WICHITA, Kan. (AP) -- Aircraft parts maker Spirit AeroSystems Holdings Inc. said Monday that it lost $209.4 million in the second quarter as it wrote down the value of some of its airplane programs.
The company took a pretax charge of $448 million, mostly to cover expected cost increases from 2014 through 2019 in programs related to Gulfstream business jets. That was partly offset by a $41 million pretax adjustment for productivity improvements.
With the charge, the loss amounted to $1.47 per share, compared with net income of $34.9 million, or 24 cents per share, a year earlier. The company said that excluding the items, it would have earned 72 cents per share. Analysts surveyed by FactSet, who usually exclude items, were expecting 52 cents per share.
Revenue rose 13 percent to $1.52 billion, topping the $1.50 billion that analysts predicted, according to FactSet.
The Wichita, Kan.-based company released the results nearly a week behind schedule. Last week, it said auditors had not finished reviewing the quarter's results.
Spirit announced last week that it started the process of selling its Oklahoma operations, including facilities in Tulsa and McAlester. The company announced last month that it would lay off about 360 employees in Oklahoma and Kansas.
The company makes large sections of airplanes assembled by Boeing and Airbus.
The shares fell 31 cents to end regular trading at $24.64. During after-hours trading following the release of results, they were up 96 cents, or 3.9 percent, to $25.60.
