Goodrich reported fourth quarter 2008 net income of
Net income in the fourth quarter 2008, compared with the fourth quarter 2007, was affected by the overall increase in sales and improved operational efficiencies in most business units. Three other factors affected fourth quarter net income, compared to the fourth quarter 2007, including:
-- The fourth quarter 2008 results included pre-tax income of
-- The company reported an effective tax rate of 23 percent for the fourth quarter of 2008, compared with an effective tax rate of 33 percent during the fourth quarter 2007. The effective tax rate for the fourth quarter 2008 included the full year 2008 benefit of the extension of the U.S. Research and Development tax credit, which became law in October 2008 . The company also benefited from lower than expected effective state tax rates and a low effective rate on the gain associated with the formation of the Rolls-Royce joint venture noted above.
-- The fourth quarter 2007 results included pre-tax income of
The increased overall sales for the quarter reflected continued growth in most of the company's major market channels. For the fourth quarter 2008 compared with the fourth quarter 2007, sales changes by market channel were as follows:
-- Large commercial airplane original equipment sales decreased by 11 percent. Sales to Airbus grew by about 9 percent, but sales to Boeing declined by about 40 percent primarily due to the machinists' strike which resulted in fewer deliveries of components for Boeing airplanes,
-- Regional, business and general aviation airplane original equipment sales increased by 15 percent,
-- Large commercial, regional, business and general aviation airplane aftermarket sales increased by 4 percent, and
-- Defense and space sales of both original equipment and aftermarket products and services increased by 7 percent.
Sales during the fourth quarter 2008, compared to the fourth quarter 2007,
were negatively affected by
Net cash provided by operating activities during the fourth quarter 2008
Full Year 2008 Results
For the full year 2008, the company reported income from continuing
Net income for the full year 2008 was
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Goodrich reported a fourth quarter 2009 net income of $105 million.