Plane supplier Spirit AeroSystems posts higher profit
(Reuters) - Spirit AeroSystems Holdings Inc (SPR.N), a supplier to Boeing (BA.N) and other jet makers, reported a higher-than-expected quarterly profit as parts deliveries rose.
The maker of structures for wings and fuselages, which in March named former Lockheed Martin executive Larry Lawson as president and chief executive, said on Thursday it planned a review of programs in several locations and would not update its financial outlook at this time.
Spirit, which is Boeing's biggest supplier of fuselages and wing parts, is benefiting from higher commercial plane production. The company has recorded charges in past quarters tied to cost overruns on certain plane programs, including the 787 Dreamliner.
"It was really the first clean quarter without write-offs that (Spirit) has reported in quite some time," Michael Callahan, a senior aerospace analyst with Topeka Capital Markets, said of the first quarter.
Net income for Spirit AeroSystems came to $81 million, or 57 cents a share, in the first quarter, compared with $74 million, or 52 cents a share, a year earlier.
Analysts expected profit of 46 cents a share on average, according to Thomson Reuters I/B/E/S.
Revenue increased 14 percent to $1.44 billion. Overall deliveries of components for planes and business jets rose 11 percent in the quarter, and deliveries for large Boeing aircraft programs were up 9 percent.