WICHITA, Kan. — Spirit AeroSystems said Tuesday that it plans to shed its operations in Oklahoma and postpone filing its second-quarter earnings report.
closed down $0.78, or 3.2 percent, at $25.01.
Spirit has gone through dramatic changes in recent months.
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CEO Larry Lawson replaced longtime CEO Jeff Turner in March. Lawson warned investors in May that the company would do a “comprehensive evaluation” of the development programs in its facilities in Tulsa, Okla., Wichita, Kan., Kinston, N.C., and St. Nazaire, France.
Spirit, which makes large sections of airplanes assembled by Boeing, Airbus and Gulfstream, said last month it would lay off about 360 salaried support and management employees at its Kansas and Oklahoma facilities.
In Tulsa, Spirit manufactures for Boeing the complete leading edges of the 787 wings. Spirit is currently negotiating with Boeing the future terms of its 787 contract.
Poorly negotiated past contracts, in particular the contract to make the wings of the Gulfstream 650 business jet, are at the root of Spirit’s current troubles.
Lawson said in a teleconference Tuesday that “going forward we clearly will do a better job in terms of determining what we participate in and the terms and how we contract.”
Tulsa also makes leading edge components for the wings of the 737, 747 and 777, bulkheads and pressure floor for the 747, and composite floor beams for the 777.
Spirit said Tuesday that it has started a process to divest its Oklahoma operations, which includes sites in Tulsa and McAlester, as part of the broader strategic and financial review it announced in May.
The company said it has hired a financial adviser to help with the process but did not share any further details of the plan. It employs roughly 15,800 people globally and 2,700 in Oklahoma.
Spirit also said that it is delaying filing its second-quarter earnings paperwork with regulators. The company said auditors have not completed their review and that it plans to file and share the results publicly once that process is complete.
The company said that it expects to record a pretax charge between $350 million and $400 million tied to its Gulfstream business jet programs. It did not give a specific earnings forecast for the period, but said it anticipates reporting revenue of $1.52 billion, driven by higher production volumes and non-production revenues.
Analysts are anticipating revenue of $1.47 billion, on average, with estimates ranging from $1.35 billion to $1.51 billion, according to FactSet.
Information from Seattle Times aerospace reporter Dominic Gates is included in this report.