Spirit Aerosystems To Shed Oklahoma Operations, Postpones Earnings Report
Spirit AeroSystems Holdings shares sank Tuesday after the aircraft parts maker said it would postpone filing its second-quarter earnings report and plans to shed its operations in Oklahoma.
The Wichita-based airplane manufacturer has gone through a number of major changes recently, including adding CEO Larry Lawson in March. Lawson warned investors in May that the company would do a "comprehensive evaluation" of the development programs in Tulsa, Okla., Wichita, Kan., Kinston, N.C., and St. Nazaire, France.
On July 25, Spirit said it would lay off about 360 salaried support and management employees at its Kansas and Oklahoma facilities.
Spirit said Tuesday that it has started a process to divest its Oklahoma operations, which includes sites in Tulsa and McAlester, Okla., 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 a representative for the company was not immediately available to discuss further details of the plan.
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 pre-tax charge between $350 million and $400 million tied to its Gulfstream business jet programs.
Shares of Spirit AeroSystems Holdings Inc. traded as low as $23.69, an 8 percent drop, early in Tuesday's session, but regained most of the loss by midday. The stock was down 11 cents, to $25.68, around noon.