Why Spirit Aerosystems (SPR) Stock Is Surging This Afternoon

NEW YORK (TheStreet) -- Shares of Spirit Aerosystems Holdings  (SPR) are surging, up 5.19% to $32.01, after reporting first quarter 2014 financial results that showed revenues were $1.7 billion, up from $1.4 billion for the same period of 2013.

The non-original equipment manufacturer aircraft parts designers and manufacturers of commercial aerostructures said operating income was $194 million, up from $145 million for the same period in 2013, driven by increased volume and favorable cumulative catch-up adjustments on mature programs.

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Net income for the quarter was $154 million, or $1.07 per fully diluted share, compared to net income of $81 million, or 57 cents per fully diluted share, in the same period of 2013. 

The company's revenue and fully diluted earnings per share guidance remains unchanged for 2014.

TheStreet Ratings team rates SPIRIT AEROSYSTEMS HOLDINGS as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate SPIRIT AEROSYSTEMS HOLDINGS (SPR) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."

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