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What: Shares of Spirit AeroSystems (NYSE:SPR) were flying higher today, gaining as much as 10% after beating estimates in its quarterly earnings report.
So what: The airplane-components maker, not to be confused with Spirit Airlines, said revenue jumped 17% to $1.43 billion -- topping expectations of $1.37 billion -- and adjusted earnings per share edged up to $0.43, ahead of the Street's view of $0.40. Spirit is a major supplier of fuselages and wing components to Boeing, and the market seemed to warm to Spirit's statement that its 2013 forecast would not be affected by Boeing's Dreamliner problems. The supplier also said that its backlog grew 4% in the quarter.
Now what: While investors may have been reassured about the statement concerning Boeing, it still seems to early to count on it for sure. Boeing has said that it expects delays in the delivery of the new jets, and that it does not know what the costs of the battery-fire problem will be. The aerospace giant is still working to solve the problem and has not released any updates since conducting test flights. For 2013, Spirit expects revenue of $5.8 billion to $6.0 billion and EPS of $1.90-$2.10, both in line with estimates. Find out if Spirit can deliver by adding the company to your watchlist here.