Shares of Spirit AeroSystems Holdings Inc. gained ground Tuesday, after the aircraft-components maker reported a surprise fourth-quarter profit, but said it would not provide financial guidance until the timing of Boeing 737 Max production rate increases becomes clear.
The company
SPR,
swung to net income for the quarter to Dec. 31 of $58.7 million, or 52 cents a share, from a net loss of $243.1 million, or $2.32 a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings-per-share of 48 cents compared with the FactSet consensus for a per-share loss of 35 cents.
Bottom-line results for the latest quarter included a $205.6 million loss reversal resulting from an October memorandum of agreement (MOA) with Boeing Co.
BA,
on price adjustments for the Boeing 787 program and the reversal of a potential claim related to the Boeing 737 vertical-fin-attach fittings issue.
The stock climbed 1.1% in premarket trading.
Revenue ran up 37.3% to $1.81 billion, above the FactSet consensus of $1.74 billion, as commercial revenue rose 42.6% and defense and space revenue grew 12.1%.
Deliveries increased 16% to 398 shipsets, including a 28% jump in Boeing 737 deliveries to 104 shipsets.
Spirit’s stock has tumbled 16% year to date, given its part in the inflight blowout of a panel that led to groundings of 737 Max 9 aircraft.
Meanwhile, Boeing’s stock has dropped 20.7% this year while the S&P 500
SPX,
has gained 3.6%.
This story originally appeared on Marketwatch
