Goodrich Corp. has reported a 20 percent increase in profits for the third quarter.
However, the business unit that includes Goodrich’s two Everett divisions reported lower operating profits during the quarter.
North Carolina-based Goodrich reported a profit of $61 million for the quarter, up from $50 million in the same period of 2004. On a per-share basis, earnings went to 49 cents from 41 cents.
Sales increased 18 percent, to $1.37 billion from $1.16 billion.
For the first nine months of the year, Goodrich had a profit of $194 million, up from $136 million in the first nine months of 2004. Sales were $3.99 billion, up from $3.45 billion.
Goodrich said it expects to finish strong for the year due to increased jet production by the Boeing Co. and Airbus, along with increased demand for parts and services by airlines.
“The trends in all of our major market channels continue to be very positive and have led to excellent sales and income growth,” said Marshall Larsen, Goodrich’s chairman. “The focus of our company is squarely on maintaining this momentum.”
Next year also should bring double-digit profit increases, Goodrich said, but the company warned that margins will be tempered by increased costs for pensions and stock-based compensation, and by unfavorable currency exchange rates.
Goodrich’s Airframe Systems unit, which includes its Everett jet maintenance facility and landing gear assembly plant, had a down quarter, with operating income falling to $16 million from $28 million.
That was due in part to a one-time infusion of $6 million in the third quarter of 2004 that wasn’t repeated this year. The unit also suffered from unfavorable currency exchange rates – particularly in its landing gear business – and from higher operating costs, Goodrich said.
Reporter Bryan Corliss: 425-339-3454 or corliss@heraldnet.com.
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