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,
-2.56%
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,
-0.69%
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,
+0.12%
has gained 3.6%.
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