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...


-- Higher pricing net of increased operating costs across all business units, which resulted in higher income of approximately $9 million.

Nacelles and Interior Systems: Nacelles and Interior Systems segment sales of $603 million in the quarter ended December 31, 2008 increased $60 million, or 11 percent, from $543 million in the quarter ended December 31, 2007 . The increase was primarily due to the following:

-- Higher large commercial airplane aftermarket sales, including spare parts and MRO volume of approximately $16 million, primarily in our aerostructures and interiors business units;

-- Higher defense and space OE and aftermarket sales of approximately $20 million, primarily in our aerostructures and interiors business units;

-- Higher regional, business, and general aviation airplane OE sales of approximately $13 million, primarily in our aerostructures and interiors business units; and

-- Higher large commercial airplane OE sales of approximately $12 million, primarily in our interiors business unit. In our aerostructures business unit, increased sales to Airbus were offset by decreased sales to Boeing, due primarily to the machinists' strike.

Nacelles and Interior Systems segment operating income of $146 million in the quarter ended December 31, 2008 increased $20 million, or 15 percent, from $126 million in the quarter ended December 31, 2007 . The increased segment operating income was primarily due to the following:

-- Higher sales volume, primarily in our aerostructures and interiors business units, which resulted in higher income of approximately $22 million; partially offset by

-- Higher operating costs of approximately $3 million across all business units.

Electronic Systems: Electronic Systems segment sales of $513 million in the quarter ended December 31, 2008 increased $25 million, or 5 percent, from $488 million in the quarter ended December 31, 2007 . The increase was primarily due to the following:

-- Higher defense and space OE and aftermarket sales of approximately $18 million, primarily in our intelligence, surveillance and reconnaissance and sensors and integrated systems business units, including sales associated with the acquisition of TEAC and ROI of approximately $16 million;

-- Higher large commercial, regional, business and general aviation airplane aftermarket sales of approximately $9 million, primarily in our sensors and integrated systems and engine control and electrical power systems business units, including sales associated with the acquisition of TEAC of approximately $3 million;

-- Higher regional, business and general aviation airplane OE sales of approximately $7 million, primarily in our sensors and integrated systems business unit; partially offset by

-- Lower large commercial airplane OE sales of approximately $7 million, primarily in our engine control and electrical power systems and sensors and integrated systems business units.

Electronic Systems segment operating income of $69 million in the quarter ended December 31, 2008 decreased $3 million, or 4 percent, from $72 million in the quarter ended December 31, 2007 . The decreased segment operating income was primarily due to the following:

-- Higher costs of approximately $13 million, primarily due to higher research and development expenses on new programs in our sensors and integrated systems and engine control and electrical power systems business units; partially offset by

-- Higher sales volume offset by unfavorable pricing and product mix, primarily in our sensors and integrated systems and engine control and electrical power systems business units, which resulted in higher income of approximately $12 million.

SOURCE Goodrich Corporation



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