WICHITA, Kan. (AP) – Spirit Aerosystems Holdings Inc. on Tuesday reported a fourth-quarter loss of $295.9 million, after reporting a profit in the same period a year earlier.
The Wichita-based company said it had a loss of $2.85 per share. Losses, adjusted for pretax expenses and costs related to mergers and acquisitions, came to $1.31 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 67 cents per share.
The aircraft parts maker posted revenue of $876.6 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $909.5 million.
For the year, the company reported a loss of $870.3 million, or $8.38 per share, swinging to a loss in the period. Revenue was reported as $3.4 billion.
The company blamed the loss on lower Boeing 737 Max production resulting from the grounding of the program and impacts of COVID-19. The company also reduced employees by 8,000.
Spirit Aerosystems shares have increased slightly more than 9% since the beginning of the year. The stock has fallen 34% in the last 12 months.