Goodrich Corp. reported strong gains in its year-end and fourth-quarter 2004 profits and said it continues to expect 2005 to be even better as Airbus and the Boeing Co. increase their jet production.
The North Carolina-based company, which has two Everett business units, reported a year-end profit of $172 million, up 72 percent from its 2003 year-end profit of $100 million.
On a per-share basis, profits improved to $1.43, up from 85 cents.
For the fourth quarter, Goodrich said its profit grew to $37 million, compared to $23 million in the fourth quarter of 2003. On a per-share basis, profits grew to 30 cents from 19 cents.
Goodrich saw fourth-quarter growth across all its major segments. Sales of original parts to Boeing and Airbus grew by more than 12 percent, sales for space and military use grew by 14 percent, and after-market sales of parts for airliners grew 7 percent.
For the year, Goodrich said its sales grew 8 percent, to $4.7 billion.
Goodrich’s Airframe Systems business unit, which includes its large Paine Field jet-maintenance facility and its smaller Everett landing gear assembly plant, reported sales of $423.8 million for the fourth quarter, up from $392.7 million in the fourth quarter of 2003.
For the year, Airframe Systems’ sales grew to $1.63 billion, up from $1.56 billion.
Among Goodrich’s big successes in 2004 were additional contracts to supply components for Boeing’s 787 Dreamliner. Goodrich won contracts from Boeing and engine-maker Rolls Royce, which are expected to generate more than $7 billion in sales over the next 20 years, for new equipment and spare parts.
The outlook for next year is good, Goodrich executives said.
With Boeing and Airbus increasing production next year, Goodrich said it expects to sell 11 percent more components to both manufacturers. And with airline traffic on the rise, the company said it expects to do about 5 percent more jet repair and spare parts business.
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