UPDATE 1-Spirit AeroSystems quarterly profit falls

Thu Apr 29, 2010 9:42am EDT

*Q1 EPS 40 cents vs. estimate 39 cents

*Shares off nearly 2 pct

ATLANTA, April 29 (Reuters) - Spirit AeroSystems Holdings Inc (SPR.N) reported an 11 percent drop in first-quarter profit on Thursday as it recognized costs tied to some aircraft programs, and its shares fell nearly 2 percent.

The supplier to Boeing Co (BA.N) and EADS EAD.PA unit Airbus said net income came to $55.5 million, or 40 cents a share, in the quarter, down from $62.7 million, or 45 cents a share, a year earlier.

Analysts had expected 39 cents a share, according to Thomson Reuters I/B/E/S.

The results included pretax catch-up adjustment charges of $8 million tied to helicopter and business jet programs, and profit margins shrank in the company's major divisions.

J.P. Morgan analyst Joseph Nadol said the results were "somewhat disappointing" in a morning note to clients, adding that per-share profit was aided by a lower tax rate.

Quarterly revenue rose 18 percent to $1.04 billion, compared with $1.02 billion expected by analysts. Revenues in the fuselage systems, propulsion and wing systems segments rose from a year earlier, when shipments were hurt by residual effects of a machinist strike at Boeing.

Spirit AeroSystems, a former Boeing unit, stood by a prior forecast calling for profit of $1.50 a share to $1.70 a share for this year, compared with $1.37 a share for 2009.

Shares of Spirit were off 41 cents to $22.99 in morning trading. (Reporting by Karen Jacobs, editing by Gerald E. McCormick)

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