GR Goodrich Corp. (The)

Goodrich Corporation (GR) has launched the latest and highest performance stabilized camera gimbal, TASE400; the fourth complete gimbal solution from the company.

The TASE400 gimbal is for both manned and unmanned Intelligence Surveillance and Reconnaissance (“ISR”) applications that require low size, weight and power (“SWaP”), along with high performance and excellent day and night imagery. The day/night surveillance imaging is in a 7 inch, 7.51b package.

The features of the stabilized camera gimbal include a mid-wave infrared camera with continuous zoom from 20 degree to 2 degree field of view, a 36 times zoom daylight camera, and unsurpassed stability with fiber optic gyros and advanced electronic stabilization techniques.

Goodrich’s ISR Systems business wing provides a complete package of gimbal solutions that include single camera, nose-mounted TASE100, the single camera TASE150, the dual camera EO/IR TASE200, the larger more sophisticated TASE300 two-three camera gimbal systems and now the new two-three camera TASE400.

Currently, more than 400 gimbals from the TASE family have been delivered to both commercial and military customers. These are extensively used in theater in support of combat applications. The TASE product family is a leading solution for unmanned aerial vehicles (“UAV”) that need low SWaP, and high stability for ISR applications. The ISR Systems team is specialized in UAV system components including its industry standard Piccolo Autopilots and advanced TASE stabilized gimbaled camera systems.

Goodrich is a global supplier of components and systems for communications and avionics. Most of its products are sold to both government and commercial customers. Going forward, our bullish outlook for the company is supported by its geographically diverse customer mix, its diverse presence in both commercial and business jets, the resurgence in commercial aftermarket sales, a strong balance sheet, an incremental dividend and an ongoing share repurchase program.

This is, however, offset by uncertainty in the recovery of the large commercial airplane original equipment market, along with possible defense cutbacks, dependence on international sales, high research and development overheads and regulatory risks. We expect limited upside potential from current levels. The company presently retains a short-term Zacks #3 Rank (Hold) that corresponds with our long-term Neutral recommendation on the stock.

The company is expected to release its third quarter earnings results on October 27, 2011.  The Zacks Consensus Estimates for third quarter 2011 and fiscal year 2011 are currently at $1.50 per share and $5.99 per share, respectively.

Goodrich Corporation 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. Some of its main competitors include Honeywell International Inc. (HON) and United Technologies Corporation (UTX).

 
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