Aircraft supplier Spirit AeroSystems Holdings (SPR) remains cautious about 2010 commercial aircraft market conditions, after reporting better than expected third quarter results.

Speaking to analysts on a conference call Thursday, Jeff Turner, Spirit AeroSystems president and chief executive, said he's worried that customers Boeing Co. (BA) and Airbus may announce production cuts on single-aisle aircraft in coming months. Analysts have anticipated cutbacks as some airlines, struggling to conserve cash, have deferred delivery on new aircraft. "Single-aisle production has so far defied the accumulated wisdom of analysts," Turner said, adding that "there are so many signs out there that say rates need to trim."

"Clearly," he continued, "volume has a big impact on our business." As well, uncertainties remain on the timing of Boeing's new 787 and 747-8 programs. As a supplier, "we have more tailwinds than headwinds," he said.

Boeing and Airbus have already cut production on larger, twin-aisle aircraft, where the global market is smaller. So far, the plane makers have shifted orders around to keep production flowing for single-aisle aircraft.

Spirit expects its work on the fuselage of the Boeing 787 Dreamliner to ramp up next year, and said work on the Airbus A350 remains on track.

Earlier Thursday, the Wichita aerospace supplier reported third quarter net income of $87 million, or 62 cents per share, on revenue of $1.05 billion. A year ago, the company earned 53 cents per share, hit by a strike at by Boeing machinists that shut down production there for two months.

Shares traded recently at $17.64, up $1.01, or 6%, as the company beat analysts' expectation for third-quarter earnings of 55 cents per share.

For the full year 2009, Spirit still predicts earnings of $1.45 to $1.55 per share, but said revenue will come in slightly lower than its July outlook.

The company said it plans to give a financial forecast for 2010 when it reports 2009 results.

-By Ann Keeton, Dow Jones Newswires; 312-750-4120;ann.keeton@dowjones.com
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