Goodrich Corp. said Thursday that its fourth-quarter profit leaped nearly 90 percent, primarily on higher sales of commercial aerospace original equipment and aftermarket products.
The North Carolina-based aerospace supplier also reported improved profitability in its Airframe Systems division, which includes its jet maintenance facility and landing gear assembly plant in Everett.
Goodrich said its fourth-quarter net income jumped to $69.6 million, or 56 cents a share, from $36.7 million, or 30 cents a share, in the fourth quarter of 2004.
“We continued to see strong sales growth, and we began to see improved margins from our airframe systems segment,” chief executive Marshall Larsen said.
Goodrich reported that its Airframe Systems unit saw an 11 percent increase in sales during the quarter, to $472 million from $424 million. The division finished the quarter with operating income of $21 million, a 32 percent increase over the fourth quarter of last year.
Higher sales of landing gear and increased demand for heavy jet maintenance drove the growth, the company said. In addition, Goodrich recorded a one-time charge of $9.2 million against the division’s profits during fourth quarter 2004.
Companywide, sales increased 11 percent to $1.39 billion from $1.25 billion. The company said quarterly sales were somewhat higher than previously expected. Wall Street had projected revenue of $1.34 billion.
For the full year, Goodrich said its profits grew to $263.6 million, or $2.13 a share, from $172.2 million, or $1.43 a share, in 2004. Sales increased nearly 15 percent, to $5.4 billion from $4.7 billion.
Looking ahead, Goodrich continues to expect fiscal 2006 per-share earnings of $2.20 to $2.40, Larsen said Goodrich expects to expand its profit margins with expected sales growth and improved operating efficiencies.
The company projects 2006 sales toward the upper end of its previous range of $5.6 billion to $5.7 billion.
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