Claremore Daily Progress

Top Stories

August 6, 2013

Spirit AeroSystems to shed Oklahoma operations

WICHITA, Kan. —

Spirit AeroSystems Holdings said Tuesday that it plans to shed its operations in Oklahoma and postpone filing its second-quarter earnings report.

Shares of the Wichita, Kan., aircraft parts maker fell 8 percent following the announcement before regaining some of the loss.

Spirit has gone through a number of major changes in recent months, 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 its facilities in Tulsa, Okla., Wichita, Kan., Kinston, N.C., and St. Nazaire, France. The company said in July that it would lay off about 360 salaried support and management employees at its Kansas and Oklahoma facilities.

The company makes large sections of airplanes assembled by companies such as Boeing and Airbus.

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 employees 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 pre-tax 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.

Shares of Spirit AeroSystems Holdings Inc. lost 82 cents, or 3.2 percent, in afternoon trading. Its stock fell as low as $23.69 earlier in the session.

1
Text Only
Top Stories
  • City open records dispute continues

    The city of Claremore will pay $41,324.25 in attorney fees to the Vinita law firm who challenged their compliance with the Oklahoma Open Records Act.

     

    July 29, 2014

  • Claremore sisters featured on talk show

    During their recent trip to Los Angeles, Claremore sisters Lindsey and Whitney Martin made the most of their time in the city of angels, spending time with family, visiting several beaches, restaurants and Hollywood attractions.

    July 29, 2014 1 Link

  • Elementary students learn to bid at Zebra Stripes auction

    Claremore elementary students in the Zebra Stripes summer care program participated in a student-friendly auction Friday at Roosa Elementary. The auction was presented by Daneen Shepherd, realtor/broker and auctioneer of Tulsa, who taught the children how to bid on items efficiently and effectively.

    July 29, 2014 1 Link

  • Treasurer issues tax warrants

    For the first time, tax warrants are being issued in Rogers County to collect unpaid personal property taxes.
    This week, some local business owners should expect to be served by the Rogers County Sheriff’s office.
    Personal tax warrants have been issued to three local companies, who owe a total of approximately $38,000 in past due taxes.

    July 29, 2014

  • No evidence or human remains found

    Rogers County Sheriff’s deputies and assisting agencies vacated a Tiawah property Friday, after no evidence or human remains were found in connection to the disappearance of a local resident that went missing in 1996.

    July 27, 2014

  • RCLC launches letter campaign

    The Rogers County Literacy Council, RCLC, is launching their annual letter writing campaign.
     A United Way Organization, the council is asking for community support to help promote literacy in the English language.

    July 27, 2014

  • taylor.armerding.jpg Inequality crisis shot with factual problems, hypocrisy

    President Obama, various media and political liberals say inequality, of all things, is the defining issue of our times. Yet this message is delivered by multimillionaires and a president who jets from tee time to stump speech on the taxpayer's dime.
     

    July 26, 2014 1 Photo

  • Obama wants limits on US company mergers abroad

    Staking out a populist stand ahead of the midterm elections, President Barack Obama on Thursday demanded “economic patriotism” from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers.

    July 25, 2014

  • Local churches impact poverty

    Claremore First Christian Church, First United Methodist and the Pastoral Alliance are combining efforts to host a 16-week program, “Getting Ahead in a Just Getting by World,” based off of the national program — “bridges out of poverty.”

    July 25, 2014

  • Grand Jury recesses until August

    The multicounty grand jury charged with investigating accusations of misconduct by Rogers County officials recessed Thursday until August 19-21, saying it needed to hear from more witnesses before returning a finding in the matter.

    July 25, 2014