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Spirit AeroSystems Holdings Inc. stock (SPR) slid 5% in premarket trade Tuesday, after the aerospace company posted a wider-than-expected loss for the fourth quarter amid supply chain snafus and labor shortages. The company had a net loss of $243 million, or $2.32 a share, for the quarter , after a loss of $120 million, or $1.15 a share, in the year-earlier period. The company's adjusted per-share loss came to $1.46, far wider than the loss of 12 cents that was called for by FactSet. Revenue rose 23% to $1.320 billion, also short of the $1.424 billion FactSet consensus. Chief Executive Tom Gentile said it was a challenging year for the entire industry. The company's operating loss was caused by higher changes in estimates during the fourth quarter, as well as the absence of income related to the Aviation Manufacturing Jobs Protection Program that was recognized in the fourth quarter of 2021, partially offset by higher production volumes on the Boeing 737 program. The changes in estimates related to the Airbus A350 and Boeing 787 programs, which were hit by higher labor, freight and rework costs and parts shortages. The stock has fallen 31% in the last 12 months, while the S&P 500 has fallen 8%.

-Ciara Linnane

(END) Dow Jones Newswires

February 07, 2023 07:49 ET (12:49 GMT)

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