Goodrich Announces 31 Percent Increase in Net Income per Diluted Share and 2 Percent Increase in Sales for Fourth Quarter 2008, Adjusts Outlook for 2009

CHARLOTTE, N.C. , Feb. 4 /PRNewswire-FirstCall/ -- -- Fourth quarter 2008 income per diluted share of $1.35 , a 31 percent increase over fourth quarter 2007 income per diluted share of $1.03 . -- Fourth quarter...

-- cancellation or delays of orders or contracts by customers or with suppliers, including delays or cancellations associated with the Boeing 787 Dreamliner, the Airbus A380 and A350 XWB aircraft programs, and major military programs;

-- the financial viability of key suppliers and the ability of our suppliers to perform under existing contracts;

-- successful development of products and advanced technologies;

-- the health of the commercial aerospace industry, including the impact of bankruptcies and/or consolidations in the airline industry;

-- global demand for aircraft spare parts and aftermarket services;

-- changing priorities or reductions in the defense budgets in the U.S. and other countries, U.S. foreign policy and the level of activity in military flight operations;

-- the possibility of restructuring and consolidation actions;

-- threats and events associated with and efforts to combat terrorism;

-- the extent to which expenses relating to employee and retiree medical and pension benefits change;

-- competitive product and pricing pressures;

-- our ability to recover under contractual rights of indemnification for environmental and other claims arising out of the divestiture of our tire, vinyl and other businesses;

-- possible assertion of claims against us on the theory that we, as the former corporate parent of Coltec Industries Inc, bear some responsibility for the asbestos-related liabilities of Coltec and its subsidiaries;

-- the effect of changes in accounting policies or tax legislation;

-- cumulative catch-up adjustments or loss contract reserves on long-term contracts accounted for under the percentage of completion method of accounting;

-- domestic and foreign government spending, budgetary and trade policies;

-- economic and political changes in international markets where we compete, such as changes in currency exchange rates, inflation, fuel prices, deflation, recession and other external factors over which we have no control;

-- the outcome of contingencies including completion of acquisitions, divestitures, tax audits, litigation and environmental remediation efforts; and

-- the impact of labor difficulties or work stoppages at our, a customer's or a supplier's facilities

We caution you not to place undue reliance on the forward-looking statements contained in this document, which speak only as of the date on which such statements are made. We undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date on which such statements were made or to reflect the occurrence of unanticipated events.

Actuation and Landing Systems: Actuation and Landing Systems segment sales of $579 million for the quarter ended December 31, 2008 decreased $58 million, or 9 percent, from $637 million for the quarter ended December 31, 2007 . The decrease was primarily due to the following:

-- Lower large commercial airplane OE sales of approximately $52 million, primarily in our landing gear business unit. The sales decrease was primarily associated with the Boeing strike, which ended in November 2008 ; and

-- Lower defense and space OE and aftermarket sales of approximately $7 million, primarily in our actuation systems and aircraft wheels and brakes business units; partially offset by

-- Higher non-aerospace sales of approximately $4 million in our engine components business unit.

Actuation and Landing Systems segment operating income of $61 million for the quarter ended December 31, 2008 decreased $5 million, or 8 percent, from $66 million for the quarter ended December 31, 2007 . This decrease in operating income was primarily due to the following:

-- Settlement of an A380 claim with Northrop Grumman in the fourth quarter of 2007 that did not recur in 2008, which resulted in lower income of approximately $16 million; partially offset by

-- Favorable product mix across most business units, which resulted in higher income of approximately $4 million; and

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