Goodrich Corp. reported its third-quarter earnings fell amid what its chief executive officer called a "very challenging environment for commercial aerospace."
The company on Thursday reported a quarterly profit of $34 million, or 29 cents a share, on sales of $1.06 billion. That’s down from the third quarter of 2002, when Goodrich had a profit of $46 million, or 45 cents a share, on sales of $856 million.
Goodrich’s Airframe Systems unit, which includes its Everett-headquartered Aviation Technical Services division, reported an overall 37 percent increase in sales, to $428 million.
However, $151 million of that total came from Goodrich’s Aeronautical Systems business, which it acquired in October 2002. Without those additional sales, sales for the unit would have dropped 11 percent, the company said.
Operating income for the unit fell 46 percent, from $34.8 million to $18.7 million, the result of "continued weakness in all of the segment’s primary markets."
Goodrich’s military and space businesses "continue to grow and perform well," said Marshall Larsen, the company’s chairman, president and CEO. But commercial aerospace remains weak.
"It appears that some airlines are beginning to see improvements in traffic and capacity, but there is continuing weak demand for new aircraft," Larsen said in a prepared statement.
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