Goodrich Corp.'s (GR) fourth-quarter profit slid 38% amid
falling margins and revenue as the aerospace-parts supplier
continues to deal with a tough marketplace.
While reiterating its 2010 forecast, Chairman and Chief
Executive Marshall Larsen said, "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."
Goodrich reported a profit of $105 million, or 82 cents a share,
compared to $168.7 million, or $1.35 a share, a year earlier. The
company had projected 72 cents to 87 cents.
Revenue fell 3.1% to $1.64 billion. Analysts polled by Thomson
Reuters most recently forecast $1.65 billion.
Gross margin fell to 28.7% from 29.7% while overhead costs
climbed 6.6% amid the revenue increase.
Shares closed Wednesday at $62.23 and were inactive premarket.
The stock is up 56% the past year.
-By Joel Stonington and Kevin Kingsbury, Dow Jones Newswires;
212-416-2934; joel.stonington@wsj.com