Shares in UK-based aerospace and automotive components manufacturer GKN Aerospace dropped 3% in trading on Friday, ending an upward run following the company's 2010 financial report made last week. Revenue at the company jumped 21.9%, although aerospace revenue was down 2.4%, profit before tax more than trebled to GBP363 million.
GKN's outlook for 2011 and beyond is strong, particularly for its aerospace segment. Production increases at Airbus and Boeing, as well as the entry into service of new models over the next few years, are expected to drive revenue for its aerospace business.
EADS announced it will not protest the protest the aerial-refuelling tanker contract awarded to Boeing by the US Air Force. The contract is worth up to USD35 billion and has gone through several legal challenges since Boeing won the original contract in 2003. EADS shares eased 0.4%, while Boeing shares were up 0.1%.
Selected Aerospace daily share price movements (% change): 04-Mar-2011
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