Spirit AeroSystems Holdings stock jumped the most in eight years after reaching an understanding with Boeing, its largest customer, that could end a sprawling contract dispute affecting every commercial jet in the planemakers product lineup.

The two companies signed a memorandum of understanding addressing open commercial issues on a range of Boeing programs, including the 737 Max and 787 Dreamliner, Spirit said in a statement Wednesday as it announced earnings. The manufacturers are still working to finalize the five-year pact.

The tentative accord takes a major step toward removing a question mark surrounding Spirit, which makes major air-frame components and relies on Boeing for 80 percent of sales. The pact also provides a boost to Chief Executive Officer Thomas Gentile, who joined Wichita, Kansas-based Spirit last year.

Despite warnings that a deal still isnt finalized, investors are likely to take the news of an MoU with Boeing as a sign of good progress and at least a partial removal of the uncertainty that has clouded the stock over the last few years, Rob Stallard, an analyst at Vertical Research Partners, told clients.

Spirit shares closed up 17 percent at $71.72. The stocks largest previous intraday gain in eight years was 15 percent. Boeing dropped 1 percent to $237.95.

Spirit AeroSystems also posted earnings Wednesday morning.

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The aerospace manufacturers adjusted earnings rose to $1.57 a share in the second quarter, exceeding the $1.20 average of analyst estimates compiled by Bloomberg. Sales were little changed at $1.83 billion. Analysts had predicted $1.74 billion.

The company also increased its full-year profit forecast to a range of $5 to $5.25 a share. Analysts had anticipated $4.81 a share.

Spirit employs about 1,400 people at its Tulsa facility and about 250 workers in McAlester.

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Boeing supplier Spirit AeroSystems surges on tentative deal in contract dispute - Tulsa World