HARTFORD, Conn. (AP) ¿ Shares of Esterline Technologies Corp. surged Friday, a day after the aerospace and defense contractor posted strong third-quarter earnings and raised its 2009 guidance. Credit Suisse analyst Robert Spingarn said Esterline's performance is a trend that will continue. The Bellevue, Wash., company's revenue of $361.5 million for the quarter ended July 31, down slightly from $363.5 million a year earlier, was "slightly light" relative to consensus estimates, he said in a note to investors. However, sales were solid, considering the recession, an "erratic flow" of spare parts sales as airlines work down inventories and other issues, Spingarn said. He said he believes fiscal 2009 will mark the bottom for Esterline as the market for replacement parts and maintenance recovers next year and full-year contributions are included for two recent acquisitions, the Racal acoustics business and NMC Aerospace. He raised his fiscal 2009 estimate to $3.36 per share from $3 and increased his fiscal 2010 estimate to $3.75 per share from $3.61. Shares rose $5.06, or 16.6 percent, to $35.56 in morning trading Friday. Esterline said third-quarter net income was $32.6 million, or $1.09 per share, up 59 percent from $20.5 million, or 68 cents per share, in the same period last year. And it raised its 2009 guidance to between $3.10 per share and $3.30 per share, from its previous $3 per share to $3.20 per share, reflecting a third-quarter tax credit of about 10 cents per share.
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