The stock of Spirit AeroSystems, which supplies and makes parts for Boeing and Airbus, plunged after reporting a net loss in the fourth quarter due to costs related to its Dreamliner program and a reduced value of potential tax benefits.
Shares tumbled $6.46, or 19.6 percent, to $26.51 Thursday.
The company reported a net loss of $587 million, or $4.15 a share, compared with net income of $61 million, or 43 cents, a year earlier. Revenue at the Wichita, Kan.-based company was $1.49 billion, lower than analysts’ estimate of $1.55 billion.
The fourth quarter included a $381 million charge because of deferred tax assets and a net pretax charge of $546 million mainly related to its 787 program. Spirit makes components for all of Boeing’s current lineup of commercial jets, including the 787 Dreamliner.
- The latest on Seahawks safety Kam Chancellor's holdout
- Haggen sues Albertsons for $1 billion over big grocery deal
- A couple thoughts on Fred Jackson, Kam Chancellor and the Seahawks
- Seattle restaurant manager killed hiking in Alaska
- Report gives Seattle drivers worst marks yet; Bellevue isn't far behind
Most Read Stories
“Although the magnitude of the program charges recorded during the quarter was stunning, we believe there is a definite plan to kill risk,” Howard Rubel, an analyst at Jefferies wrote in a note to clients. He rates the shares buy.
For 2014, Spirit said it expects revenue of $6.5 billion to $6.7 billion and earnings per share of $2.50 to $2.65.