Goodrich Corp. reported second-quarter earnings Thursday that more than doubled to $39 million, as its commercial aftermarket and military and space sales continued to grow.
The company reported increased demand for jet maintenance at its Everett-based Aviation Technical Services division, as well as increased sales of wheels and brakes. The company has a landing gear assembly plant in Everett.
The results, which came to 32 cents a share, compared with earnings of $14 million, or 12 cents a share, in the same period of 2003. Revenue in the second quarter rose 4 percent to $1.13 billion.
“Second-quarter commercial aerospace aftermarket sales improved 9 percent over the same period last year, and we continued to see growth in our military and space sales,” said Marshall Larsen, chief executive and chairman of the North Carolina-based aircraft parts maker.
The company’s Airframe Systems unit, which includes the landing gear assembly division and the jet maintenance facility, reported sales of $404 million, up 2 percent from the same quarter last year.
Operating income for the unit was essentially flat, however. Officials said the improved results in the airframe maintenance and engineered polymers business were offset by lower sales elsewhere and by higher research and development spending.
For the first six months of 2004, the company reported net income of $86 million, or 71 cents a share, on sales of $2.3 billion. That’s up from $44 million, or 37 cents a share, on sales of $2.2 billion in the first half of 2003.
Looking ahead, Goodrich expects earnings for 2004 to be in the range of $1.30 to $1.40 a share.
The company expects increased orders from Airbus and the Boeing Co. later this year, to meet expected increases in jet production in 2005. Increased airline traffic should also result in an estimated 6 percent greater demand for spare parts, Goodrich officials said.
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