CHARLOTTE, N.C., Jan. 28, 2010 /PRNewswire-FirstCall/ -- -- Fourth
quarter 2009 net income per diluted share of $0.82 compared to
fourth quarter 2008 net income per diluted share of $1.35. --
Fourth quarter 2009 sales of $1,642 million compared to fourth
quarter 2008 sales of $1,695 million. -- Full year 2009 sales of
$6.7 billion, net income per diluted share of $4.70 and earnings
per share from continuing operations of $4.43. Full year 2009 net
cash provided by operating activities, minus capital expenditures,
was 87 percent of 2009 net income from continuing operations, and
included voluntary pension plan contributions that were $50 million
higher than our prior outlook. -- Full year 2010 outlook for sales
of approximately $7.1 billion, including sales from the recently
completed Atlantic Inertial Systems (AIS) acquisition. Expectations
for net income per diluted share are unchanged at $4.15 - $4.40 and
net cash provided by operating activities, minus capital
expenditures, is now expected to exceed 85 percent of income from
continuing operations. Goodrich Corporation (NYSE:GR) announced
results today for the fourth quarter 2009, reaffirmed its outlook
for 2010 net income per diluted share and adjusted its outlook for
sales and cash flow for the full year 2010. Commenting on the
company's performance and its 2010 outlook, Marshall Larsen,
Chairman, President and Chief Executive Officer said, "Our fourth
quarter earnings per share were consistent with the 2009 fourth
quarter outlook range of $0.72 - $0.87, that we provided last
October, and our cash flow significantly exceeded our previous
outlook. During the fourth quarter, we experienced strong growth in
sales of large commercial airplane original equipment and defense
and space products and services. This growth was more than offset
by continued weakness in demand for regional, business and general
aviation original equipment and commercial aftermarket products and
services." "While the market environment for commercial aftermarket
products and services remains challenging, we continue to believe
that 2010 will be a year of modest recovery which should allow us
to grow our commercial aftermarket sales. We continue to expect
aftermarket sales to be weak for the first few months of 2010, with
the recovery beginning towards the middle of the year. In our large
commercial original equipment market channel, Boeing and Airbus
delivered a record 979 new airplanes in 2009 and both manufacturers
are striving to maintain stable production for their narrowbody
airplanes through at least 2010." "Our defense and space sales were
very strong throughout 2009, growing by about 11 percent for the
fourth quarter and 10 percent for the full year. With the inclusion
of sales from the recently completed AIS acquisition, we now expect
defense and space sales to grow about 15% in 2010 compared to
2009." Fourth Quarter 2009 Results Goodrich reported fourth quarter
2009 net income of $105 million, or $0.82 per diluted share, on
sales of $1,642 million. In the fourth quarter 2008, the company
reported net income of $169 million, or $1.35 per diluted share, on
sales of $1,695 million. The $53 million decrease in sales includes
a reduction of $41 million related to the impact of current
economic conditions on the company's sales and approximately $36
million for lower reported sales resulting from the formation of
the engine controls joint venture with Rolls-Royce, which were
partially offset by favorable foreign currency exchange rate sales
impacts of approximately $24 million. For the fourth quarter 2009
compared with the fourth quarter 2008, Goodrich sales changes by
market channel were as follows: -- Large commercial airplane
original equipment sales increased by 22 percent. During the fourth
quarter 2008, large commercial original equipment sales were
adversely affected by the Boeing machinists' strike. There was no
similar impact during the fourth quarter 2009, -- Regional,
business and general aviation airplane original equipment sales
decreased by 44 percent, -- Large commercial, regional, business
and general aviation airplane aftermarket sales decreased by 20
percent, and -- Defense and space sales of both original equipment
and aftermarket products and services increased by 11 percent. The
change in net income per diluted share is primarily attributable to
the impact of lower aftermarket sales, which was partially offset
by cost containment initiatives, and included several other factors
as noted below: -- The fourth quarter 2009 results included higher
pre-tax expense totaling $10 million, $6 million after-tax or $0.05
per diluted share, related to restructuring charges, acquisition
and JV formation-related costs and increased environmental
reserves, compared to the fourth quarter 2008. -- The fourth
quarter 2009 results included higher pre-tax expense of $11
million, $7 million after-tax or $0.05 per diluted share, related
to share-based compensation, compared to the fourth quarter 2008.
-- The fourth quarter 2009 results included higher pre-tax expense
of $26 million, $16 million after-tax or $0.13 per diluted share,
related to worldwide pension plan expense, compared to the fourth
quarter 2008. -- The fourth quarter 2009 results included lower
pre-tax income of $6 million, $3 million after-tax or $0.03 per
diluted share, related to the revision of estimates for certain
long-term contracts primarily in our aerostructures and aircraft
wheels and brakes businesses, compared to the fourth quarter 2008.
-- The company reported an effective tax rate of 29 percent for the
fourth quarter 2009, compared to an effective tax rate of 23
percent during the fourth quarter 2008, which resulted in lower net
income of approximately $0.08 per diluted share, compared to the
fourth quarter 2008. -- The prior year's fourth quarter results
included pre-tax income of approximately $16 million, $15 million
after-tax or $0.12 per diluted share, related to the Rolls-Royce
engine controls joint venture, which was completed on December 31,
2008. There was no similar impact during the fourth quarter 2009.
Net cash provided by operating activities, minus capital
expenditures, for the fourth quarter 2009 was $176 million, a
decrease of $55 million from the same period in 2008. During the
fourth quarter 2008, the company received cash totaling $115
million from Rolls-Royce related to the formation of the engine
controls joint venture. During the fourth quarter 2009, Goodrich
contributed $64 million to its worldwide pension plans, compared to
contributions of $126 million in the fourth quarter 2008. Capital
expenditures were $54 million in the fourth quarter 2009, compared
with capital expenditures of $95 million in the fourth quarter
2008. During the fourth quarter 2009, cash flow provided by
operating activities, minus capital expenditures, was 166 percent
of income from continuing operations. Full Year 2009 Results For
the full year 2009, the company reported net income of $597
million, or $4.70 per diluted share, on sales of $6,686 million.
During the full year 2008, net income was $681 million, or $5.35
per diluted share, on sales of $7,062 million. 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: -- Large commercial airplane original equipment sales
increased by 3 percent, -- Regional, business and general aviation
airplane original equipment sales decreased by 31 percent, -- Large
commercial, regional, business and general aviation airplane
aftermarket sales decreased by 16 percent, and -- Defense and space
sales of both original equipment and aftermarket products and
services increased by 10 percent 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: --
The full year 2009 results included higher pre-tax expense of $102
million, $64 million after-tax or $0.51 per diluted share, related
to worldwide pension plan expense, compared to the full year 2008.
-- The full year 2009 results included higher pre-tax expense of
$30 million, $19 million after-tax or $0.16 per diluted share,
related to share based compensation, compared to the full year
2008. -- The full year 2009 results included after-tax income from
discontinued operations totaling $34 million, or $0.27 per diluted
share, primarily associated with resolution of a past environmental
claim, compared to after-tax income of $8 million, or $0.06 per
diluted share for the full year 2008. -- The full year 2009 results
included lower pre-tax income of $67 million, $42 million after-tax
or $0.33 per diluted share, related to the revision of estimates
for certain long-term contracts primarily in our aerostructures and
aircraft wheels and brakes businesses, compared to the full year
2008. -- The company reported an effective tax rate of 27 percent
for the full year 2009, compared with an effective tax rate of 30
percent during the full year 2008, which resulted in higher net
income of approximately $0.20 per diluted share, compared to the
full year 2008. -- The full year 2009 results included higher
pre-tax expense of $20 million, $12 million after-tax or $0.10 per
diluted share, related to restructuring charges, compared to the
full year 2008. -- The prior year's results included pre-tax income
of approximately $13 million, $13 million after-tax or $0.10 per
diluted share, related to the Rolls-Royce engine controls joint
venture, which was completed on December 31, 2008. There was no
similar impact during 2009. 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. Business Highlights -- Goodrich completed the
acquisition of AIS in late December 2009. AIS is a leading provider
of mission-critical guidance, stabilization and navigation products
and systems for the military and defense market. The acquisition is
expected to be slightly accretive to earnings in 2010, including
the impact of purchase accounting adjustments. -- The first flight
of the Boeing 787 Dreamliner featured a significant number of
Goodrich products. Goodrich systems and components on the 787
include the company's nacelle and thrust reverser system, electric
braking system, air data sensors, ice detectors, engine data
concentrators, fuel management software and the fuel quantity
indicating system. In addition, Goodrich provides the aircraft's
proximity sensing system, the integrated fuel system for the
auxiliary power unit, the cargo operating system, cabin attendant
seating, exterior and flight deck lighting systems, integrated
heated composite floor panels, and a unique flight deck entry video
surveillance system designed to interface with the aircraft's
electronic flight bag system. -- Goodrich's Aircraft Wheels and
Brakes business was selected by flydubai to supply wheels and
carbon brakes for its new fleet of 54 Boeing Next-Generation
737-800 aircraft. Aircraft deliveries with the Goodrich wheel and
brake equipment are expected to begin in March 2010 and continue
through 2013. The wheels and carbon brakes will use Goodrich's
proprietary DURACARB® carbon material, which will provide a weight
savings of approximately 700 pounds per airplane compared to high
capacity steel brakes, and 550 pounds compared to standard capacity
steel brakes. -- Goodrich unveiled its new maintenance, repair and
overhaul (MRO) facility located in Sao Carlos, Brazil in the TAM
Technological Condominium. The facility initially will focus on
repairing International Aero Engine (IAE) V2500-A5 engine inlets,
fan cowls and thrust reversers for customers in Latin America and
the Caribbean. Capabilities will be expanded in the near future to
service other nacelle platforms currently operating in the region.
The current 10,000 square foot site serves as an interim location.
In 2010 Goodrich will begin renovations on a 40,000 square foot
permanent facility adjacent to TAM's heavy maintenance facility in
Sao Carlos. 2010 Outlook 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: -- Large commercial airplane original
equipment sales are expected to increase by about 5 percent. This
outlook assumes that current narrowbody production rates are
maintained at least through early 2011, and that 787 deliveries
begin in late 2010. Additionally, part of the expected growth in
sales is related to the 2008 Boeing strike, which adversely
impacted first quarter 2009 sales, but will not impact 2010 sales,
-- Regional, business and general aviation airplane original
equipment sales are expected to decrease by more than 10 percent,
-- Large commercial, regional, business and general aviation
airplane aftermarket sales are expected to increase by about 4 - 7
percent. This outlook assumes that worldwide available seat miles
(ASMs) increase in the range of 1 - 3 percent in 2010. Goodrich
expects year-over-year sales growth beginning towards the middle of
2010, and -- Defense and space sales of both original equipment and
aftermarket products and services are expected to increase by about
15 percent, including sales generated by the AIS acquisition. 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: -- A full-year effective
tax rate of 29 - 30 percent for 2010, reducing income per diluted
share by about $0.19, compared to 2009. The 2010 effective tax rate
includes a full-year benefit of approximately 1.5 percent related
to an assumed extension of the U.S. research tax credit. -- Pension
expense is expected to be about the same as pension expense
recorded in 2009. During 2009 Goodrich achieved a return on U.S.
plan assets of about 11 percent. The company will use a discount
rate of about 5.9 percent for its U.S. plans in 2010. 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. ---------------------- The supplemental discussion
and tables that follow provide more detailed information about the
fourth quarter 2009 segment results. ----------------------
Goodrich will hold a conference call on January 28, 2010 at 10:00
AM U.S. Eastern Time to discuss this announcement. Interested
parties can listen to a live webcast of the conference call, and
view the related presentation materials, at
http://www.goodrich.com/, or listen via telephone by dialing
913-312-1235. ---------------------- Goodrich Corporation, a
Fortune 500 company, is a global supplier of systems and services
to aerospace, defense and homeland security markets. With one of
the most strategically diversified portfolios of products in the
industry, Goodrich serves a global customer base with significant
worldwide manufacturing and service facilities. For more
information visit http://www.goodrich.com/. ----------------------
FORWARD-LOOKING INFORMATION IS SUBJECT TO RISK AND UNCERTAINTY
Certain statements made in this document are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding our future plans, objectives and
expected performance. Specifically, statements that are not
historical facts, including statements accompanied by words such as
"believe," "expect," "anticipate," "intend," "should," "estimate,"
or "plan," are intended to identify forward-looking statements and
convey the uncertainty of future events or outcomes. We caution
readers that any such forward-looking statements are based on
assumptions that we believe are reasonable, but are subject to a
wide range of risks, and actual results may differ materially.
Important factors that could cause actual results to differ from
expected performance include, but are not limited to: -- demand for
and market acceptance of new and existing products, such as the
Airbus A350 XWB and A380, the Boeing 787 Dreamliner, the EMBRAER
190, the Mitsubishi Regional Jet (MRJ), the Bombardier CSeries, the
Dassault Falcon 7X, the Lockheed Martin F-35 Lightning II and the
Northrop Grumman Joint STARS re-engining program; -- our ability to
extend our commercial OE contracts beyond the initial contract
periods; -- 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; -- our ability
to obtain price adjustments pursuant to certain of our long-term
contracts; -- the financial viability of key suppliers and the
ability of our suppliers to perform under existing contracts; --
the extent to which we are successful in integrating and achieving
expected operating synergies for AIS and other potential
acquisitions; -- 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 changes in regulation and/or assumptions
result in changes to expenses relating to employee and retiree
medical and pension benefits; -- 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. Supplemental Data Segment
Review Quarter Ended December 31, 2009 Compared with Quarter Ended
December 31, 2008 Quarter Ended December 31,
------------------------------------------------ % of Sales %
-------------- 2009 2008 Change 2009 2008 ---- ---- ------ ----
---- (Dollars in millions) NET CUSTOMER SALES Actuation and Landing
Systems $645 $579 11% Nacelles and Interior Systems $533 $603 (12%)
Electronic Systems $464 $513 (10%) ---- ---- Total Sales $1,642
$1,695 (3%) SEGMENT OPERATING INCOME Actuation and Landing Systems
$68.3 $61.4 11% 10.6% 10.6% Nacelles and Interior Systems $100.6
$145.6 (31%) 18.9% 24.1% Electronic Systems $65.0 $69.0 (6%) 14.0%
13.5% ----- ----- Segment Operating Income $233.9 $276.0 (15%)
14.2% 16.3% Actuation and Landing Systems: Actuation and Landing
Systems segment sales for the fourth quarter 2009 increased from
the fourth quarter 2008 primarily due to the following: -- Higher
large commercial airplane OE sales of approximately $67 million,
primarily in our landing gear business; and -- Higher defense and
space OE and aftermarket sales, across all businesses, of
approximately $35 million; partially offset by -- Lower large
commercial, regional, business and general aviation airplane
aftermarket sales, across most businesses, of approximately $15
million; -- Lower regional, business and general aviation airplane
OE sales, across most businesses, of approximately $12 million; and
-- Lower other non-aerospace OE and aftermarket sales of
approximately $9 million, primarily in our engine components
business. Actuation and Landing Systems segment operating income
for the fourth quarter 2009 increased from the fourth quarter 2008
primarily as a result of the following: -- Favorable pricing and
reduced operating costs across most businesses, which resulted in
higher income of approximately $23 million; and -- Higher sales
volume, primarily in our landing gear and actuation systems
businesses, resulting in higher income of $5 million; partially
offset by -- Higher pension and restructuring costs across most
businesses, which resulted in lower income of approximately $11
million; -- Unfavorable product mix, primarily in our landing gear
and wheels and brakes businesses, resulting in lower income of $7
million; and -- Unfavorable foreign exchange of approximately $2
million. Nacelles and Interior Systems: Nacelles and Interior
Systems segment sales for the fourth quarter 2009 decreased from
the fourth quarter 2008 primarily due to the following: -- Lower
large commercial, regional, business and general aviation airplane
aftermarket sales of approximately $74 million, primarily in our
aerostructures and interiors businesses; and -- Lower regional,
business, and general aviation airplane OE sales of approximately
$23 million, primarily in our aerostructures business; partially
offset by -- Higher large commercial airplane OE sales of
approximately $27 million, primarily in our aerostructures and
interiors businesses. Nacelles and Interior Systems segment
operating income for the fourth quarter 2009 decreased from the
fourth quarter 2008 primarily due to the following: -- Lower sales
volume partially offset by favorable product mix, primarily in our
aerostructures business, which resulted in lower income of
approximately $59 million; -- Higher pension and restructuring
costs across most businesses, which resulted in lower income of
approximately $15 million; -- Lower income of approximately $7
million related to changes in estimates for certain long-term
contracts in our aerostructures business that were more favorable
in 2008; and -- Unfavorable foreign exchange of approximately $2
million; partially offset by -- Favorable pricing and reduced
operating costs across most businesses, which resulted in higher
income of approximately $38 million. Electronic Systems: Electronic
Systems segment sales for the fourth quarter 2009 decreased from
the fourth quarter 2008 primarily due to the following: -- Lower
engine controls sales of approximately $36 million which are no
longer being reported by us. Sales in 2009 are recorded by the JV
that was completed in the fourth quarter 2008; -- Lower regional,
business and general aviation airplane OE sales primarily in our
sensors and integrated systems and engine controls and electrical
power businesses of approximately $25 million; and -- Lower large
commercial, regional, business and general aviation airplane
aftermarket sales primarily in our sensors and integrated systems
and engine controls and electrical power businesses of
approximately $23 million; partially offset by -- Higher defense
and space sales across all businesses of approximately $26 million,
including sales of approximately $9 million associated with the
acquisitions of Cloud Cap Technology and Atlantic Inertial Systems,
both of which occurred subsequent to the fourth quarter 2008; and
-- Higher large commercial OE sales primarily in our sensors and
integrated systems and intelligence, surveillance and
reconnaissance businesses of approximately $6 million. Electronic
Systems segment operating income for the fourth quarter 2009
decreased from the fourth quarter 2008 primarily due to the
following: -- Lower sales volume, primarily in our sensors and
integrated systems and engine controls and electrical power
businesses, partially offset by favorable product mix, primarily in
our intelligence, surveillance and reconnaissance business, which
resulted in lower income of approximately $19 million; and --
Higher pension and restructuring costs across most businesses,
which resulted in lower income of approximately $6 million;
partially offset by -- Favorable pricing and reduced operating
costs primarily in our sensors and integrated systems and engine
controls and electrical power businesses, which resulted in higher
income of approximately $13 million; -- Favorable foreign exchange
of approximately $5 million; and -- The favorable effect of the JV
on the segment's operating income of approximately $2 million. We
recorded our portion of the JV's 2009 operating results in other
income (expense) -- net. PRELIMINARY GOODRICH CORPORATION
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) (DOLLARS IN MILLIONS
EXCEPT PER SHARE AMOUNTS) Three Months Year Ended Ended December
31, December 31, ------------ ------------ 2009 2008 2009 2008 ----
---- ---- ---- Sales $1,642.3 $1,695.1 $6,685.6 $7,061.7 Operating
costs and expenses: Cost of sales 1,170.9 1,191.0 4,724.1 4,906.2
Selling and administrative costs 280.3 263.0 1,032.3 1,054.6 -----
----- ------- ------- 1,451.2 1,454.0 5,756.4 5,960.8 -------
------- ------- ------- Operating Income 191.1 241.1 929.2 1,100.9
Interest expense (30.8) (27.2) (121.0) (112.4) Interest income 0.1
0.6 1.1 5.7 Other income (expense) - net (6.5) 8.8 (25.2) (9.6)
---- --- ----- ---- Income from continuing operations before income
taxes 153.9 223.3 784.1 984.6 Income tax expense (45.4) (50.5)
(207.8) (293.0) ----- ----- ------ ------ Income From Continuing
Operations 108.5 172.8 576.3 691.6 Income (loss) from discontinued
operations -net of income taxes (0.5) 0.1 34.5 7.6 ---- --- ----
--- Consolidated Net Income 108.0 172.9 610.8 699.2 Net income
attributable to noncontrolling interests (3.0) (4.2) (13.5) (18.0)
---- ---- ----- ----- Net Income Attributable to Goodrich $105.0
$168.7 $597.3 $681.2 ====== ====== ====== ====== Amounts
attributable to Goodrich: Income from continuing operations $105.5
$168.6 $562.8 $673.6 Income (loss) from discontinued operations
-net of income taxes (0.5) 0.1 34.5 7.6 ---- --- ---- --- Net
Income Attributable to Goodrich $105.0 $168.7 $597.3 $681.2 ======
====== ====== ====== Earnings per common share attributable to
Goodrich: Basic Earnings per Share: Continuing operations $0.84
$1.35 $4.47 $5.34 Discontinued operations (0.01) - 0.28 0.06 -----
--- ---- ---- Net Income Attributable to Goodrich $0.83 $1.35 $4.75
$5.40 ===== ===== ===== ===== Diluted Earnings per Share:
Continuing operations $0.83 $1.35 $4.43 $5.29 Discontinued
operations (0.01) - 0.27 0.06 ----- --- ---- ---- Net Income
Attributable to Goodrich $0.82 $1.35 $4.70 $5.35 ===== ===== =====
===== Dividends Declared per Common Share $0.27 $0.25 $1.02 $0.925
===== ===== ===== ====== PRELIMINARY GOODRICH CORPORATION SEGMENT
REPORTING (UNAUDITED) (DOLLARS IN MILLIONS EXCEPT PER SHARE
AMOUNTS) Three Months Year Ended Ended December 31, December 31,
------------ ------------ 2009 2008 2009 2008 ---- ---- ---- ----
Sales: Actuation and Landing Systems $645.1 $579.0 $2,524.3
$2,614.9 Nacelles and Interior Systems 533.4 603.5 2,322.6 2,485.6
Electronic Systems 463.8 512.6 1,838.7 1,961.2 ----- ----- -------
------- Total Sales $1,642.3 $1,695.1 $6,685.6 $7,061.7 ========
======== ======== ======== Operating Income: Actuation and Landing
Systems $68.3 $61.4 $266.9 $300.0 Nacelles and Interior Systems
100.6 145.6 515.3 647.5 Electronic Systems 65.0 69.0 276.4 268.8
---- ---- ----- ----- Total Segment Operating Income (1) 233.9
276.0 1,058.6 1,216.3 Corporate General and Administrative Costs
(36.0) (28.3) (111.2) (96.1) ERP Implementation Costs (6.8) (6.6)
(18.2) (19.3) ---- ---- ----- ----- Total Operating Income $191.1
$241.1 $929.2 $1,100.9 ====== ====== ====== ======== Segment
Operating Income as a Percent of Sales: Actuation and Landing
Systems 10.6% 10.6% 10.6% 11.5% Nacelles and Interior Systems 18.9%
24.1% 22.2% 26.1% Electronic Systems 14.0% 13.5% 15.0% 13.7% Total
Segment Operating Income as a Percent of Sales 14.2% 16.3% 15.8%
17.2% (1) Segment operating income is total segment revenue reduced
by operating expenses directly identifiable with our business
segments except for certain enterprise ERP implementation expenses
which were not allocated to the segments. Segment operating income
is used by management to assess the operating performance of the
segments. See reconciliation of total segment operating income to
total operating income above. Three Months Year Ended Ended
December 31, December 31, ------------ ------------ 2009 2008 2009
2008 ---- ---- ---- ---- Numerator Income from continuing
operations attributable to Goodrich $105.5 $168.6 $562.8 $673.6
Percentage allocated to common shareholders 98.6% 98.6% 98.6% 98.6%
---- ---- ---- ---- $104.2 $166.3 $555.0 $664.3 ====== ======
====== ====== Denominator Weighted-average shares 124.5 123.1 124.1
124.4 Effect of dilutive securities 1.4 0.5 1.1 1.1 --- --- --- ---
Adjusted weighted-average shares and assumed conversion 125.9 123.6
125.2 125.5 ===== ===== ===== ===== Per share income from
continuing operations Basic $0.84 $1.35 $4.47 $5.34 ===== =====
===== ===== Diluted $0.83 $1.35 $4.43 $5.29 ===== ===== ===== =====
PRELIMINARY GOODRICH CORPORATION CONSOLIDATED BALANCE SHEET
(UNAUDITED) (DOLLARS IN MILLIONS EXCEPT SHARE AMOUNTS) December 31,
December 31, 2009 2008 ---- ---- Current Assets Cash and cash
equivalents $811.0 $370.3 Accounts and notes receivable - net
1,073.2 1,048.9 Inventories - net 2,290.4 1,974.7 Deferred income
taxes 165.2 153.5 Prepaid expenses and other assets 59.6 47.2
Income taxes receivable 15.0 73.7 ---- ---- Total Current Assets
4,414.4 3,668.3 ------- ------- Property, plant and equipment - net
1,451.2 1,391.4 Prepaid pension 0.8 0.6 Goodwill 1,587.0 1,390.2
Identifiable intangible assets - net 633.2 402.8 Deferred income
taxes 16.7 92.0 Other assets 638.1 537.6 ----- ----- Total Assets
$8,741.4 $7,482.9 ======== ======== Current Liabilities Short-term
debt $3.1 $37.7 Accounts payable 547.8 646.4 Accrued expenses
1,037.4 1,005.3 Income taxes payable 0.5 5.6 Deferred income taxes
23.8 25.0 Current maturities of long-term debt and capital lease
obligations 0.5 121.3 --- ----- Total Current Liabilities 1,613.1
1,841.3 ------- ------- Long-term debt and capital lease
obligations 2,008.1 1,410.4 Pension obligations 908.7 973.9
Postretirement benefits other than pensions 301.1 309.4 Long-term
income taxes payable 171.1 172.3 Deferred income taxes 257.2 62.3
Other non-current liabilities 514.5 561.1 Shareholders' Equity
Common stock - $5 par value Authorized 200,000,000 shares; issued
145,241,995 shares at December 31, 2009 and 143,611,254 shares at
December 31, 2008 (excluding 14,000,000 shares held by a wholly
owned subsidiary) 726.2 718.1 Additional paid-in capital 1,597.0
1,525.3 Income retained in the business 2,088.0 1,619.2 Accumulated
other comprehensive income (loss) (673.2) (978.1) Common stock held
in treasury, at cost (20,854,137 shares at December 31, 2009 and
20,410,556 shares at December 31, 2008) (817.0) (793.2) ------
------ Total Shareholders' Equity 2,921.0 2,091.3 Noncontrolling
interests 46.6 60.9 ---- ---- Total Equity 2,967.6 2,152.2 -------
------- Total Liabilities And Equity $8,741.4 $7,482.9 ========
======== PRELIMINARY GOODRICH CORPORATION CONSOLIDATED STATEMENT OF
CASH FLOWS (UNAUDITED) (DOLLARS IN MILLIONS) Three Months Year
Ended Ended December 31, December 31, ------------ ------------
2009 2008 2009 2008 ---- ---- ---- ---- Operating Activities
Consolidated net income $108.0 $172.9 $610.8 $699.2 Adjustments to
reconcile consolidated net income to net cash provided by operating
activities: Loss (income) from discontinued operations 0.5 (0.1)
(34.5) (7.6) Restructuring and consolidation: Expenses 6.0 0.8 21.6
2.1 Payments (3.5) (0.8) (13.6) (2.5) Pension and postretirement
benefits: Expenses 50.4 20.8 199.5 97.7 Contributions and benefit
payments (69.3) (130.5) (271.8) (254.7) Depreciation and
amortization 64.2 65.2 249.3 257.2 Excess tax benefits related to
share-based payment arrangements (1.7) 0.3 (5.0) (8.1) Share-based
compensation expense 21.6 10.9 66.7 36.4 Deferred income taxes
127.3 152.4 139.4 143.4 Change in assets and liabilities, net of
effects of acquisitions and divestitures: Receivables 88.9 23.4
44.8 (125.7) Inventories, excluding pre- production and
excess-over- average (14.3) (45.4) (42.3) (189.8) Pre-production
and excess-over- average inventories (55.3) (37.3) (180.2) (120.6)
Other current assets 4.5 (5.8) 5.5 (8.6) Accounts payable (42.9)
29.9 (142.7) 137.8 Accrued expenses 56.4 98.9 2.5 43.4 Income taxes
payable/receivable (84.5) (114.7) 51.2 36.5 Other non-current
assets and liabilities (26.8) 84.9 (44.7) 50.5 ----- ---- -----
---- Net Cash Provided By Operating Activities 229.5 325.8 656.5
786.6 ----- ----- ----- ----- Investing Activities Purchases of
property, plant and equipment (54.0) (95.1) (169.0) (284.7)
Proceeds from sale of property, plant and equipment - 3.7 1.3 6.5
Payments made for acquisitions, net of cash acquired (362.2) -
(392.1) (131.8) Investments in and advances to equity investees
(0.5) - (2.0) - ---- --- ---- --- Net Cash Used In Investing
Activities (416.7) (91.4) (561.8) (410.0) ------ ----- ------
------ Financing Activities (Decrease) increase in short- term
debt, net (33.5) (74.7) (35.0) 15.9 Proceeds (repayments) of long-
term debt and capital lease obligations 299.1 (2.9) 476.5 (201.0)
Proceeds from issuance of common stock 8.9 0.5 35.3 24.7 Purchases
of treasury stock (16.0) (0.1) (23.8) (138.4) Dividends paid (31.5)
(28.4) (125.6) (114.1) Excess tax benefits related to share-based
payment arrangements 1.7 (0.3) 5.0 8.1 Distributions to
noncontrolling interests (20.0) (2.8) (27.8) (9.6) ----- ---- -----
---- Net Cash Provided By (Used In) Financing Activities 208.7
(108.7) 304.6 (414.4) ----- ------ ----- ------ Discontinued
Operations Net cash provided by (used in) operating activities
(0.1) - 34.1 (2.6) Net cash provided by (used in) investing
activities - - - 15.7 Net cash provided by (used in) financing
activities - - - - --- --- --- --- Net cash provided by
discontinued operations (0.1) - 34.1 13.1 Effect of exchange rate
changes on cash and cash equivalents - (2.3) 7.3 (11.0) --- ----
--- ----- Net increase (decrease) in cash and cash equivalents 21.4
123.4 440.7 (35.7) Cash and cash equivalents at beginning of period
789.6 246.9 370.3 406.0 ----- ----- ----- ----- Cash and cash
equivalents at end of period $811.0 $370.3 $811.0 $370.3 ======
====== ====== ====== PRELIMINARY GOODRICH CORPORATION SUPPLEMENTARY
FINANCIAL INFORMATION (UNAUDITED) (DOLLARS IN MILLIONS) Three
Months Year Ended Ended December 31, December 31, ------------
------------ Preliminary Income Statement Data: 2009 2008 2009 2008
---- ---- ---- ---- Net Interest Expense $(30.7) $(26.6) $(119.9)
$(106.7) Other Income (Expense), Net: $(6.5) $8.8 $(25.2) $(9.6)
----- ---- ------ ----- - Divested business retiree health care
(3.2) (2.4) (12.3) (17.0) - Income (expense) related to previously
owned businesses (5.7) (3.1) (9.1) (9.0) - Equity in affiliated
companies 2.8 1.2 (3.5) 2.7 - Net gain recognized in the formation
of a joint venture - 16.0 - 12.8 - Other Income (expense) (0.4)
(2.9) (0.3) 0.9 Preliminary Cash Flow Data: Dividends $(31.5)
$(28.4) $(125.6) $(114.1) Depreciation and Amortization $64.2 $65.2
$249.3 $257.2 ----- ----- ------ ------ - Depreciation 45.4 47.5
179.2 183.4 - Amortization 18.8 17.7 70.1 73.8 December 31,
December 31, Preliminary Balance Sheet Data: 2009 2008 ---- ----
Preproduction and Excess-Over-Average Inventory $827.7 $633.1
Short-term Debt $3.1 $37.7 Current Maturities of Long-term Debt and
Capital Lease Obligations 0.5 121.3 Long-term Debt and Capital
Lease Obligations 2,008.1 1,410.4 ------- ------- Total Debt(1)
$2,011.7 $1,569.4 Cash and Cash Equivalents 811.0 370.3 ----- -----
Net Debt(1) $1,200.7 $1,199.1 ======== ======== (1) Total Debt
(defined as short-term debt plus current maturities of long-term
debt and capital lease obligations plus long-term debt and capital
lease obligations) and Net Debt (defined as Total Debt minus cash
and cash equivalents) are non-GAAP financial measures that the
Company believes are useful to rating agencies and investors in
understanding the Company's capital structure and leverage. Because
all companies do not calculate these measures in the same manner,
the Company's presentation may not be comparable to other similarly
titled measures reported by other companies. DATASOURCE: Goodrich
Corporation CONTACT: Media, Lisa Bottle, +1-704-423-7060, Laurie
Tardif, +1-704-423-7048, or Investor Relations, Paul Gifford,
+1-704-423-5517 Web Site: http://www.goodrich.com/
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