Herald staff
Goodrich Corp. reported lower first-quarter earnings Wednesday.
The company reported net income of $50.4 million for the quarter, down from $172.3 million for last year’s first quarter.
However, results from both quarters were affected by one-time events and income from units Goodrich is phasing out. Comparing continuing operations only, profits were $54.6 million, down from $63.9 million in the first quarter of 2001.
Much of last year’s first-quarter profit was due to one-time gains from the sale of the company’s performance materials business, the company said. This year’s adjustments included a 4-cent-per-share write-down in "goodwill value" due to new accounting rules.
On a per-share basis, earnings from continuing operations fell from 65 cents to 52 cents a share, excluding special items, the company said. The company previously had told analysts to expect profits in the 50-to-55 cent range.
The company said it continues to be hit by the fall-off in the aerospace business caused by the Sept. 11 terrorist attacks, the company said. Sales fell to $921 million, down from $1 billion for the same quarter last year.
The aerostructures and aviation technical services segment, which includes Goodrich’s Everett facility, saw sales fall 13 percent, from $354 million to $307 million. Most of that was due to declines in new equipment sales, the company said.
Goodrich "performed well in a very challenging environment," Chairman and Chief Executive Officer David Burner said. He credited Goodrich’s space and military programs for off-setting weakness in the commercial jet sector.
The segment could be coming around, Burner said. "Although their demand for our products is significantly weaker than a year ago, the airlines are beginning to show signs of recovery."
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