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Goodrich Corp. Message Board

  • bluecheese4u bluecheese4u Jan 31, 2008 8:23 AM Flag

    Goodrich Announces 12% Increase in Sales and 33% Increase in Net Income per Diluted Share for 4Q07

    Goodrich Announces 12% Increase in Sales and 33% Increase in Net Income per Diluted Share for 4Q07

    Goodrich Announces 12 Percent Increase in Sales and 33 Percent Increase in Net Income per Diluted Share for Fourth Quarter 2007, Reaffirms Outlook for 2008
    • Fourth quarter 2007 sales of $1,668 million increased 12 percent over fourth quarter 2006 sales of $1,495 million.

    • Fourth quarter 2007 income per diluted share of $1.04, a 33 percent increase over fourth quarter 2006 income per diluted share of $0.78.

    • Total segment operating income margin increased to 15.9 percent, from 13.0 percent in the fourth quarter 2006.

    • Full year 2007 sales of $6.4 billion, an increase of 12 percent over full year 2006 sales of $5.7 billion.

    • Full year 2007 income per diluted share from continuing operations of $3.89.

    • Full year 2008 sales and earnings per diluted share expectations unchanged at $7.1 - $7.2 billion and $4.15 — $4.30, respectively. Net cash provided by operating activities, minus capital expenditures, expected to exceed 75 percent of net income in 2008.

    CHARLOTTE, N.C., Jan. 31, 2008 – Goodrich Corporation announced results today for the fourth quarter and full year 2007, and reaffirmed its outlook for full year 2008 results.
    Commenting on the company’s performance, Marshall Larsen, Chairman, President and Chief Executive Officer said, “Overall, 2007 was an excellent year for Goodrich, reflecting strong growth in all of our major market channels and improving margins and cash flow. Our strong fourth quarter results provide us with significant momentum as we look forward to 2008.”
    Larsen continued, “We anticipate strong sales growth in 2008, led by expected double-digit growth in sales to the large commercial airplane original equipment manufacturers. Our commercial aftermarket sales are expected to continue their strong growth, with the majority of our sales coming from non-U.S. customers. We do not believe that right-sizing of US airlines’


    domestic fleets will affect our aftermarket sales since we have far less content on the airplanes that are likely to be retired over the next several years than we have on the airplanes that will remain in service, such as the Airbus A320 and Boeing 737NG aircraft. We believe steady growth in defense and space sales will continue to support our broad and balanced portfolio. In 2008, these sales are expected to drive strong, double-digit growth in earnings per diluted share and continued improvement in cash flow as we near completion of key development programs and focus on improving working capital performance.”
    Goodrich reported fourth quarter 2007 net income of $132 million, or $1.04 per diluted share, on sales of $1,668 million. In the fourth quarter 2006, the company reported net income of $99 million, or $0.78 per diluted share, on sales of $1,495 million. Fourth quarter 2007 sales increased 12 percent and net income per diluted share increased 33 percent compared with the fourth quarter 2006. The company reported an effective tax rate of 33 percent for the fourth quarter of 2007, compared with an effective tax rate of 14 percent during the fourth quarter 2006.
    The increased sales for the quarter reflected continued strong growth in the company’s major market channels. For the fourth quarter 2007 compared with the fourth quarter 2006, sales increases by market channel were as follows:
    • Large commercial airplane original equipment sales increased by 12 percent,

    • Regional, business and general aviation airplane original equipment sales increased by 29 percent,

    • Large commercial,

    http://www.sec.gov/Archives/edgar/data/42542/000095012408000432/c23321exv99w1.htm

    http://www.sec.gov/Archives/edgar/data/42542/000095012408000432/c23321exv99w2.htm