Goodrich announced financial results for the first quarter of 2007, with net income per share of $0.78, up 42% from the prior year excluding tax settlements. Sales increased 12% to $1.59 billion due to growth across all segments and market channels. Goodrich increased its full-year 2007 outlook for sales to $6.3-6.5 billion and net income per share to $3.20-3.35 due to strong first quarter results and expectations of continued growth.
Goodrich announced strong financial results for the second quarter of 2007, with net income per share increasing 53% and sales growth of 9% compared to the same period last year. Segment operating margins increased from 14% to 16%. Goodrich increased its full year 2007 outlook, with expected sales now between $6.5-6.6 billion and net income per share of $3.50-3.60, up from previous estimates. Goodrich signed a new long-term agreement with Boeing and saw continued growth across its business segments and market channels in the second quarter.
Goodrich Corporation announced financial results for the third quarter of 2007, with income per share up 39% year-over-year. The company increased its full-year 2007 earnings outlook and provided an outlook for 2008 with sales expected between $7.1-7.2 billion and earnings per share of $4.15-$4.30. Key drivers for growth include increasing production rates for commercial aircraft and above market growth for defense programs. The company also announced the pending sale of its aviation maintenance business.
Goodrich reported a 13% increase in first quarter 2008 sales and a 59% increase in net income per diluted share compared to first quarter 2007. Sales growth was strong across all major market channels. Full year 2008 sales and earnings per share expectations were increased due to continued strong performance. The company expects full year 2008 sales to increase 13-14% and earnings per share to increase 14-18% compared to 2007.
Goodrich Corporation announced a 17% increase in sales and 49% increase in net income per share in the second quarter of 2008 compared to the same period in 2007. For the full year 2008, Goodrich increased its outlook for net income per share to a range of $4.80-$4.95, up from $4.30-$4.45 previously. All of Goodrich's major market channels experienced double-digit sales growth. Goodrich also secured several new contracts expected to generate over $5 billion in revenue through 2033.
Caterpillar reported record sales and profits for 2007, with sales up 8% to $44.958 billion and profit per share up 4% to $5.37. Sales increased in all regions except North America due to weakness in the US construction and mining industries. For 2008, Caterpillar expects another record year with sales up 5-10% and profit per share up 5-15% despite continuing weakness in the US economy. Strong global demand, price increases, and growth in services will drive sales growth, while a rebound in truck engine sales may offset continued softness in the North American machinery market.
Tata Motors stock at its CMP of Rs 364 is trading at 7.34 x of one year forward FY14E EPS of Rs50.The robust 3QFY14 results, Strong cash flows by JLR and better demand outlook, Narnolia Securities limited Maintain BUY for the stock with Target Price Rs 425
Barnes Group Inc. Investor Overview - April 2017Terri Chapman
Barnes Group provides an investor overview presentation covering their business segments, markets, growth strategy, and financials. The company has undergone a transformation through acquisitions to focus on industrial and aerospace manufacturing. They have a global presence with diversified end markets and long-term agreements in the aerospace aftermarket through revenue sharing and component repair programs. Barnes Group aims to drive sustainable profitable growth through their business system, productivity initiatives, and portfolio management.
- Tinuum distributions to ADES were $14.7 million in Q1 2017, up $9.8 million from Q1 2016.
- ADES completed the lease of an additional refined coal facility in March 2017, bringing the total number of invested facilities to 14.
- Net income increased 99% quarter-over-quarter to $8.7 million, while future projected cash flows from Tinuum were updated to between $275-300 million through 2021.
Goodrich announced strong financial results for the second quarter of 2007, with net income per share increasing 53% and sales growth of 9% compared to the same period last year. Segment operating margins increased from 14% to 16%. Goodrich increased its full year 2007 outlook, with expected sales now between $6.5-6.6 billion and net income per share of $3.50-3.60, up from previous estimates. Goodrich signed a new long-term agreement with Boeing and saw continued growth across its business segments and market channels in the second quarter.
Goodrich Corporation announced financial results for the third quarter of 2007, with income per share up 39% year-over-year. The company increased its full-year 2007 earnings outlook and provided an outlook for 2008 with sales expected between $7.1-7.2 billion and earnings per share of $4.15-$4.30. Key drivers for growth include increasing production rates for commercial aircraft and above market growth for defense programs. The company also announced the pending sale of its aviation maintenance business.
Goodrich reported a 13% increase in first quarter 2008 sales and a 59% increase in net income per diluted share compared to first quarter 2007. Sales growth was strong across all major market channels. Full year 2008 sales and earnings per share expectations were increased due to continued strong performance. The company expects full year 2008 sales to increase 13-14% and earnings per share to increase 14-18% compared to 2007.
Goodrich Corporation announced a 17% increase in sales and 49% increase in net income per share in the second quarter of 2008 compared to the same period in 2007. For the full year 2008, Goodrich increased its outlook for net income per share to a range of $4.80-$4.95, up from $4.30-$4.45 previously. All of Goodrich's major market channels experienced double-digit sales growth. Goodrich also secured several new contracts expected to generate over $5 billion in revenue through 2033.
Caterpillar reported record sales and profits for 2007, with sales up 8% to $44.958 billion and profit per share up 4% to $5.37. Sales increased in all regions except North America due to weakness in the US construction and mining industries. For 2008, Caterpillar expects another record year with sales up 5-10% and profit per share up 5-15% despite continuing weakness in the US economy. Strong global demand, price increases, and growth in services will drive sales growth, while a rebound in truck engine sales may offset continued softness in the North American machinery market.
Tata Motors stock at its CMP of Rs 364 is trading at 7.34 x of one year forward FY14E EPS of Rs50.The robust 3QFY14 results, Strong cash flows by JLR and better demand outlook, Narnolia Securities limited Maintain BUY for the stock with Target Price Rs 425
Barnes Group Inc. Investor Overview - April 2017Terri Chapman
Barnes Group provides an investor overview presentation covering their business segments, markets, growth strategy, and financials. The company has undergone a transformation through acquisitions to focus on industrial and aerospace manufacturing. They have a global presence with diversified end markets and long-term agreements in the aerospace aftermarket through revenue sharing and component repair programs. Barnes Group aims to drive sustainable profitable growth through their business system, productivity initiatives, and portfolio management.
- Tinuum distributions to ADES were $14.7 million in Q1 2017, up $9.8 million from Q1 2016.
- ADES completed the lease of an additional refined coal facility in March 2017, bringing the total number of invested facilities to 14.
- Net income increased 99% quarter-over-quarter to $8.7 million, while future projected cash flows from Tinuum were updated to between $275-300 million through 2021.
Goodrich announced financial results for the first quarter of 2006 with net income per share of $1.60, including $1.05 per share from tax settlements. Sales increased 12% to $1.42 billion due to growth across all segments and market channels. Goodrich also announced the planned divestiture of its Turbomachinery Products business and increased its full year 2006 net income per share outlook to $3.38-$3.58 due to the tax settlements and divestiture.
Barnes Group Inc. Investor Overview - March 2016Terri Chapman
The document provides an investor overview for Barnes Group from March 2016. It discusses Barnes Group's business segments, end markets served, financial performance trends, and growth strategies. Some key points:
- Barnes Group has two business segments: Industrial and Aerospace, serving a variety of end markets globally.
- The company has transformed its portfolio through acquisitions since 2010, increasing its aerospace business from 32% to 65% of sales.
- Financial metrics like adjusted operating margins and EPS have increased steadily in recent years and are expected to continue growing.
- Growth strategies focus on intellectual property, portfolio enhancements, sustainable end markets, global expansion, and talent development.
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
Oshkosh Corporation reported strong financial results for the fourth quarter and full fiscal year 2017. For the quarter, net sales increased 11.8% to $1.96 billion and adjusted EPS rose 31.4% to $1.38. All segments achieved sales growth for the quarter led by the defense segment. For the full fiscal year, the company expects net sales between $6.9-7.1 billion and adjusted EPS of $4.25-$4.65, driven by continued growth in the defense, fire & emergency, and access equipment segments. The company also announced a 14% increase to its quarterly dividend.
- WestRock reported Q2 FY17 results with adjusted EPS of $0.54 and adjusted free cash flow of $109 million.
- Segment sales were $3.656 billion. Productivity initiatives contributed $103 million in cost savings.
- Corrugated packaging sales were $2.065 billion. North America EBITDA margin was 15.9%.
- Consumer packaging sales were $1.555 billion. Adjusted segment EBITDA margin increased 100 bps to 15.1%.
- Land and development segment income was $18 million, excluding a $43 million impairment charge. The monetization program is on track to generate $150-175 million in after-tax cash flow for
Zep Inc. reported strong financial results for the fourth quarter and fiscal year 2013. In the fourth quarter, revenue grew 6% to $182.2 million, gross margins improved 130 basis points, adjusted EBITDA grew 8% to $17 million, and free cash flow grew by almost $27 million. For fiscal year 2013, revenue grew 5.5%, gross margins improved 110 basis points, adjusted EBITDA grew 6% to $57 million, and free cash flow increased $34 million to $38 million. Looking ahead, Zep expects continued cost reductions and efficiency initiatives to drive further margin expansion and debt reduction in fiscal year 2014.
Oshkosh Corporation reported its financial results for the second quarter of fiscal year 2017. Net sales increased 6.2% to $1.618 billion compared to the same period last year, and adjusted earnings per share were $0.76, equal to the prior year. The defense segment performed well due to the JLTV program ramp up and international sales. The access equipment and commercial segments faced challenges with lower sales volumes impacting operating income. For fiscal year 2017, the company increased its adjusted EPS outlook to a range of $3.20 to $3.50.
YRC Worldwide reported record first quarter revenue of over $2.37 billion, a 41% increase over the previous year. While revenue grew in all segments, the quarter's results did not meet plans. Steps have been taken to improve financial performance for the remainder of the year. Adjusted earnings per share were $0.72. An outlook for the full year and second quarter was provided.
Goodrich Corporation announced financial results for the first quarter of 2005, with net income increasing 21% over the same period in 2004. Sales increased 10% to $1.282 billion. Based on strong performance, Goodrich increased its full-year 2005 outlook, with sales projected to be $5.1-5.2 billion, up from $5.0-5.1 billion previously, and earnings per share projected to be $1.80-1.95, up from $1.60-1.80 previously. The increases were driven by growth in commercial aerospace aftermarket products and services.
This document provides a summary of Greif's Q3 2017 earnings conference call held on August 31, 2017. Some key highlights include:
- Net sales increased 14% year-over-year to $962 million. Operating profit before special items increased 13% to $94.5 million.
- All of Greif's business segments saw year-over-year sales growth, with particularly strong growth in the Rigid Industrial Packaging & Services segment.
- Customer satisfaction metrics improved across most business segments compared to the prior year.
- Greif reaffirmed its full-year 2017 guidance for class A earnings per share before special items and free cash flow.
- Greif continues focusing on operational improvements,
Barnes Group Inc. Investor Overview - July 2017Barnes_Group
Barnes Group provides an investor overview of their business as of July 2017. They operate in two segments: Industrial and Aerospace. The Industrial segment focuses on highly engineered products and systems and sees opportunities in areas like healthcare, transportation, and emerging markets. The Aerospace segment provides manufacturing solutions and maintenance services to commercial airlines and jet engine manufacturers. Barnes has transformed their portfolio through acquisitions between 2010-2016, increasing revenue from $1.1 billion to $1.2 billion and adjusted operating margin from 7.6% to 16%. They aim to drive further growth and margin expansion through initiatives like the Barnes Enterprise System, productivity efforts, and capitalizing on the strong commercial aerospace market outlook.
This document is an investor presentation for Intact Financial Corporation, the largest property and casualty insurer in Canada. Some key points:
- Intact has over $7 billion in direct premiums written and is the largest P&C insurer in Canada.
- It has outperformed the P&C industry over the past 10 years in terms of premium growth, return on equity, and combined ratio.
- Intact aims to continue beating the industry ROE by 5 points annually through initiatives like pricing and claims management improvements.
Goodrich announced strong financial results for the second quarter of 2007, with net income per share increasing 53% and sales growth of 9% compared to the same period last year. Segment operating margins increased from 14% to 16%. Goodrich increased its full year 2007 outlook, with expected sales now between $6.5-6.6 billion and net income per share of $3.50-3.60, up from previous estimates. Goodrich signed a new long-term agreement with Boeing and saw continued growth across its business segments and market channels in the second quarter.
Goodrich Corporation announced financial results for the third quarter of 2007, with income per share up 39% from the third quarter of 2006. Goodrich also increased its full-year 2007 earnings outlook and provided an outlook for 2008 with sales expected between $7.1-7.2 billion and earnings per share of $4.15-4.30. Strong growth was reported in commercial aircraft original equipment and aftermarket sales as well as defense and space sales.
- Goodrich announced 10% sales growth in Q4 2006 and 39% growth in net income per share over Q4 2005. Full year 2006 sales rose to $5.9 billion and net income per share grew to $3.81.
- Full year 2007 outlook increased with sales expected to be $6.2-6.4 billion and net income per share of $2.95-3.15. Net cash from operations is expected to be 60-75% of net income.
- Strong performance was driven by sales growth across all market segments and business units. The outlook increases were due to actual 2006 performance and strength in commercial airplane and defense markets.
Goodrich announced strong financial results for Q4 2006 and full year 2006. Sales increased 10% in Q4 and net income per share grew 39%. For full year 2006, sales rose to $5.9 billion and net income per share increased to $3.81. Goodrich increased its 2007 outlook with sales expected to be $6.2-6.4 billion and net income per share of $2.95-3.15. Goodrich also expects net cash from operations to be 60-75% of net income for 2007.
Goodrich Corporation announced a 12% increase in fourth quarter sales and a 33% increase in net income per share compared to the previous year. Full year 2007 sales were up 12% while income per share was $3.89. The company expects continued growth in 2008 with sales projected to be between $7.1-7.2 billion and earnings per share of $4.15 to $4.30. Key drivers for growth are expected to be commercial airplane original equipment as well as aftermarket sales.
Goodrich Corporation announced a 12% increase in fourth quarter sales and a 33% increase in net income per share compared to the previous year. Full year 2007 sales were up 12% while income per share was $3.89. The company expects continued growth in 2008 with sales projected to be between $7.1-7.2 billion and earnings per share of $4.15 to $4.30. Key drivers for growth are expected to be commercial airplane original equipment as well as aftermarket sales.
Goodrich Corporation announced strong third quarter 2006 results with net income per diluted share growth of 63% and provided an updated full year 2006 outlook and initial outlook for 2007. Key highlights included:
- Third quarter 2006 sales increased 5% to $1.4 billion and net income per share was $0.80, up 63% over third quarter 2005.
- Full year 2006 sales outlook tightened to a range of $5.8-5.85 billion and net income per share outlook increased to $3.65-3.70, reflecting tax settlements.
- For 2007, sales are expected to increase 6-7% to a range of $6.1-6.3 billion and net income per share
Goodrich Corporation announced strong third quarter 2006 results with net income per diluted share growth of 63% and provided an updated full year 2006 outlook and initial outlook for 2007. Key highlights included:
- Third quarter 2006 sales increased 5% to $1.4 billion and net income per share was $0.80, up 63% over third quarter 2005.
- Full year 2006 sales outlook tightened to a range of $5.8-5.85 billion and net income per share outlook increased to $3.65-3.70, reflecting tax settlements.
- For 2007, sales are expected to increase 6-7% to a range of $6.1-6.3 billion and net income per share
Goodrich Corporation reported a 31% increase in net income per share and 2% increase in sales for the fourth quarter of 2008. For the full year, sales increased 10% while net income per share increased 37%. Goodrich also adjusted its 2009 outlook to reflect higher expected pension expenses and economic uncertainty, lowering expected sales to $7.1-7.2 billion and net income per share to $4.50-$4.90. The company expects commercial aerospace sales to continue growing in 2009 while other sectors may decline due to the economy.
Goodrich announced financial results for the first quarter of 2006 with net income per share of $1.60, including $1.05 per share from tax settlements. Sales increased 12% to $1.42 billion due to growth across all segments and market channels. Goodrich also announced the planned divestiture of its Turbomachinery Products business and increased its full year 2006 net income per share outlook to $3.38-$3.58 due to the tax settlements and divestiture.
Barnes Group Inc. Investor Overview - March 2016Terri Chapman
The document provides an investor overview for Barnes Group from March 2016. It discusses Barnes Group's business segments, end markets served, financial performance trends, and growth strategies. Some key points:
- Barnes Group has two business segments: Industrial and Aerospace, serving a variety of end markets globally.
- The company has transformed its portfolio through acquisitions since 2010, increasing its aerospace business from 32% to 65% of sales.
- Financial metrics like adjusted operating margins and EPS have increased steadily in recent years and are expected to continue growing.
- Growth strategies focus on intellectual property, portfolio enhancements, sustainable end markets, global expansion, and talent development.
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
Oshkosh Corporation reported strong financial results for the fourth quarter and full fiscal year 2017. For the quarter, net sales increased 11.8% to $1.96 billion and adjusted EPS rose 31.4% to $1.38. All segments achieved sales growth for the quarter led by the defense segment. For the full fiscal year, the company expects net sales between $6.9-7.1 billion and adjusted EPS of $4.25-$4.65, driven by continued growth in the defense, fire & emergency, and access equipment segments. The company also announced a 14% increase to its quarterly dividend.
- WestRock reported Q2 FY17 results with adjusted EPS of $0.54 and adjusted free cash flow of $109 million.
- Segment sales were $3.656 billion. Productivity initiatives contributed $103 million in cost savings.
- Corrugated packaging sales were $2.065 billion. North America EBITDA margin was 15.9%.
- Consumer packaging sales were $1.555 billion. Adjusted segment EBITDA margin increased 100 bps to 15.1%.
- Land and development segment income was $18 million, excluding a $43 million impairment charge. The monetization program is on track to generate $150-175 million in after-tax cash flow for
Zep Inc. reported strong financial results for the fourth quarter and fiscal year 2013. In the fourth quarter, revenue grew 6% to $182.2 million, gross margins improved 130 basis points, adjusted EBITDA grew 8% to $17 million, and free cash flow grew by almost $27 million. For fiscal year 2013, revenue grew 5.5%, gross margins improved 110 basis points, adjusted EBITDA grew 6% to $57 million, and free cash flow increased $34 million to $38 million. Looking ahead, Zep expects continued cost reductions and efficiency initiatives to drive further margin expansion and debt reduction in fiscal year 2014.
Oshkosh Corporation reported its financial results for the second quarter of fiscal year 2017. Net sales increased 6.2% to $1.618 billion compared to the same period last year, and adjusted earnings per share were $0.76, equal to the prior year. The defense segment performed well due to the JLTV program ramp up and international sales. The access equipment and commercial segments faced challenges with lower sales volumes impacting operating income. For fiscal year 2017, the company increased its adjusted EPS outlook to a range of $3.20 to $3.50.
YRC Worldwide reported record first quarter revenue of over $2.37 billion, a 41% increase over the previous year. While revenue grew in all segments, the quarter's results did not meet plans. Steps have been taken to improve financial performance for the remainder of the year. Adjusted earnings per share were $0.72. An outlook for the full year and second quarter was provided.
Goodrich Corporation announced financial results for the first quarter of 2005, with net income increasing 21% over the same period in 2004. Sales increased 10% to $1.282 billion. Based on strong performance, Goodrich increased its full-year 2005 outlook, with sales projected to be $5.1-5.2 billion, up from $5.0-5.1 billion previously, and earnings per share projected to be $1.80-1.95, up from $1.60-1.80 previously. The increases were driven by growth in commercial aerospace aftermarket products and services.
This document provides a summary of Greif's Q3 2017 earnings conference call held on August 31, 2017. Some key highlights include:
- Net sales increased 14% year-over-year to $962 million. Operating profit before special items increased 13% to $94.5 million.
- All of Greif's business segments saw year-over-year sales growth, with particularly strong growth in the Rigid Industrial Packaging & Services segment.
- Customer satisfaction metrics improved across most business segments compared to the prior year.
- Greif reaffirmed its full-year 2017 guidance for class A earnings per share before special items and free cash flow.
- Greif continues focusing on operational improvements,
Barnes Group Inc. Investor Overview - July 2017Barnes_Group
Barnes Group provides an investor overview of their business as of July 2017. They operate in two segments: Industrial and Aerospace. The Industrial segment focuses on highly engineered products and systems and sees opportunities in areas like healthcare, transportation, and emerging markets. The Aerospace segment provides manufacturing solutions and maintenance services to commercial airlines and jet engine manufacturers. Barnes has transformed their portfolio through acquisitions between 2010-2016, increasing revenue from $1.1 billion to $1.2 billion and adjusted operating margin from 7.6% to 16%. They aim to drive further growth and margin expansion through initiatives like the Barnes Enterprise System, productivity efforts, and capitalizing on the strong commercial aerospace market outlook.
This document is an investor presentation for Intact Financial Corporation, the largest property and casualty insurer in Canada. Some key points:
- Intact has over $7 billion in direct premiums written and is the largest P&C insurer in Canada.
- It has outperformed the P&C industry over the past 10 years in terms of premium growth, return on equity, and combined ratio.
- Intact aims to continue beating the industry ROE by 5 points annually through initiatives like pricing and claims management improvements.
Goodrich announced strong financial results for the second quarter of 2007, with net income per share increasing 53% and sales growth of 9% compared to the same period last year. Segment operating margins increased from 14% to 16%. Goodrich increased its full year 2007 outlook, with expected sales now between $6.5-6.6 billion and net income per share of $3.50-3.60, up from previous estimates. Goodrich signed a new long-term agreement with Boeing and saw continued growth across its business segments and market channels in the second quarter.
Goodrich Corporation announced financial results for the third quarter of 2007, with income per share up 39% from the third quarter of 2006. Goodrich also increased its full-year 2007 earnings outlook and provided an outlook for 2008 with sales expected between $7.1-7.2 billion and earnings per share of $4.15-4.30. Strong growth was reported in commercial aircraft original equipment and aftermarket sales as well as defense and space sales.
- Goodrich announced 10% sales growth in Q4 2006 and 39% growth in net income per share over Q4 2005. Full year 2006 sales rose to $5.9 billion and net income per share grew to $3.81.
- Full year 2007 outlook increased with sales expected to be $6.2-6.4 billion and net income per share of $2.95-3.15. Net cash from operations is expected to be 60-75% of net income.
- Strong performance was driven by sales growth across all market segments and business units. The outlook increases were due to actual 2006 performance and strength in commercial airplane and defense markets.
Goodrich announced strong financial results for Q4 2006 and full year 2006. Sales increased 10% in Q4 and net income per share grew 39%. For full year 2006, sales rose to $5.9 billion and net income per share increased to $3.81. Goodrich increased its 2007 outlook with sales expected to be $6.2-6.4 billion and net income per share of $2.95-3.15. Goodrich also expects net cash from operations to be 60-75% of net income for 2007.
Goodrich Corporation announced a 12% increase in fourth quarter sales and a 33% increase in net income per share compared to the previous year. Full year 2007 sales were up 12% while income per share was $3.89. The company expects continued growth in 2008 with sales projected to be between $7.1-7.2 billion and earnings per share of $4.15 to $4.30. Key drivers for growth are expected to be commercial airplane original equipment as well as aftermarket sales.
Goodrich Corporation announced a 12% increase in fourth quarter sales and a 33% increase in net income per share compared to the previous year. Full year 2007 sales were up 12% while income per share was $3.89. The company expects continued growth in 2008 with sales projected to be between $7.1-7.2 billion and earnings per share of $4.15 to $4.30. Key drivers for growth are expected to be commercial airplane original equipment as well as aftermarket sales.
Goodrich Corporation announced strong third quarter 2006 results with net income per diluted share growth of 63% and provided an updated full year 2006 outlook and initial outlook for 2007. Key highlights included:
- Third quarter 2006 sales increased 5% to $1.4 billion and net income per share was $0.80, up 63% over third quarter 2005.
- Full year 2006 sales outlook tightened to a range of $5.8-5.85 billion and net income per share outlook increased to $3.65-3.70, reflecting tax settlements.
- For 2007, sales are expected to increase 6-7% to a range of $6.1-6.3 billion and net income per share
Goodrich Corporation announced strong third quarter 2006 results with net income per diluted share growth of 63% and provided an updated full year 2006 outlook and initial outlook for 2007. Key highlights included:
- Third quarter 2006 sales increased 5% to $1.4 billion and net income per share was $0.80, up 63% over third quarter 2005.
- Full year 2006 sales outlook tightened to a range of $5.8-5.85 billion and net income per share outlook increased to $3.65-3.70, reflecting tax settlements.
- For 2007, sales are expected to increase 6-7% to a range of $6.1-6.3 billion and net income per share
Goodrich Corporation reported a 31% increase in net income per share and 2% increase in sales for the fourth quarter of 2008. For the full year, sales increased 10% while net income per share increased 37%. Goodrich also adjusted its 2009 outlook to reflect higher expected pension expenses and economic uncertainty, lowering expected sales to $7.1-7.2 billion and net income per share to $4.50-$4.90. The company expects commercial aerospace sales to continue growing in 2009 while other sectors may decline due to the economy.
Goodrich Corporation reported a 31% increase in net income per share and 2% increase in sales for the fourth quarter of 2008. For the full year, sales increased 10% while net income per share increased 37%. Goodrich also adjusted its 2009 outlook to reflect higher expected pension expenses and economic uncertainty, lowering expected sales to $7.1-7.2 billion and net income per share to $4.50-$4.90. The company expects commercial aerospace sales to continue growing in 2009 while other sectors may decline due to the economy.
TRW reported its financial results for the 4th quarter and full year of 2007. Key highlights include:
- Record sales of $14.7 billion for the full year, an increase of 11.9% over 2006.
- 4th quarter sales were $3.9 billion, an increase of 18.8% over the same period in 2006.
- Net earnings for the full year were $90 million, or $0.88 per share. Excluding one-time items, earnings were $2.28 per share.
- Guidance for 2008 expects sales between $15.6-16 billion and earnings per share between $2.15-2.45.
Goodrich Corporation announced a 17% increase in sales and 49% increase in net income per share for the second quarter of 2008 compared to the same period in 2007. The company also increased its outlook for full year 2008 net income per share to a range of $4.80 to $4.95, up from a prior range of $4.30 to $4.45. All of the company's major market channels experienced double-digit sales growth. The company expects continued strong growth in 2008 driven by increasing demand across commercial aerospace, defense, and business and general aviation.
Air Products reported record quarterly and annual financial results. For Q4, net income was $293 million, up 128% from the prior year. For fiscal 2007, sales reached $10 billion for the first time, up 15% from the prior year, net income was $1 billion, up 43%, and EPS was $4.64, up 46%. The company expects continued double-digit earnings growth in fiscal 2008 and targets expanding margins and reducing costs further.
Goodrich reported a 13% increase in first quarter 2008 sales and a 59% increase in net income per diluted share compared to first quarter 2007. Sales growth was strong across all major market channels. Full year 2008 sales and earnings per share expectations were increased due to continued growth. The company expects sales to increase 13-14% and earnings per share to increase 14-18% for full year 2008 compared to 2007.
Goodrich announced an 11% increase in third quarter sales and a 34% increase in net income per share compared to the previous year. Full year 2008 sales are expected to reach $7.1 billion, with net income per share of $4.90-$5.00. For 2009, sales are forecasted between $7.7-$7.8 billion and net income per share of $5.05-$5.25, representing continued growth. The company increased its quarterly dividend by 11% and outlined several new contracts and initiatives.
Goodrich Corporation announced an 11% increase in third quarter sales and a 34% increase in net income per share compared to the previous year. Full year 2008 guidance was increased for net income per share and sales outlook was lowered. Guidance for 2009 projected sales between $7.7-7.8 billion and net income per share of $5.05-5.25, representing 8-10% growth over 2008. Business highlights included contracts from the U.S. Army and Airbus and a proposed joint venture with Rolls-Royce.
Avery Dennison reported third quarter earnings. Net income was $58 million, down from $85 million last year due to costs from acquiring Paxar. Adjusted earnings excluding one-time costs was $1 per share. Net sales increased 19% to $1.68 billion due to the Paxar acquisition. Core sales were flat due to weaker retail demand in the US affecting some business units. The company remains on track to achieve cost synergies from integrating Paxar and is focused on accelerating top line growth. For the full year, earnings per share are expected to be between $3.75-$3.85, excluding one-time costs.
Avery Dennison reported its first quarter 2007 results, with net sales up 3.9% to $1.39 billion and earnings per share of $0.80, including restructuring charges of $0.02 per share. The company reached an agreement to acquire Paxar for $1.3 billion. Segment results were mixed, with pressure sensitive materials up 9.2% but office and consumer products down 10.6%. For the full year, the company expects earnings per share of $3.95 to $4.25 including restructuring charges, or $4.05 to $4.30 excluding charges.
Goodrich announced financial results for the first quarter of 2006 with net income per share of $1.60, including $1.05 per share from tax settlements. Sales increased 12% to $1,424 million due to growth across all segments and market channels. Goodrich also announced the definitive agreement to divest its Turbomachinery Products business and increased its full year 2006 outlook for net income per share to $3.38 - $3.58 due to the tax settlements and expected sale.
TRW Automotive reported first quarter 2007 financial results with sales of $3.6 billion, up 5% from the previous year. However, the company reported a net loss of $86 million compared to net earnings of $47 million in the prior year. Both periods included charges related to debt retirement. Excluding these charges, net earnings were $61 million in 2007 and $104 million in 2006. The company issued $1.5 billion in senior notes and used the proceeds to retire existing debt, resulting in $147 million in charges. For the full year, the company expects sales between $13.8-14.2 billion and net earnings per share of $0.62-0.92.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, and Charles L. Szews, Executive VP and CFO, reported record financial results for the first quarter of fiscal year 2006. Sales increased 22.5% to $790.3 million and operating income grew 28.6% to $87 million. EPS increased 28.6% to $0.72. For fiscal year 2006, the company estimates sales between $3.3-3.4 billion, operating income between $316.5-329 million, and EPS between $2.55-2.65, representing growth of 17-21.6%.
1) Oshkosh reported record second quarter fiscal year 2006 results with sales up 25.6% and operating income up 27.3% driven by strong performance in the defense segment.
2) The defense segment results nearly doubled compared to the previous year due to growth in remanufactured and new truck sales, however challenges remain in locating used vehicle carcasses for remanufacturing.
3) The fire and emergency segment saw a temporary dip in earnings as anticipated due to heavily weighted airport product sales in the second half of the year and two component issues that delayed revenue recognition.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, discussed the company's strong third quarter fiscal year 2006 results and provided an outlook for fiscal years 2006 and 2007. Some highlights included record sales and operating income for Q3 2006. The company also announced two acquisitions, AK Specialty Vehicles and Iowa Mold Tooling, expected to be accretive to earnings in fiscal 2007. For fiscal 2006, Oshkosh estimates sales growth of 14.9-16.6% and EPS growth of 24-26%. Fiscal 2007 estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
Robert Bohn, Chairman of Oshkosh Truck Corporation, discussed the company's strong fiscal 2006 financial results and outlook for fiscal 2007. Key points include:
1) Fiscal 2006 sales increased 15.8% and operating income grew 22%, with EPS up 26.6%.
2) The acquisition of JLG Industries was announced, which will diversify the company and support growth of over 15%.
3) Fiscal 2007 stand-alone estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15, with the JLG acquisition expected to be modestly accretive.
In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
This document summarizes an earnings conference call for Oshkosh Truck Corporation for the second quarter of fiscal year 2007. Sales increased 96.6% to $1.66 billion and operating income grew 69.1% to $134.8 million. For fiscal year 2007, the company estimates sales of $6.1-6.2 billion and operating income of $568-580 million. It also provides segment-level results and highlights for access equipment, defense, fire & emergency, and commercial.
1) Oshkosh reported strong third quarter 2007 results with sales increasing 108% to $1.85 billion and operating income up 133% to $192.7 million.
2) Access equipment and defense led the growth in sales and operating income. The acquisition of JLG was accretive to EPS by $0.35 per share.
3) For fiscal year 2007, Oshkosh estimates sales between $6.3-6.35 billion and EPS between $3.35-3.40, and for fiscal year 2008 estimates sales between $7-7.2 billion and EPS between $4.15-4.35.
The document summarizes Oshkosh Truck Corporation's fourth quarter fiscal 2007 earnings conference call. It discusses record sales and operating income for fiscal 2007. Projections are provided for fiscal 2008, estimating sales between $7.1-7.3 billion and operating income between $690-715 million. Segment performances are reviewed, with access equipment and defense highlighted as key growth drivers. Estimates are also given for interest expense, tax rates, capital expenditures and debt levels for fiscal 2008.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
The document summarizes Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. It discusses increases in sales revenue but decreases in operating income and earnings per share compared to the previous year. Several initiatives are mentioned to manage costs and cash flow in changing market conditions. Business segment results are provided, with strength in access equipment and defense but challenges in commercial and fire & emergency sectors.
This document is the transcript from Oshkosh Corporation's earnings conference call for the fourth quarter of fiscal year 2008. It discusses Oshkosh's financial results for Q4 and fiscal year 2008, including sales, operating income, earnings per share, and debt reduction. It also provides an outlook for fiscal year 2009, estimating revenues of $6.3-6.7 billion, operating income of $350-400 million, and EPS of $1.65-2.05. The transcript reviews performance and outlook for each of Oshkosh's business segments and discusses its financing plans.
Robert Bohn and David Sagehorn of Oshkosh Corporation gave a presentation at the Goldman Sachs Conference in November 2008. They discussed Oshkosh's strong financial position and actions taken to reduce costs and debt. While market conditions were volatile due to the economic downturn, Oshkosh was well positioned with backlogs in defense, fire, and refuse collection vehicles. The presentation outlined Oshkosh's segments and strategies to manage through the difficult economy.
1) The document is from a presentation given by Oshkosh executives Charles Szews and David Sagehorn at the R.W. Baird Industrial Conference on November 12, 2008.
2) Oshkosh reported sales increased 13.2% to $7.1 billion in fiscal 2008, with international sales reaching $2.1 billion. However, operating income decreased 1.5% and EPS decreased 5.9% due to non-cash impairment charges.
3) Oshkosh recently secured multiple defense contracts and sees opportunities in the domestic refuse collection vehicle market, but the current market volatility and credit crisis make fiscal 2009 projections difficult given exposure to construction and municipal spending.
Charles Szews, President and COO of Oshkosh Corporation, presented at the Cowen and Company Aerospace & Defense Conference on February 5, 2009. He discussed Oshkosh's business segments, products, competitive advantages, challenges, and actions taken in response to the economic downturn. Key points included reduced revenues and earnings in Q1 2009, cost reduction efforts, and focus on core businesses with strong backlogs like defense and fire apparatus that have gained market share.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
This document summarizes an earnings conference call for Oshkosh Corporation for the fourth quarter of fiscal year 2008. It discusses the company's financial results including a 5.8% increase in sales to $1.9 billion but a 32% decrease in operating income to $122 million. The document also provides an overview of Oshkosh's fiscal year 2008 results and discusses challenges faced in various business segments due to economic conditions. It notes actions taken by the company to reduce costs and debt. An outlook is given for fiscal year 2009 noting market volatility and a plan to drive over $500 million in debt reduction. Business segment results and outlooks are also summarized.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
1. Goodrich Announces First Quarter 2007 Financial Results and
Increases Outlook for 2007 Sales and Net Income per Diluted Share
• First quarter 2007 net income per diluted share of $0.78. First quarter 2006 net income of
$1.60 per diluted share included $1.05 related to tax settlements. Excluding these tax
settlements, first quarter 2007 net income per diluted share increased 42 percent
compared to the first quarter 2006.
• First quarter 2007 sales of $1,589 million increased 12 percent over first quarter 2006,
reflecting sales growth in all three segments and all major market channels.
• Full year 2007 outlook for net income per diluted share increased to $3.20 - $3.35 per
diluted share, from $2.95 – $3.15 per diluted share.
• Full year 2007 outlook for sales increased to $6.3 - $6.5 billion, from the previous range
of $6.2 - $6.4 billion.
CHARLOTTE, NC, April 26, 2007 – Goodrich Corporation announced results today for the first
quarter 2007, and updated its full year 2007 outlook ranges.
Commenting on the company’s performance, Marshall Larsen, Chairman, President and Chief
Executive Officer said, “We began 2007 with one of our strongest quarters ever. Our segment
operating income margin increased to 14.5 percent for the company, compared to 12 percent one
year ago. Sales grew 12 percent, with the strongest growth coming from our commercial
aftermarket products and services, which grew 21 percent, compared to the first quarter 2006.
We continue to focus on operational excellence across the enterprise, the results of which we
believe will be demonstrated through improved margins, increased cash flow and robust top-line
growth. Given the results in the first quarter, and our updated forecast for the balance of 2007,
we have significantly increased our outlook for sales and income for the full year. We now
expect sales to be in the $6.3 – $6.5 billion range, an increase of about $100 million compared to
our prior outlook, and we expect earnings per diluted share in the range of $3.20 - $3.35, an
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2. increase of $0.20 - $0.25 per diluted share compared to our prior outlook. We continue to expect
net cash provided by operating activities minus capital expenditures to be between 60 – 75
percent of net income, and we expect this metric to improve in 2008 and beyond.”
“The commercial airplane manufacturers have a great backlog of orders, and they are continuing
to experience continued strong new order flow. Airlines worldwide continue to increase
capacity, and it now appears that most U.S. airlines will return to profitability in 2007. These
trends bode very well for our commercial aftermarket sales, which we believe will grow by more
than 10 percent in 2007, and will continue to grow at a rate significantly greater than capacity
growth in the global airline system beyond 2007. Additionally, in 2007 we expect our defense
sales to increase by about 7 percent, after being relatively flat in 2006,” Larsen continued.
Goodrich reported first quarter 2007 net income of $100 million, or $0.78 per diluted share, on
sales of $1,589 million. In the first quarter 2006, the company reported net income of $202
million, or $1.60 per diluted share, on sales of $1,424 million. Included in the results for the first
quarter 2006 was approximately $132 million, or $1.05 per diluted share, related to the impact of
tax settlements with the IRS. To provide the most meaningful comparison of first quarter 2006
and 2007 results, Goodrich believes that the first quarter 2006 net income per diluted share of
$1.60 should be adjusted for the impact of the $1.05 per diluted share related to tax settlements
that were completed during the first quarter 2006. Excluding these tax settlements, net income
per diluted share for the first quarter 2006 was $0.55, compared to first quarter 2007 results of
$0.78 per diluted share. On that basis, first quarter 2007 net income per diluted share increased
42 percent when compared to the similar results for the first quarter 2006.
The increased sales for the quarter reflect growth in all three of the company’s major market
channels. For the first quarter 2007 compared to the first quarter 2006, sales changes by market
channel were as follows:
• Large commercial airplane original equipment sales increased by about 4 percent;
• Regional, business and general aviation airplane original equipment sales increased 7
percent;
• Large commercial, regional and general aviation airplane aftermarket sales increased by
21 percent, and;
• Defense and space sales of both original equipment and aftermarket products and services
increased by about 8 percent.
Income in the first quarter 2007, compared to the first quarter 2006, was positively affected by
the strong sales discussed above and improved operational performance in most business units.
For the first quarter 2007, the company reported an effective tax rate of 35.0 percent.
Net cash provided by operating activities during the first quarter 2007 was $123 million, an
increase of $57 million from the same period in 2006. The increase was primarily due to
increased income, lower working capital growth and higher deferred taxes. Capital expenditures
were $37 million in the first quarter 2007 compared to capital expenditures in the first quarter
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3. 2006 of $43 million. For the first quarter 2007 net cash provided by operating activities, minus
capital expenditures, as a percent of net income was approximately 86 percent.
Business Highlights
• Japan Airlines (JAL) and Shanghai Airlines have selected Goodrich to supply wheels and
electrically-actuated brakes for the Boeing 787 Dreamliner aircraft that they are adding to
their fleets. JAL has 35 aircraft on order and Shanghai Airlines has nine aircraft on order.
Both airlines expect to receive deliveries of their aircraft in 2008.
• Goodrich will be supplying various products and services including thrust reversers,
inlets and engine and pylon installation systems and equipment in support of the U.S. Air
Force's Joint Surveillance Target Attack Radar System (JSTARS) aircraft fleet re-
engining program that was announced in January by the U.S. Air Force and Northrop
Grumman.
2007 Outlook
The company’s sales outlook is based on market assumptions for each of its major market
channels, which are included in the supplemental data portion of this press release.
The company continues to expect that 2007 will be another year of strong sales growth with
improving segment operating income margins. The company now expects that full year 2007
sales will be in the range of $6.3 - $6.5 billion, compared with prior expectations of $6.2 - $6.4
billion. The outlook for 2007 net income per diluted share has been increased to $3.20 - $3.35,
compared with prior expectations of $2.95 - $3.15, reflecting income and margin expansion
associated with sales growth in all major market channels and improved operating efficiencies.
The 2007 outlook assumes, among other factors, a full-year effective tax rate of 31 – 33 percent,
which may vary from quarter-to-quarter depending on many factors, including settlements with
state, federal and international tax authorities.
To provide the most meaningful comparison between 2006 results and the outlook for 2007 net
income per diluted share, Goodrich believes that the 2006 net income per diluted share of $3.81
should be adjusted for the impact of the $1.15 per diluted share related to tax settlements that
were completed during 2006. Excluding these tax settlements, net income per diluted share for
2006 was $2.66, compared to expected results of $3.20 - $3.35 for 2007.
Goodrich continues to expect net cash provided by operating activities, minus capital
expenditures, to be in the range of 60 – 75 percent of net income in 2007. This outlook reflects a
continuation of cash expenditures for investments in the Boeing 787 Dreamliner and the Airbus
A350 XWB and capital expenditures for facility expansions to support increased aftermarket
demand, low cost country manufacturing and productivity initiatives that are expected to
enhance margins over the near and long term. The company continues to expect capital
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4. expenditures for 2007 to be in a range of $270 - $290 million. Of these capital expenditures,
approximately 40 percent are expected to be associated with investments in low cost country
manufacturing, previously announced MRO facility expansions and new facilities to support
aftermarket sales growth, and expenditures related to the company-wide implementation of a
new Enterprise Resource Planning (ERP) system.
The current sales, net income and net cash provided by operating activities outlook for 2007 do
not include the impact of acquisitions or divestitures or resolution of an A380 claim against
Northrop Grumman.
----------------------
The supplemental discussion and tables that follow provide more detailed information about the
first quarter 2007 segment results and assumptions underlying the 2007 outlook.
----------------------
Goodrich will hold a conference call on April 26, 2007 at 10:00 AM U.S. Eastern Time to
discuss this announcement. Interested parties can listen to a live webcast of the conference call,
and view the related presentation materials, at www.goodrich.com, or listen via telephone by
dialing 913-981-5592.
----------------------
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to
aerospace, defense and homeland security markets. With one of the most strategically
diversified portfolios of products in the industry, Goodrich serves a global customer base with
significant worldwide manufacturing and service facilities. For more information visit
http://www.goodrich.com.
----------------------
Page 4
5. FORWARD-LOOKING INFORMATION IS SUBJECT TO RISK AND UNCERTAINTY
Certain statements made in this document are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 regarding our future plans, objectives and
expected performance. Specifically, statements that are not historical facts, including statements
accompanied by words such as “believe,” “expect,” “anticipate,” “intend,” “should,” “estimate,”
or “plan,” are intended to identify forward-looking statements and convey the uncertainty of
future events or outcomes. We caution readers that any such forward-looking statements are
based on assumptions that we believe are reasonable, but are subject to a wide range of risks, and
actual results may differ materially.
Important factors that could cause actual results to differ from expected performance include, but
are not limited to:
• demand for and market acceptance of new and existing products, such as the Airbus
A350 XWB and A380, the Boeing 787 Dreamliner, the EMBRAER 190, the Dassault
Falcon 7X and the Lockheed Martin F-35 Lightning II and F-22 Raptor;
• our ability to extend our commercial original equipment contracts beyond the initial
contract periods;
• cancellation or delays of orders or contracts by customers or with suppliers;
• successful development of products and advanced technologies;
• the health of the commercial aerospace industry, including the impact of bankruptcies
and/or consolidations in the airline industry;
• global demand for aircraft spare parts and aftermarket services;
• changing priorities or reductions in the defense budgets in the U.S. and other countries,
U.S. foreign policy and the level of activity in military flight operations;
• the resolution of contractual disputes with Northrop Grumman related to the purchase of
aeronautical systems;
• the resolution of items in IRS examination cycles;
• the possibility of restructuring and consolidation actions beyond those previously
announced by us;
• threats and events associated with and efforts to combat terrorism;
• the extent to which expenses relating to employee and retiree medical and pension
benefits change;
• competitive product and pricing pressures;
• our ability to recover from third parties under contractual rights of indemnification for
environmental and other claims arising out of the divestiture of our tire, vinyl and other
businesses;
• possible assertion of claims against us on the theory that we, as the former corporate
parent of Coltec Industries Inc, bear some responsibility for the asbestos-related liabilities
of Coltec and its subsidiaries, or that Coltec’s dividend of its aerospace business to us
prior to the EnPro spin-off was made at a time when Coltec was insolvent or caused
Coltec to become insolvent;
Page 5
6. • the effect of changes in accounting policies;
• cumulative catch-up adjustments or loss contract reserves on long-term contracts
accounted for under the percentage of completion method of accounting;
• domestic and foreign government spending, budgetary and trade policies;
• economic and political changes in international markets where we compete, such as
changes in currency exchange rates, inflation, deflation, recession and other external
factors over which we have no control; and
• the outcome of contingencies including completion of acquisitions, divestitures, tax
audits, litigation and environmental remediation efforts.
We caution you not to place undue reliance on the forward-looking statements contained in this
document, which speak only as of the date on which such statements are made. We undertake no
obligation to release publicly any revisions to these forward-looking statements to reflect events
or circumstances after the date on which such statements were made or to reflect the occurrence
of unanticipated events.
Page 6
7. Supplemental Data
Segment Review
Quarter Ended March 31, 2007 Compared with Quarter Ended March 31, 2006
Quarter Ended March 31,
% % of Sales
2007 2006 2007 2006
Change
(Dollars in millions)
NET CUSTOMER SALES
Actuation and Landing Systems $ 609.2 $ 538.4 13%
Nacelles and Interior Systems $ 546.9 $ 493.8 11%
Electronic Systems $ 432.4 $ 391.6 10%
Total Sales $ 1,588.5 $ 1,423.8 12%
SEGMENT OPERATING INCOME
Actuation and Landing Systems $ 49.9 $ 23.3 114% 8.2% 4.3%
Nacelles and Interior Systems $ 126.3 $ 104.8 21% 23.1% 21.2%
Electronic Systems $ 54.8 $ 42.9 28% 12.7% 11.0%
Segment Operating Income $ 231.0 $ 171.0 35% 14.5% 12.0%
Actuation and Landing Systems: Actuation and Landing Systems segment sales of $609 million
for the quarter ended March 31, 2007 increased $71 million, or 13 percent, from $538 million for
the quarter ended March 31, 2006. The increase was primarily due to the following:
• Higher large commercial airplane aftermarket sales of approximately $26 million,
primarily in our landing gear, aircraft wheel and brake and actuation systems business
units;
• Higher large commercial airplane OE sales of approximately $16 million, primarily in
our landing gear business unit;
• Higher regional and business OE and aftermarket sales of approximately $17 million,
primarily in our aircraft wheel and brake, landing gear and actuation systems business
units, and;
• Higher airframe heavy maintenance sales of approximately $5 million.
Actuation and Landing Systems segment operating income of $50 million for the quarter ended
March 31, 2007 increased $27 million, or 114 percent, from $23 million for the quarter ended
March 31, 2006. This increase in operating income was a result of the following:
• Higher sales volume and favorable product mix across all businesses, which generated
income of approximately $17 million, and;
• Higher operating income of approximately $16 million, driven primarily by improved
brake life performance in the aircraft wheel and brake business unit and higher pricing
across all business units. These improvements are net of increased operating costs,
Page 7
8. including raw material price escalation and higher labor and overhead expenses in the
landing gear business unit.
These favorable impacts were partially offset by unfavorable foreign exchange impacts of
approximately $7 million, primarily in our landing gear and actuation system business units.
Nacelles and Interior Systems: Nacelles and Interior Systems segment sales of $547 million in
the quarter ended March 31, 2007 increased $53 million, or 11 percent, from $494 million in the
quarter ended March 31, 2006. The increase was primarily due to the following:
• Higher large commercial airplane aftermarket sales, including spare parts and MRO
volume of approximately $44 million, primarily in our aerostructures and interior systems
business units, and;
• Higher defense OE and aftermarket sales of approximately $8 million, primarily in our
interior systems business unit.
Nacelles and Interior Systems segment operating income of $126 million in the quarter ended
March 31, 2007 increased $21 million, or 21 percent, from $105 million in the quarter ended
March 31, 2006. Segment operating income was higher primarily as a result of higher sales
volume and favorable product mix, primarily in our aerostructures and interior systems business
units, which generated income of approximately $24 million. This increase in segment operating
income was partially offset by cost increases, primarily in our aerostructures business unit.
Electronic Systems: Electronic Systems segment sales of $433 million in the quarter ended
March 31, 2007 increased $41 million, or 10 percent, from $392 million in the quarter ended
March 31, 2006. The increase was primarily due to:
• Higher defense and space OE and aftermarket sales of approximately $16 million in all of
our business units;
• Higher regional and general aviation airplane OE and aftermarket sales of approximately
$16 million in nearly all of our business units, and;
• Higher sales of products to the helicopter market of approximately $9 million in our
sensors and integrated systems and engine controls and power business units.
Electronic Systems segment operating income of $55 million in the quarter ended March 31,
2007 increased $12 million, or 28 percent, from $43 million in the quarter ended March 31,
2006. Segment operating income was higher primarily as a result of higher sales volume,
generating operating income of approximately $18 million. This increase in segment operating
income was partially offset by cost increases of approximately $6 million, primarily in our
sensors and integrated systems business unit.
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9. 2007 Outlook – Market Channel Assumptions
Goodrich’s 2007 outlook is based on certain market assumptions, including the following:
• Goodrich expects deliveries of Airbus and Boeing large commercial aircraft to increase
by about 8 - 10 percent in 2007 compared to 2006. Goodrich sales of large commercial
aircraft original equipment products are projected to grow by about the same rate as the
increase in deliveries in 2007.
• Capacity in the global airline system, as measured by available seat miles (ASMs), is
expected to grow at about 4 - 5 percent in 2007. Goodrich sales to airlines and package
carriers for large commercial and regional aircraft aftermarket parts and services are
expected to grow by more than 10 percent in 2007 compared to 2006.
• Total regional and business aircraft production is expected to increase slightly in 2007
compared to 2006. Deliveries to Embraer in support of its EMBRAER 190 aircraft,
which includes significant Goodrich content, are expected to enable Goodrich to increase
sales in this market channel by more than 10 percent in 2007 compared to 2006.
• Goodrich defense and space sales (original equipment and aftermarket) are expected to
grow by approximately 7 percent in 2007 compared to 2006. Growth is expected in all
three segments.
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10. PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
Three Months
Ended
March 31,
2007 2006
Sales………………………………………………………… $ 1,588.5 $ 1,423.8
Operating costs and expenses:
Cost of sales………………………………………………… 1,133.7 1,043.9
Selling and administrative costs…………………………… 255.8 237.2
1,389.5 1,281.1
199.0 142.7
Operating Income……………………………………………
Interest expense……………………………………………… (31.6) (32.0)
Interest income……………………………………………… 1.8 1.1
Other income (expense) – net………………………………… (15.6) (10.6)
Income from continuing operations before
income taxes……………………………………………… 153.6 101.2
Income tax (expense) benefit………………………………… (53.8) 99.1 (1)
99.8 200.3
Income From Continuing Operations………………………
Income from discontinued operations……………………… - 0.6
Cumulative effect of change in accounting………………… - 0.6
Net Income…………………………………………………. $ 99.8 $ 201.5
Basic Earnings per Share:
Continuing operations……………………………………… $ 0.80 $ 1.62 (1)
- -
Discontinued operations……………………………………
- 0.01
Cumulative effect of change in accounting…………………
Net Income…………………………………………………… $ 0.80 $ 1.63 (1)
Diluted Earnings per Share:
Continuing operations……………………………………… $ 0.78 $ 1.59 (1)
- -
Discontinued operations……………………………………
- 0.01
Cumulative effect of change in accounting…………………
Net Income…………………………………………………… $ 0.78 $ 1.60 (1)
Dividends Declared per Common Share………………… $ 0.20 $ 0.20
Weighted - Average Number of Shares Outstanding
(in millions)
125.2 123.5
Basic………………………………………………………
127.8 125.6
Diluted………………………………………………………
(1) First Quarter 2006 results include a favorable tax settlement of $132 million, or
$1.05 per diluted share.
Page 10
11. PRELIMINARY
GOODRICH CORPORATION
SEGMENT REPORTING (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months
Ended
March 31, $ %
Change Change
2007 2006
Sales:
13.2%
$ 70.8
Actuation and Landing Systems……………………………$ 609.2 $ 538.4
10.8%
Nacelles and Interior Systems……...……………………… 546.9 493.8 53.1
10.4%
Electronic Systems………………………………………… 432.4 391.6 40.8
11.6%
$ 164.7
Total Sales………………………………………………………$ 1,588.5 $ 1,423.8
Operating Income:
114.2%
$ 26.6
Actuation and Landing Systems……………………………$ 49.9 $ 23.3
20.5%
Nacelles and Interior Systems……...……………………… 126.3 104.8 21.5
27.7%
Electronic Systems………………………………………… 54.8 42.9 11.9
35.1%
Total Segment Operating Income (1)………………………… 231.0 171.0 60.0
5.5%
Corporate General and Administrative Costs………………… (28.7) (27.2) (1.5)
200.0%
ERP Implementation Costs…………………………………… (3.3) (1.1) (2.2)
39.5%
$ 56.3
Total Operating Income……………………………………… $ 199.0 $ 142.7
Segment Operating Income as a Percent of Sales:
Actuation and Landing Systems…………………………… 8.2% 4.3%
Nacelles and Interior Systems……...……………………… 23.1% 21.2%
Electronic Systems………………………………………… 12.7% 11.0%
Total Segment Operating Income as a Percent of Sales……… 14.5% 12.0%
(1) Segment operating income is total segment revenue reduced by operating expenses directly identifiable with our
business segments except for certain enterprise ERP implementation expenses, which were not allocated to the
segments. Segment operating income is used by management to assess the operating performance of the segments. See
reconciliation of total segment operating income to total operating income above.
Page 11
12. PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(DOLLARS IN MILLIONS EXCEPT SHARE AMOUNTS)
March 31, December 31,
2007 2006
Current Assets
Cash and cash equivalents …………………………………………………… $ 231.9 $ 201.3
Accounts and notes receivable — net ……………………………………….. 1,009.4 912.4
Inventories — net …………………………………………………………….. 1,647.5 1,551.8
Deferred income taxes ………………………………………………………… 232.1 250.3
Prepaid expenses and other assets ……………………………………………… 76.9 91.7
Total Current Assets ……………………………………………………. 3,197.8 3,007.5
Property, plant and equipment — net ………………………………………… 1,323.7 1,327.7
Prepaid pension ……………………………………………………………….. 2.3 2.3
Goodwill ……………………………………………………………………… 1,344.3 1,341.3
Identifiable intangible assets — net …………………………………………… 468.3 472.0
Deferred income taxes ………………………………………………………… 32.3 35.5
Other assets ……………………………..……………………………………. 707.4 714.9
Total Assets ……………………………………………………………….. $ 7,076.1 $ 6,901.2
Current Liabilities
Short-term debt ………………………………………………………………. $ - $ 11.8
Accounts payable …………………………………………………………….. 669.3 584.6
Accrued expenses ……………………………………………………………. 829.5 819.0
Income taxes payable ………………………………………………………… 87.2 212.5
Deferred income taxes ………………………………………………………… 3.3 3.3
Current maturities of long-term debt and capital lease obligations …………… 1.2 1.4
Total Current Liabilities ………………………………………………….. 1,590.5 1,632.6
Long-term debt and capital lease obligations ………………………………… 1,722.1 1,721.7
Pension obligations …………………………………………………………… 607.9 612.1
Postretirement benefits other than pensions …………………………………… 378.5 379.1
Long-term income taxes payable ……………………………………………… 143.3 -
Deferred income taxes ………………………………………………………. 41.3 57.2
Other non-current liabilities …………………………………………………… 517.1 521.8
Commitments and contingent liabilities ……………………………………… - -
Shareholders’ Equity
Common stock — $5 par value
Authorized 200,000,000 shares; issued 140,398,499 shares at
March 31, 2007 and 139,041,884 shares at December 31, 2006
(excluding 14,000,000 shares held by a wholly owned subsidiary) ………… 702.0 695.2
Additional paid-in capital ……………………………………………………… 1,358.8 1,313.3
Income retained in the business ………………………………………………… 751.1 666.5
Accumulated other comprehensive income (loss) ……………………………… (241.1) (260.8)
Common stock held in treasury, at cost (15,232,451 shares at
March 31, 2007 and 14,090,913 shares at December 31, 2006) ……………… (495.4) (437.5)
Total Shareholders’ Equity ………………………………………………… 2,075.4 1,976.7
Total Liabilities And Shareholders’ Equity ……………………………… $ 7,076.1 $ 6,901.2
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13. PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months
Ended
March 31,
2007 2006
Operating Activities
Net income………………………...……………………………………………………… $ 99.8 $ 201.5
Adjustments to reconcile net income to net cash provided by operating activities:
Income (loss) from discontinued operations…………………………………………… - (0.6)
Cumulative effect of change in accounting……………………………………………… - (0.6)
Restructuring and consolidation:
Expenses……………………………………………………………………………… 0.2 1.5
Payments……………………………………………………………………………… (0.6) (1.8)
Asset impairments……………………………………………………………………… - 0.9
Depreciation and amortization………………………………………………………… 61.4 56.3
(4.0) (1.2)
Excess tax benefits related to share-based payment arrangements………………………
Share-based compensation expense…………………………………………….. 16.2 21.9
Deferred income taxes…………………………………………………….. (9.0) (4.2)
Change in assets and liabilities, net of effects of acquisitions and divestitures:
Receivables……………………………………………………………………… (93.5) (96.6)
Inventories, net of pre-production and excess-over-average ………………………… (57.6) (54.2)
Pre-production and excess-over-average inventories …………………………..…… (32.8) (28.4)
Other current assets…………………………………………………………….. 4.2 9.1
Accounts payable………………………………………………………………… 81.8 62.8
Accrued expenses……………………………………………………………….. 0.3 (17.7)
Income taxes payable…………………………………………………………….. 51.4 (87.7)
Other non-current assets and liabilities………………………………………… 5.3 4.6
123.1 65.6
Net Cash Provided By Operating Activities……………………………………….
Investing Activities
Purchases of property, plant and equipment…………………………………………. (36.9) (43.2)
Proceeds from sale of property, plant and equipment…………………………………… 0.1 0.1
(36.8) (43.1)
Net Cash Used In Investing Activities…………………………….
Financing Activities
Increase (decrease) in short-term debt, net ……………………………………………… (11.8) 6.1
Repayment of long-term debt and capital lease obligations……………………………… (0.4) (0.4)
Proceeds from issuance of common stock…………………………………………. 36.8 18.5
Purchases of treasury stock……………………………………………………………… (57.8) (0.4)
Dividends………………………………………………………………………………… (25.1) (24.6)
4.0 1.2
Excess tax benefits related to share-based payment arrangements………………………
Distributions to minority interest holders……………………………………………… (1.7) (1.0)
(56.0) (0.6)
Net Cash Used In Financing Activities…………………………………………...
Net cash (used) provided by discontinued operations…………………………….. (0.3) 9.1
Effect of exchange rate changes on cash and cash equivalents…………………………… 0.6 0.7
Net increase in cash and cash equivalents………………………………………… 30.6 31.7
Cash and cash equivalents at beginning of period…………………………………….. 201.3 251.3
Cash and cash equivalents at end of period……………………………………….. $ 231.9 $ 283.0
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14. PRELIMINARY
GOODRICH CORPORATION
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months
Ended
March 31,
Preliminary Income Statement Data: 2007 2006
Net Interest Expense……………………………………………………$ (29.8) $ (30.9)
Other Income (Expense), Net:………………………………………… $ (15.6) $ (10.6)
- Divested Business Retiree Health Care…………………………… (4.8) (4.8)
- Loss on Extinguishment or Exchange of Debt…………………… - -
- Income (Expense) related to previously owned businesses………… (5.7) (1.4)
- Minority interest and equity in affiliated companies…………….. (5.6) (3.8)
- Other Income (Expense)…………………………………………… 0.5 (0.6)
Preliminary Cash Flow Data:
Dividends……………………………………………………………… $ (25.1) $ (24.6)
Depreciation and Amortization…………………………………………$ 61.4 $ 56.3
- Depreciation………………………………………………………… 44.1 40.2
- Amortization……………………………………………………… 17.3 16.1
March 31, December 31,
Preliminary Balance Sheet Data: 2007 2006
Preproduction and Excess-Over-Average Inventory……………………$ 431.8 $ 399.0
Short-term Debt………………………………………………………$ - $ 11.8
Current Maturities of Long-term Debt
and Capital Lease Obligations……………………………………… 1.2 1.4
Long-term Debt and Capital Lease Obligations……………………… 1,722.1 1,721.7
[1]
Total Debt …………………………………………………………… $ 1,723.3 $ 1,734.9
Cash and Cash Equivalents………………………………………… 231.9 201.3
Net Debt[1]………………………………………………………………$ 1,491.4 $ 1,533.6
____________________________
[1]
Total Debt (defined as short-term debt plus current maturities of long-term debt and capital lease obligations plus long-
term debt and capital lease obligations) and Net Debt (defined as Total Debt minus cash and cash equivalents) are non-
GAAP financial measures that the Company believes are useful to rating agencies and investors in understanding the
Company’s capital structure and leverage. Because all companies do not calculate these measures in the same manner,
the Company's presentation may not be comparable to other similarly titled measures reported by other companies.
Page 14