* Reiterates 2013 revenue and earnings outlook
* Forecast based on Boeing's delivery outlook, including
* Fourth-quarter earnings per share $0.43, vs est $0.41
* Revenue up 17 pct
* Spirit says CEO search "moving through the process"
* Shares rise as much as 10 pct
By Bijoy Anandoth Koyitty
Feb 12 Spirit AeroSystems Holdings Inc,
which supplies parts for aircraft including Boeing Co's
Dreamliner, reported better-than-expected quarterly results on
strong global orders for aircraft and reiterated its 2013
Spirit, which generates about 85 percent of its revenue from
Boeing, did not mention any impact on the company from the
worldwide grounding of Boeing 787 Dreamliners on Jan. 16 after a
series of battery-related incidents.
Shares of Wichita, Kansas-based Spirit, which makes
fuselages, propulsion systems and wind components, rose as much
as 10 percent on the New York Stock Exchange.
Boeing said last month its 2013 forecast did not take into
account any potential impact from the grounding of the
Dreamliner. Its suppliers have been in focus amid concerns that
aircraft delivery schedules might get disrupted.
"The story on Boeing is, they are having battery issues. But
Boeing is forging ahead with its planned production rate
increases," BB&T Capital Markets analyst F. Carter Leake said.
"At these rates, Spirit is reasonably well positioned."
Spirit, which is Boeing's biggest supplier of fuselages and
wing components, also makes parts for Airbus and other
jet makers. It has benefited recently from rising commercial
Spirit is on the lookout for a new Chief Executive Officer
as existing CEO Jeff Turner plans to retire early this year. The
company on Tuesday said the search was still on.
"We are looking at both internal and external candidates
thoroughly. We have reviewed a number of candidates ... We are
moving through the process," CEO Turner said on a conference
call with analysts.
In the quarter ended December, the company's revenue rose 17
percent to $1.43 billion.
Spirit's order backlog at the end of the quarter was $35
billion, up about 4 percent from a year earlier. Net income
edged up to $60.7 million, or 43 cents per share, from $60.4
million, or 42 cents a share.
Analysts on average were looking for earnings of 41 cents
per share on revenue of $1.37 billion, according to Thomson
The company's shares, which have risen 6 percent in the last
three months, gained a further 9 percent on Tuesday to $17.58.
They touched a high of $17.75.