EADS Swings to $1.44 Billion Quarterly Loss and Cancels US Tanker Deal

European aerospace and defense giant EADS fell over 5% Tuesday after the company announced it lost more than 1 billion euros in the fourth quarter citing a large charge stemming from its A400M military-transport program.

The Airbus parent company added that it plans to cancel the pursuit of a $35 billion deal for refueling planes for the US Air Force.

The company reported a net loss of 1.05 billion euros (USD $1.44 billion) in the three months that ended December 31, compared to a profit of 490 million euros in the year-ago period.