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Boeing supplier Spirit AeroSystems 4Q profit flat

Boeing supplier Spirit AeroSystems' 4Q profit flat, backs 2013 forecast; shares jump

Associated Press

WICHITA, Kan. (AP) -- Shares of Spirit AeroSystems Holdings Inc., a supplier for aircraft makers Boeing and Airbus, rose Tuesday after the company reported fourth-quarter profit that was nearly unchanged and backed its forecast for 2013.

The Wichita, Kan., company reported net income of $60.7 million, or 43 cents per share, for the quarter. That's up less than 1 percent from $60.4 million, or 42 cents per share, in the same quarter of the prior year. Revenue rose 17 percent, to $1.43 billion from $1.22 billion, on strong demand and higher production for core products, Spirit AeroSystems said.

Analysts polled by FactSet were expecting the company to earn 43 cents per share on revenue of $1.36 billion.

The company kept its adjusted earnings forecast for the year of $2.20 to $2.40 per share on revenue of $5.8 billion to $6 billion. Analysts had predicted earnings of $2.27 per share on revenue of $6 billion.

The company is looking for a new CEO after saying in November that its current chief executive, Jeffrey Turner, would retire early in 2013. The company said Tuesday that it has reviewed a number of candidates, both internal and external, and continues to move through the process. Turner helped mold the company, which was formed in 2005 after Boeing Co. spun off its commercial aircraft operations in Wichita and in Oklahoma.

Shares increased $1, or 6.2 percent, to $17.13 in heavy afternoon trading. Its shares are slowly adding back value after taking a sharp dive in October when it announced it would book $590 million in charges for its third quarter because of setbacks in several aircraft contracts.

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