The $376 million decrease in sales is attributable to sales reductions of approximately $148 million related to foreign currency exchange rate impacts, approximately $125 million for lower reported sales resulting from the formation of the engine controls joint venture with Rolls-Royce and the impact of current economic conditions on the company's sales.
For the full year 2009 compared with the full year 2008, Goodrich sales changes by market channel were as follows:
The change in net income per diluted share is primarily attributable to the impact of lower aftermarket sales, which were partially offset by cost containment initiatives, and included several other factors as noted below:
Net cash provided by operating activities, minus capital expenditures, for the full year 2009 was $488 million, a decrease of $14 million from the same period in 2008. During the full year 2008, the company received cash totaling $115 million from Rolls-Royce related to the formation of the engine controls joint venture. This decrease was partially offset by lower net cash taxes paid in 2009 of $73 million compared to 2008. The decrease was also attributable to lower income from continuing operations and higher spending on non-product inventory, partially offset by lower capital expenditures and lower growth in working capital. During the full year of 2009, Goodrich contributed $238 million to its worldwide pension plans, compared to contributions of $227 million during the full year of 2008. Capital expenditures were $169 million for the full year of 2009, compared to capital expenditures of $285 million for the full year of 2008. During the full year of 2009, cash flow provided by operating activities, minus capital expenditures, was 87 percent of income from continuing operations, compared to 73 percent for the full year of 2008.
The company's 2010 sales outlook is based on market assumptions for each of its major market channels. The current market assumptions for the full year 2010, compared with the full year 2009, include:
The company's initial full year 2010 sales expectations are for sales of approximately $7.1 billion, representing growth of about 6 - 7 percent compared to 2009. The outlook for 2010 income from continuing operations and net income per diluted share is for a range of $4.15 - $4.40.
The 2010 outlook for income from continuing operations includes, among other factors:
For 2010, Goodrich now expects net cash provided by operating activities, minus capital expenditures, to exceed 85 percent of net income. This outlook reflects ongoing investments to support the current schedule for the Boeing 787 and Airbus A350 XWB airplane programs, and low-cost country manufacturing and productivity initiatives that are expected to enhance margins over the near and long term. The company expects capital expenditures for 2010 to be in a range of $250 - $275 million and worldwide pension plan contributions are now expected to be $100 - $150 million.
The current sales, net income and net cash provided by operating activities outlooks for 2009 and 2010 do not include the impact of potential acquisitions or divestitures.
Goodrich reported a fourth quarter 2009 net income of $105 million.
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