Spirit AeroSystems on Tuesday reported higher quarterly profit, but cut its full-year earnings and revenue forecast to take account of production delays on Boeing's new 787.

Spirit, a former Boeing unit which makes a range of fuselage and wing parts for large commercial planes, is one of the major suppliers on Boeing's carbon-composite 787 Dreamliner, which is now running about 15 months late after three major delays.

The company, which also supplies Airbus, reported first-quarter net profit of USD$85 million, compared with USD$70 million in the year-ago quarter.

Revenue rose 9 percent to USD$1.04 billion.

Its shares rose USD$1.10, or 4 percent, to USD$28.70 on the New York Stock Exchange.

Spirit, which is making the forward fuselage and nose of the 787, cut its full-year forecasts because of Boeing's latest announcement, earlier this month, that it would not deliver the first 787 until the third quarter of next year, at the earliest.

Boeing said it would deliver only 25 of the new planes by the end of 2009, far fewer than its original projection of 112. That means major suppliers such as Spirit must adjust their forecasts, as many had agreed to be paid only when the completed planes are certified and delivered to airlines.

Because of the cut in deliveries on the 787, Spirit said it now expected full-year revenue of USD$4.4 billion, down from its last estimate of USD$4.7 billion.

Earlier this month, Spirit said it had received a cash payment of USD$124 million for work on the 787, after Boeing agreed to pay Spirit when it delivers parts to Boeing, rather than waiting for the planes to be completed and certified. Spirit said Boeing would make further payments later this year.

Spirit added that in March it arranged the ability to take on more debt, increasing its revolving credit facility from USD$400 million to USD$650 million.