UPDATE 1-Spirit Aerosystems results miss, hitting stock

* Q3 adj EPS 39 cents vs. estimate 44 cents

* Full-year forecast cut

* Shares off 8 pct

ATLANTA, Nov 2 (BestGrowthStock) – Spirit Aerosystems Holdings Inc
(SPR.N: ) posted quarterly profit on Tuesday that missed Wall
Street estimates, as its parts shipments to plane makers fell
and it took charges, sending its shares down 8 percent.

The company also trimmed its full-year forecast, citing
costs tied to early retirement for staffers and a helicopter
development program.

Spirit, a supplier of fuselage and wing systems to Boeing
Co (BA.N: ) and EADS (EAD.PA: ) unit Airbus, is poised to gain more
business over the longer term as commercial plane production
rises amid recovering air traffic trends. Still, the company
has taken charges in past quarters tied to changes in contract
profitability estimates for some aircraft programs.

“We have been cautious about Spirit’s ability to manage its
increasingly complex program portfolio and facilities, in light
of charges taken on development programs” since the second
quarter of 2009, Sanford Bernstein analyst Douglas Harned said
in a note to clients on Tuesday.

Net income came to $46 million, or 33 cents a share, for
the third quarter, down 47 percent from $87 million, or 62
cents a share, a year earlier.

Adjusted for items including a charge for an early
retirement incentives tied to a labor union agreement, profit
was 39 cents a share, compared with 44 cents expected by
analysts, according to Thomson Reuters I/B/E/S.

Revenue fell 5 percent to $1 billion.

Spirit Aerosystems said it now expects per-share profit of
$1.50 a share to $1.60 a share for this year, compared with an
August view of $1.50 to $1.70, and 2010 revenue in the range of
$4.0 billion to $4.1 billion, compared with a prior forecast of
up to $4.2 billion.

Spirit Aerosystems shares fell 8.1 percent to $19.41 on the
New York Stock Exchange in morning trading.
(Reporting by Karen Jacobs, editing by Gerald E. McCormick)

UPDATE 1-Spirit Aerosystems results miss, hitting stock