October 31, 2019 / 11:28 AM / 13 days ago

Spirit AeroSystems profit falls short due to 787 Dreamliner charge

(Reuters) - Spirit AeroSystems Holdings Inc (SPR.N) on Thursday posted a lower-than-expected quarterly profit, hurt by a $33 million charge because of lower production on Boeing Co’s (BA.N) 787 Dreamliner aircraft.

Boeing, which is Spirit’s biggest customer, said last week it would cut 787 aircraft production due to a drought of orders from China amid trade tensions.

The Wichita, Kansas-based aircraft parts maker is also grappling with Boeing’s output cut of the 737 MAX after the worldwide grounding of the plane following two deadly crashes.

Spirit makes parts of the fuselage and structural components for engines of the 737 MAX and 787 jets.

The company's net income fell to $131 million, or $1.26 per share, in the third quarter ended Sept. 26, from $169 million, or $1.59 per share, a year earlier. (bit.ly/323EzSO)

Total revenue rose about 6% to $1.92 billion.

Analysts on average expected Spirit to post a profit of $1.68 per share on revenue of $1.98 billion, according to IBES data from Refinitiv.

Reporting by Ankit Ajmera in Bengaluru; Editing by Bernard Orr

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