Shares of Spirit AeroSystems Holdings Inc. rose. On Tuesday, after the aircraft components maker reported surprising fourth-quarter earnings, but said it would not provide financial guidance until the timing of Boeing's 737 Max production ramp-up becomes clear.
SBR Company,
It swung to net income for the quarter ended Dec. 31 of $58.7 million, or 52 cents per share, from a net loss of $243.1 million, or $2.32 per share, in the same period last year. Excluding one-time items, adjusted earnings per share were 48 cents compared to the FactSet consensus for loss per share of 35 cents.
The final results for the fourth quarter included the reversal of a $205.6 million loss resulting from an October memorandum of agreement (MOA) with Boeing Co. BA,
Regarding pricing adjustments for the Boeing 787 program and canceling a potential claim related to the issue of vertical stabilization equipment for the Boeing 737 aircraft.
The stock rose 1.1% in pre-market trading.
Revenue rose 37.3% to $1.81 billion, above the FactSet consensus of $1.74 billion, as commercial revenue rose 42.6% and defense and aerospace revenue grew 12.1%.
Deliveries increased 16% to 398 ship combinations, including a 28% jump in Boeing 737 deliveries to 104 ship combinations.
Spirit's stock is down 16% year to date, due to its role in an in-flight panel explosion that grounded 737 Max 9 planes.
Meanwhile, Boeing stock is down 20.7% this year, while the S&P 500 SPX is down,
It rose by 3.6%.
