Spirit AeroSystems reports a surprise profit but won’t provide guidance until timing of 737 Max production increases becomes clear

Shares of Spirit AeroSystems Holdings Inc.
SPR,
-4.74%
were little changed in premarket trading Tuesday, after the aircraft-components maker reported a surprise fourth-quarter profit, but said it would not provide financial guidance until the timing of 737 Max production rate increases by its customer Boeing Co.
BA,
-1.31%
becomes clear. The company swung to net income of $58.7 million, or 52 cents a share, from a net loss of $243.1 million, or $2.32 a share, in the year-ago period, amid a $205.6 million loss reversal resulting from an October agreement with Boeing on price adjustments for the Boeing 787 program and the reversal of a potential claim related to the 737. Excluding nonrecurring items, adjusted earnings per share of 48 cents compared with the FactSet consensus for a per-share loss of 35 cents. Revenue jumped 37.3% to $1.81 billion, above the FactSet consensus of $1.74 billion, as commercial revenue rose 42.6% and defense and space revenue grew 12.1%. Spirit’s stock has tumbled 16% year to date, given its part in the inflight blowout of a panel that led to groundings of 737 Max 9 aircraft. Meanwhile, Boeing’s stock has dropped 20.7% this year while the S&P 500
SPX,
-0.32%
has gained 3.6%.