*Q1 EPS 40 cents vs. estimate 39 cents
*Shares off nearly 2 pct
ATLANTA, April 29 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
(Reporting by Karen Jacobs, editing by Gerald E. McCormick)