Goodrich net profit up 11% in 2Q2011

Goodrich revenue up 17% - financial highlights:

• Three months ended 30-Jun-2011:
  • Revenue: USD2001 million, +17% year-on-year;
    • Actuation and landing systems: USD736.7 million, +21%;
    • Nacelles and interior systems: USD688.8 million, +19%;
    • Electronic systems: USD575.9 million, +8%;
  • Segment operating profit: USD344.5 million, +12%;
    • Actuation and landing systems: 76.5 million, +26%;
    • Nacelles and interior systems: USD178.2 million, +185;
    • Electronic systems: USD89.8 million, -6%;
  • Net profit: USD176.6 million, +11.1%;
• Six months ended 30-Jun-2011:
  • Revenue: USD3897 million, +14.2%;
    • Actuation and landing systems: USD1421 million, +16.4%;
    • Nacelles and interior systems: USD1345 million, +18.7%;
    • Electronic systems: USD1131 million, +6.9%;
  • Segment operating profit: USD679.3 million, +20.0%;
    • Actuation and landing systems: USD163 million, +25.5%;
    • Nacelles and interior systems: USD335.5 million, +24.2%;
    • Electronic systems: USD180.8 million, +9.0%;
  • Net profit: USD371.4 million, +37.5%;
  • Total assets: USD10,256 million, +10.6% when compared with the period ended 31-Dec-2010;
  • Total liabilities: USD6408 million, +8.9% when compared with the period ended 31-Dec-2010. [more]

Goodrich: "For 2011, Goodrich continues to expect net cash provided by operating activities, minus capital expenditures, to exceed 85% of net income. This outlook reflects ongoing investments to support the current schedule for the Boeing 787, Airbus A350 XWB and A320neo, Bombardier CSeries and Mitsubishi Regional Jet (MRJ) aircraft programmes, fixed assets and working capital to support announced production rate increases associated with the Boeing 737 and Airbus A320 aircraft, and competitive cost country manufacturing and productivity initiatives that are expected to enhance margins over the near and long term. The company expects capital expenditures for 2011 to be in a range of USD300 million - USD350 million," Company statement. Source: Goodrich, 21-Jul-2011.