Shares of Solectron ( SLR) tumbled Friday after the company posted a big third-quarter loss and several charges put it out of compliance with an unused credit agreement.

After Thursday's closing bell, the manufacturing services company reported a loss of $3.1 billion, or $3.74 a share, compared with a year-earlier loss of $284.14 million, or 35 cents a share. Sales fell 7.2% to $2.82 billion from $3.03 billion.

"While this quarter was complicated with a number of revaluations that had a negative impact on earnings, we believe the resulting balance sheet is stronger and better positions us," the company said in a statement.

A $1.92 billion goodwill writedown, a $720.8 million deferred tax-asset allowance and $384.1 million in restructuring charges swelled the bottom-line deficit. As a result of the charges, Solectron said it won't be in compliance with a covenant of its undrawn $450 million credit facility.

Charges aside, the company still fell short of Wall Street forecasts. According to consensus estimates of a Thomson First Call survey, analysts predicted a loss of three cents per share for the quarter. Excluding the charges, Solectron reported a loss of ten cents per share.

Analysts at CIBC World Markets lowered their rating of Solectron from sector performer to sector underperformer, saying in a report that while the company "dramatically improved its balance sheet, its cost structure remains uncompetitive."

On Friday, shares of Solectron trading on the New York Stock Exchange plummeted 15.49%, or 68 cents, to $3.71.