Friday it said the review "may result in additional strategic decisions and financial impact."
STOCK: Up $2.09, or 7.8 percent, to $28.78 in morning trading. The shares set a new 52-week high of $29.32 earlier in the morning.