Goodrich revenue up 1%, operating profit jumps 14% in 2Q2010

Goodrich revenue up 1% - financial highlights:

• Three months ended 30-Jun-2010:
  • Revenue: USD1,718 million, +1% year-on-year;
    • Actuation and landing systems: USD608.1 million, -5%;
    • Nacelles and interior systems: USD577.4 million, -3%;
    • Electronic systems: USD532.0 million, +14%;
  • Operating profit: USD275.3 million, +14.0%;
  • Segment operating profit: USD307.0 million, +13%;
    • Actuation and landing systems: USD60.5 million, -4%;
    • Nacelles and interior systems: USD151.4 million, +12%;
    • Electronic systems: USD95.1 million, +29%;
  • Net profit: USD159.0 million, -10.2%;
• Six months ended 30-Jun-2010:
  • Revenue: USD3,413 million, +0.5%;
    • Actuation and landing systems: USD1,221 million, -2.3%;
    • Nacelles and interior systems: USD1,133 million, -7.7%;
    • Electronic systems: USD1,058 million, +15.2%;
  • Operating profit: USD496.3 million, -2.5%;
    • Actuation and landing systems: USD129.9 million, -6.5%;
    • Nacelles and interior systems: USD270.2 million, -4.8%;
    • Electronic systems: USD165.9 million, +17.7%;
  • Net profit: USD270.2 million, -22.1%;
  • Total assets: USD8,792 million, +0.6% compared with period ended 31-Dec-2009;
  • Total current liabilities: USD1,718 million, +6.5% compared with period ended 31-Dec-2009;
  • Long-term debt and capital lease obligations: USD2,008 million, stable. [more]

Goodrich: "For the first time in several quarters, our results are showing year-over-year growth in sales. This growth, combined with our continuing cost containment efforts, allowed us to report increased income per diluted share from continuing operations and the highest segment operating income margin we have reported since the third quarter 2008. Our commercial airplane aftermarket sales rose by about 3% sequentially, compared to the first quarter 2010, although they were about 3% lower than the second quarter 2009. We still expect sequential commercial aftermarket sales growth in each quarter of 2010, although we now expect full-year commercial aftermarket growth to be somewhat lower than our prior outlook. We continue to see positive trends in Goodrich aftermarket sales, as well as customer quote and order activity, which should provide momentum for the second half of 2010 and into 2011," Marshall Larsen, Chairman, President and Chief Executive Officer. Source: Goodrich, 29-Jul-2010.