THE LOSS: Aerospace and defense company General Dynamics said Wednesday that it lost $2.13 billion, or $6.07 per share, during the fourth quarter. That compares with net income of $603 million, or $1.68 per share, a year earlier.

THE REASON: The company says it took nearly $3 billion in one-time charges related to a slowdown in defense spending worldwide. About $2 billion was to reduce the value of its Information Systems & Technology group.

THE FUTURE: General Dynamics Corp.'s CEO says the fourth-quarter reflected contracting global defense spending, but also opportunities for improvement in some areas that are being addressed by management.