Canaccord Genuity on Spirit AeroSystems (SPR): Out of Spirits
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Price: $39.50 --0%
Rating Summary:
10 Buy, 22 Hold, 1 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
10 Buy, 22 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity on Spirit AeroSystems (NYSE: SPR): Out of spirits.
Canaccord analyst said, "The aircraft parts designer tumbled after announcing that certain shareholders, primarily Onex (OCX) and management, are selling 10.3 million of the company's shares in a secondary offering. Spirit AeroSystems, which supplies parts for Boeing (NYSE: BA) long-awaited 787 aircraft, didn't disclose the expected pricing of the shares. The company had about 141.8 million shares as of December 31. Onex is expected to maintain voting control of the company following the offering. The announcement comes just a day after the company reported other disappointing news: that it would take a charge of about $0.13 a share in the first quarter, related to its development effort on the United Technologies' (NYSE: UTX) Sikorsky CH-53K helicopter program, and leading to a loss on the systems development and demonstration contract. The company did say, however, that it still expects to reach its 2011 profit targets. Spirit Aerosystems last reported results in February that showed profit rose 24% on stronger margins and lower taxes, but revenue edged down 0.6% as fewer large aircraft deliveries were offset by nonproduction revenue. The company plans to report its first-quarter results May 5."
Canaccord analyst said, "The aircraft parts designer tumbled after announcing that certain shareholders, primarily Onex (OCX) and management, are selling 10.3 million of the company's shares in a secondary offering. Spirit AeroSystems, which supplies parts for Boeing (NYSE: BA) long-awaited 787 aircraft, didn't disclose the expected pricing of the shares. The company had about 141.8 million shares as of December 31. Onex is expected to maintain voting control of the company following the offering. The announcement comes just a day after the company reported other disappointing news: that it would take a charge of about $0.13 a share in the first quarter, related to its development effort on the United Technologies' (NYSE: UTX) Sikorsky CH-53K helicopter program, and leading to a loss on the systems development and demonstration contract. The company did say, however, that it still expects to reach its 2011 profit targets. Spirit Aerosystems last reported results in February that showed profit rose 24% on stronger margins and lower taxes, but revenue edged down 0.6% as fewer large aircraft deliveries were offset by nonproduction revenue. The company plans to report its first-quarter results May 5."
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