Magellan shares soar on earnings, new contracts

* Shares up more than 30 percent in Toronto

* Q3 EPS of C$0.20 vs C$0.12

* Announces two new projects (In U.S. dollars unless noted)

TORONTO, Nov 13 (Reuters) - Shares of Magellan Aerospace (MAL.TO) soared more than 30 percent on Friday, after the company posted a higher quarterly profit late on Thursday and said it had been awarded two new contracts.

Magellan's stock was up 41 Canadian cents, or 33.9 percent, at C$1.62 on the Toronto Stock Exchange on Friday morning.

The Kitchener, Ontario-based company reported earnings of C$10.8 million ($10.3 million), or 20 Canadian cents a diluted share, compared with C$2.7 million, or 12 Canadian cents a diluted share a year earlier.

The year earlier results included a C$10.4 million price adjustment related to prior periods and a C$3.1 million writedown on inventory and deferred costs.

Revenue fell 5.2 percent to C$164 million.

Magellan said it was awarded a contract to build a turnkey electric power generation plant in Ghana. It said the 24-month contract is expected to generate revenues of $185 million.

It also said it won a contract with Boeing Co (BA.N) to build spare engine shrouds for the U.S. Air Force's fleet of B-1B bombers. The contract includes tooling refurbishment or replacement and production hardware and is expected to generate revenue of $3.5 million.

($1=$1.05 Canadian) (Reporting by John McCrank; editing by Rob Wilson)