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Engility Swings To Loss In Fourth Quarter, Full Year On Impairment Charge

Cal Biesecker By
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Engility Swings To Loss In Fourth Quarter, Full Year On Impairment Charge
John Hynes, president and chief operating officer of Engility. Photo: Engility

A hefty charge related to declines in its stock price this year and declines in its defense business caused Engility [EGL] to record a nearly $300 million non-cash goodwill charge in its fourth quarter, leading to a loss in the quarter and for all of 2015, the company reported on Thursday.The $292 million impairment charge was higher than originally expected and stems from a disparity between the initial fair value estimate and subsequent market capitalization related a bigger than expected…

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