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.
- Seahawks 39, Steelers 30: What the national media are saying about Russell Wilson and Seattle's turnaround
- On his birthday, Russell Wilson gives Seattle Seahawks perhaps his greatest game to beat Pittsburgh Steelers
- Lake Stevens quarterback Jacob Eason gets visit from WSU’s Mike Leach; commitment to Georgia ‘in holding pattern’
- Girlfriend finds nothing funny about couple’s sense of humor
- WWU police arrest 19-year-old student in racist-threats case
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.