Spirit AeroSystems (SPR) edges higher as impact from 737 issue is better-than-feared

Spirit Aero (NYSE: SPR) shares are moving higher in pre-market Wednesday despite the company reporting weaker-than-expected first-quarter results.

Revenue rose 22% year-over-year to $1.43 billion while the adjusted loss per share came in at $1.69, much worse than the expected loss per share of 28 cents. Analysts were expecting sales of $1.51B.

Spirit also issued a business update related to the quality issue identified on some Boeing (NYSE: BA) 737 models.

“Company has identified the affected units located in Wichita and has begun implementing repairs to those units. The current assessment is that the repair work will be completed on available units in Wichita by the end of July. Spirit has also started to build and deliver new units with the revised process," Spirit said in the update.

The company expects an impact of $31 million on its full-year gross profit, including $17 million reflected in the Q1 results.

By Senad Karaahmetovic

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