Blue Bird Drops 10% on Pension Charge Update
Blue Bird shares dropped 9.6% to $65.75 Tuesday after a new SEC filing revealed an expected material non-cash pension settlement charge for the fiscal third quarter. The company will transfer about $94 million in pension liabilities to Pacific Life via group annuity contracts, affecting 2,044 participants. The move follows recent guidance increases and analyst upgrades. Blue Bird said the transactions will be funded entirely by plan assets.