(Adds details, background, shares)
Aug 1 Aircraft components maker Spirit
AeroSystems Holdings Inc posted a better-than-expected
quarterly profit and raised its full-year forecast, as Boeing Co
and Airbus boosted production to meet surging
demand for planes.
Spirit Aero's shares rose nearly 8 percent to $35 in
premarket trading on Friday.
Last week, Boeing, which accounts for about 84 percent of
Spirit Aero's revenue, reported a 7 percent rise in commercial
airplane deliveries in the quarter.
Airbus also reported a rise in jetliner deliveries in first
six months of 2014. (bit.ly/1t5NPTj)
Spirit Aero, carved out of Boeing in 2005, raised its 2014
profit forecast to $2.90-$3.05 per share, from $2.50-$2.65. It
raised its revenue forecast to $6.7-$6.9 billion, from $6.5-$6.7
Analysts on average were expecting a profit of $2.95 per
share on revenue of $6.71 billion, according to Thomson Reuters
Spirit Aero said the higher plane production helped revenue
in its fuselage systems business, the company's largest, jump 24
percent to $905 million in the second quarter ended July 3.
Sales at the company's propulsion and wing systems
businesses also increased. Total revenue rose 18.6 percent to
Spirit Aero reported a net income of $143.4 million, or
$1.01 per share, compared with a loss of $209.4 million, or
$1.47 per share, a year earlier.
The year-earlier quarter included a charge of $448 million
in cost overruns on several aircraft wing programs.
Analysts had expected earnings of 68 cents per share on
revenue of $1.68 billion.
Up to Thursday's close, the company's shares have gained
about 27 percent in the past year, compared with a 14 percent
rise in the Dow Jones U.S. Aerospace and Defense index
(Reporting by Ankit Ajmera in Bangalore; Editing by Saumyadeb
Chakrabarty and Savio D'Souza)