(RTTNews) - Spirit AeroSystems Holdings, Inc. (SPR: News ) Thursday reported a rise in profit for the third quarter, due to an increase in revenues as ship set deliveries for large commercial aircraft increased from the same period of 2008. Earnings for the quarter topped analysts' estimates by seven cents. Further, the company lowered its revenue outlook for fiscal 2009 to reflect the movements of certain non-recurring contract settlements. Earnings outlook for 2009, however, was kept unchanged.

Net income for the third quarter increased to $87.3 million or $0.62 per share from $74.0 million or $0.53 per share in the previous year.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share. Analysts' estimates typically exclude one time charges and gains.

Revenues for the quarter rose 3% to $1.05 billion from $1.03 billion last year, but missed analysts' revenue estimate of $1.12 billion.

By segment, Fuselage Systems revenues for the third quarter were $526 million, up 9% over the same period last year, as deliveries in the prior year quarter were impacted by the Machinists' strike at Boeing. Propulsion Systems segment revenues were $266 million, down 9% over the same period last year due to fewer 747 deliveries and lower aftermarket sales. Wing Systems segment revenues were $257 million, up 4% over the same period last year as increased deliveries to Airbus and Boeing more than offset fewer Hawker 850XP deliveries.

Unallocated corporate SG&A expense declined 25% to $26.7 million from $35.6 million.
For the nine-month period, net income declined to $141.7 million or $1.01 per share from $245.6 million or $1.76 per share in the same period of the previous year. Revenues for the period declined to $3.00 billion from $3.13 billion a year ago.

Looking forward, the company updated its revenue guidance for the full-year 2009 to reflect movement of certain forecasted non-recurring contract settlements out of 2009. Revenues are now expected to be between $4.1 billion and $4.2 billion, down from the previous range of $4.2 billion to $4.3 billion.

Earnings per share for 2009 remains unchanged and is expected to be between $1.45 and $1.55 per share after the increase in interest expense and fees associated with the recently issued senior unsecured notes.

Analysts expect full year earnings of $1.51 per share, on revenues of $4.20 billion.

SPR is currently trading at $17.58, up 0.95 or 5.71%, on a volume of 943K shares on the NYSE.

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by RTT Staff Writer

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