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.
DB Corp’s 1QFY15 proforma PAT grew 4% YoY to INR791m vs our estimate of INR771m. While print ad revenue was 4% below estimate, EBITDA/PAT were 3-4% above estimate led by lower RM cost and other expenses.; buy.
DB Corp’s 1QFY15 proforma PAT grew 4% YoY to INR791m vs our estimate of INR771m. While print ad revenue was 4% below estimate, EBITDA/PAT were 3-4% above estimate led by lower RM cost and other expenses.; buy.
Encuesta 50 de Plaza Pública Cadem con la evaluación del Gobierno de Michelle Bachelet, la economía y un zoom al ministro del Interior Rodrigo Peñailillo.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
USDA Loans in California: A Comprehensive Overview.pptx
goodrich 2Q07
1. Goodrich Announces 53 Percent Earnings per Diluted Share
Growth for Second Quarter 2007 and Increases Outlook for 2007
Sales and Net Income per Diluted Share
• Second quarter 2007 net income per diluted share of $0.98, a 53 percent increase over
second quarter 2006 net income per diluted share of $0.64.
• Second quarter 2007 sales of $1,622 million increased 9 percent over second quarter
2006 sales of $1,483 million.
• Total segment operating income margin increased to 16.0%, from 14.0% in the second
quarter 2006.
• Full year 2007 outlook for net income increased to $3.50 – $3.60 per diluted share, from
$3.20 – $3.35 per diluted share.
• Full year 2007 outlook for sales increased to $6.5 - $6.6 billion, from the previous range
of $6.3 - $6.5 billion.
CHARLOTTE, NC, July 26, 2007 – Goodrich Corporation announced results today for the
second 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, “The second quarter 2007 was a very solid quarter for Goodrich and our
industry. The roll-out of the Boeing 787 Dreamliner was a significant event for the aerospace
industry, and we are proud of all the innovative Goodrich products that are on the airplane. We
had continued strong sales growth at 9 percent for the quarter, and our segment operating income
margins increased to 16 percent. Excellent top line growth and operational execution has
allowed us to raise our outlook for full year 2007 sales and earnings per diluted share. We now
expect sales to be in the $6.5 – $6.6 billion range, an increase of about $100 million compared to
our prior outlook, and we expect earnings per diluted share to be in the range of $3.50 - $3.60, an
Page 1
2. increase of $0.25 - $0.30 per diluted share compared to our prior outlook. Segment operating
income margins are now expected to be about 15 percent for the full year 2007. We 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.”
“We are pleased that we signed another long-term landing gear supply agreement with Boeing,
solidifying the partnership between our companies that has grown over many years. This
agreement is a win-win for Goodrich and Boeing, and encourages us to work together in ways
that are expected to benefit both companies,” Larsen continued.
Goodrich reported second quarter 2007 net income of $125 million, or $0.98 per diluted share,
on sales of $1,622 million. In the second quarter 2006, the company reported net income of $81
million, or $0.64 per diluted share, on sales of $1,483 million. Second quarter 2007 sales
increased 9 percent and net income per diluted share increased 53 percent when compared to the
similar results for the second quarter 2006.
The increased sales for the quarter reflect continued strong growth for commercial airplane
aftermarket and defense and space sales. Large commercial airplane original equipment sales
declined slightly in the second quarter 2007 compared to the second quarter 2006 due primarily
to reduced Airbus A380 shipments in several businesses and the second quarter 2006 completion
of the Boeing 717 and the PW4000 nacelle contracts. Each of the company’s three segments
experienced growth in sales for the second quarter 2007 compared to the second quarter 2006.
For the second quarter 2007 compared to the second quarter 2006, sales changes by market
channel were as follows:
• Large commercial airplane original equipment sales decreased by about 1 percent;
• Regional, business and general aviation airplane original equipment sales increased 26
percent;
• Large commercial, regional and general aviation airplane aftermarket sales increased by
14 percent, and;
• Defense and space sales of both original equipment and aftermarket products and services
increased by about 8 percent.
Net income in the second quarter 2007, compared to the second quarter 2006, was positively
affected by the strong sales, favorable sales mix and improved operational performance in most
business units. During the second quarter 2006, the company incurred $11 million in pre-tax
expense related to a pension curtailment and $5 million pre-tax expense related to transaction
costs for a long term debt exchange program. There were no similar expenses during the second
quarter 2007. For the second quarter 2007, the company reported an effective tax rate of 29
percent, which brought the 2007 year-to-date tax rate to 32 percent.
Net cash provided by operating activities during the second quarter 2007 was $75 million, an
increase of $85 million from the same period in 2006. The increase was primarily due to
increased pre-tax income of $58 million and the impact in the second quarter 2006 of the
Page 2
3. unwinding of the company’s $97 million accounts receivable securitization program. The
increase was partially offset by higher second quarter 2007 pension contributions of $80 million.
Capital expenditures were $59 million in the second quarter 2007 compared to capital
expenditures in the second quarter 2006 of $52 million.
For the first six months of 2007, the company reported net income of $225 million, or $1.76 per
diluted share, on sales of $3,211 million. During the first six months of 2006, net income was
$283 million, or $2.24 per diluted share, on sales of $2,907 million. Included in the net income
results for the first six months of 2006 was $132 million, or $1.05 per diluted share, related to tax
settlements that were completed during the first quarter 2006. The $304 million increase in sales
is primarily attributable to double-digit percentage growth in commercial aircraft aftermarket
sales and continued strong sales growth in the commercial aircraft original equipment and
defense and space market channels. The effective tax rate for the first six months of 2007 was
32 percent, which is consistent with the company’s outlook of 31 – 33 percent for the full year
2007.
Net cash provided by operating activities during the first six months of 2007 was $198 million,
an increase of $143 million from the same period in 2006. The increase was primarily due to
increased pre-tax income of $111 million and the impact of the unwinding of the company’s $97
million accounts receivable securitization program in 2006. The increase was partially offset by
higher first half 2007 pension contributions of $83 million. Capital expenditures were $96
million for the first six months of 2007 compared to capital expenditures for the first six months
of 2006 of $95 million.
Business Highlights
• Goodrich has signed a new long term agreement with the Boeing Company under which
Goodrich will continue as the exclusive supplier of original equipment and aftermarket
landing gear for the 737, 747, 767 and 777 Commercial Airplanes programs. The
agreement extends supply arrangements through 2012.
• Singapore Airlines chose Goodrich to provide asset management services, including
component and system maintenance and technical support, for the airline's fleet of 19
A380 aircraft. The long-term agreement, customized to meet Singapore Airlines’
operational requirements, covers Goodrich-produced technology ranging from primary
and secondary flight controls to sensors and evacuation systems. This is the first
selection of Goodrich’s team for A380 support services.
• Greece’s Hellenic Air Force selected Goodrich’s DB-110 airborne reconnaissance system
for use on F-16 fighters. In the initial FMS contract, Goodrich will provide two F-16
reconnaissance pods, a ground exploitation system and aircraft integration.
Page 3
4. 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. Full year 2007 sales expectations have been
increased to $6.5 - $6.6 billion, compared with prior expectations of $6.3 - $6.5 billion. The
outlook for 2007 net income per diluted share has been increased to $3.50 - $3.60, compared
with prior expectations of $3.20 - $3.35, reflecting sales growth in all major market channels and
margin expansion driven by sales growth, favorable mix 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 $3.50 - $3.60 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
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 outlooks 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
second quarter 2007 segment results and assumptions underlying the 2007 outlook.
----------------------
Page 4
5. Goodrich will hold a conference call on July 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 5
6. 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 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;
• the effect of changes in accounting policies;
Page 6
7. • 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 7
8. Supplemental Data
Segment Review
Quarter Ended June 30, 2007 Compared with Quarter Ended June 30, 2006
Quarter Ended June 30,
% % of Sales
2007 2006 2007 2006
Change
(Dollars in millions)
NET CUSTOMER SALES
Actuation and Landing Systems $ 635.3 $ 561.9 13%
Nacelles and Interior Systems $ 533.6 $ 514.9 4%
Electronic Systems $ 453.5 $ 406.4 12%
Total Sales $ 1,622.4 $ 1,483.2 9%
SEGMENT OPERATING INCOME
Actuation and Landing Systems $ 61.0 $ 39.3 55% 9.6% 7.0%
Nacelles and Interior Systems $ 135.3 $ 114.8 18% 25.4% 22.3%
Electronic Systems $ 62.6 $ 54.1 16% 13.8% 13.3%
Segment Operating Income $ 258.9 $ 208.2 24% 16.0% 14.0%
Actuation and Landing Systems: Actuation and Landing Systems segment sales of $635 million
for the quarter ended June 30, 2007 increased $73 million, or 13 percent, from $562 million for
the quarter ended June 30, 2006. The increase was primarily due to the following:
• Higher large commercial airplane aftermarket sales of approximately $22 million,
primarily in our landing gear, aircraft wheels and brakes and actuation business units;
• Higher large commercial airplane OE sales of approximately $21 million, primarily in
our landing gear business unit;
• Higher regional and business OE and aftermarket sales of approximately $10 million,
primarily in our aircraft wheels and brakes and landing gear business units;
• Higher military OE and aftermarket sales of approximately $6 million, primarily in our
actuation and aircraft wheels and brakes business units; and
• Higher airframe heavy maintenance sales of approximately $5 million.
Actuation and Landing Systems segment operating income of $61 million for the quarter ended
June 30, 2007 increased $22 million, or 55 percent, from $39 million for the quarter ended June
30, 2006. This increase in operating income was primarily due to the following:
• Higher sales volume and favorable product mix across all business units, which resulted
Page 8
9. in higher income of approximately $25 million;
• Improved brake-life performance in the aircraft wheels and brakes business unit and
higher pricing in our landing gear, aircraft wheels and brakes and actuation business
units, offset by increased operating costs, primarily in our landing gear business unit; and
• Unfavorable foreign exchange translation impact of approximately $7 million.
Nacelles and Interior Systems: Nacelles and Interior Systems segment sales of $534 million in
the quarter ended June 30, 2007 increased $19 million, or 4 percent, from $515 million in the
quarter ended June 30, 2006. The increase was primarily due to the following:
• Higher large commercial airplane aftermarket sales, including spare parts and MRO
volume of approximately $39 million, primarily in our aerostructures and interiors
business units; and
• Higher regional, business, and general aviation aircraft OE sales primarily from our
aerostructures business unit of approximately $11 million.
Partially offsetting these higher sales were lower commercial OE sales of approximately $37
million, related to the completion of certain customer contracts in 2006.
Nacelles and Interior Systems segment operating income of $135 million in the quarter ended
June 30, 2007 increased $20 million, or 18 percent, from $115 million in the quarter ended June
30, 2006. The increased segment operating income was due to higher sales volume, primarily in
our aerostructures and interiors business units, which resulted in higher income of approximately
$27 million. Favorable changes in estimates for certain long-term contracts at our aerostructures
business unit during the second quarter 2007 resulted in an increase to segment operating income
of approximately $10 million. These increases in segment operating income were partially offset
by higher research and development and administrative costs, primarily in our aerostructures
business unit.
Electronic Systems: Electronic Systems segment sales of $453 million in the quarter ended June
30, 2007 increased $47 million, or 12 percent, from $406 million in the quarter ended June 30,
2006. The increase was primarily due to:
• Higher defense and space OE and aftermarket sales of approximately $20 million across
all of our business units;
• Higher regional and general aviation airplane OE and aftermarket sales of approximately
$15 million in our sensor and integrated systems and engine control and electrical power
business units;
• Higher commercial OE and aftermarket sales of approximately $7 million in our sensors
Page 9
10. and integrated systems business unit; and
• Higher sales of products to the helicopter market of approximately $5 million in our
sensors and integrated systems and engine controls and electrical power business units.
Electronic Systems segment operating income of $63 million in the quarter ended June 30, 2007
increased $9 million, or 16 percent, from $54 million in the quarter ended June 30, 2006. The
increased segment operating income was primarily a result of higher sales volume, which
resulted in operating income of approximately $19 million. This increase in segment operating
income was offset by higher costs of approximately $8 million, primarily in our sensors and
integrated systems and engine control and electrical power business units and unfavorable
foreign currency translation of approximately $4 million in our engine controls and electrical
power business.
2007 Outlook – Market Channel Assumptions
Goodrich’s 2007 outlook is based on certain market assumptions, including the following:
• Goodrich expects deliveries of Airbus and Boeing large commercial aircraft to increase
by about 8 - 10 percent in 2007 compared to 2006. Goodrich sales of large commercial
aircraft original equipment products are projected to grow by about 10 percent in 2007
compared to 2006.
• Capacity in the global airline system, as measured by available seat miles (ASMs), is
expected to grow at about 4 - 5 percent in 2007. Goodrich sales to airlines and package
carriers for large commercial and regional aircraft aftermarket parts and services are
expected to grow by 13 - 15 percent in 2007 compared to 2006.
• Total regional and business aircraft production is expected to increase slightly in 2007
compared to 2006. Deliveries to Embraer in support of its EMBRAER 190 aircraft,
which includes significant Goodrich content, are expected to enable Goodrich to increase
sales in this market channel by about 15 percent in 2007 compared to 2006.
• Goodrich defense and space sales (original equipment and aftermarket) are expected to
grow by about 10 percent in 2007 compared to 2006. Growth is expected in all three
segments.
Page 10
11. PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
Three Months Six Months
Ended Ended
June 30, June 30,
2007 2006 2007 2006
Sales……………………………………………………………………………$ 1,622.4 $ 1,483.2 $ 3,210.9 $ 2,907.0
Operating costs and expenses:
Cost of sales………………………………………………………………… 1,139.1 1,088.0 2,272.8 2,131.9
Selling and administrative costs…………………………………………… 261.1 227.3 516.9 464.5
1,400.2 1,315.3 2,789.7 2,596.4
222.2 167.9 421.2 310.6
Operating Income……………………………………………………………
Interest expense……………………………………………………………… (30.8) (31.3) (62.4) (63.3)
Interest income………………………………………………………………… 1.5 1.1 3.3 2.2
Other income (expense) – net………………………………………………… (17.7) (20.9) (33.3) (31.5)
Income from continuing operations before
income taxes………………………………………………………………… 175.2 116.8 328.8 218.0
Income tax (expense) benefit………………………………………………… (50.1) (35.7) (103.9) 63.4
125.1 81.1 224.9 281.4
Income From Continuing Operations………………………………………
Income (loss) from discontinued operations………………………………… (0.3) (0.1) (0.3) 0.5
Cumulative effect of change in accounting…………………………………… - - - 0.6
Net Income…………………………………………………………………… $ 124.8 $ 81.0 $ 224.6 $ 282.5
Basic Earnings per Share:
Continuing operations……………………………………………………… $ 1.00 $ 0.65 $ 1.79 $ 2.27
- - - -
Discontinued operations……………………………………………………
- - - 0.01
Cumulative effect of change in accounting…………………………………
Net Income………………………………………………………………… $ 1.00 $ 0.65 $ 1.79 $ 2.28
Diluted Earnings per Share:
Continuing operations……………………………………………………… $ 0.98 $ 0.64 $ 1.76 $ 2.23
- - - -
Discontinued operations……………………………………………………
- - - 0.01
Cumulative effect of change in accounting…………………………………
Net Income………………………………………………………………… $ 0.98 $ 0.64 $ 1.76 $ 2.24
Dividends Declared per Common Share…………………………………… $ 0.20 $ 0.20 $ 0.40 $ 0.40
Weighted - Average Number of Shares Outstanding
(in millions)
125.3 124.5 125.3 124.0
Basic…………………………………………………………………………
127.9 126.4 127.8 126.0
Diluted………………………………………………………………………
Page 11
12. PRELIMINARY
GOODRICH CORPORATION
SEGMENT REPORTING (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months Six Months
Ended Ended
June 30, June 30,
2007 2006 2007 2006
Sales:
Actuation and Landing Systems……………………………………$ 635.3 $ 561.9 $ 1,244.5 $ 1,100.3
Nacelles and Interior Systems……...……………………………… 533.6 514.9 1,080.5 1,008.7
Electronic Systems………………………………………………… 453.5 406.4 885.9 798.0
Total Sales……………………………………………………………… $ 1,622.4 $ 1,483.2 $ 3,210.9 $ 2,907.0
Operating Income:
Actuation and Landing Systems……………………………………$ 61.0 $ 39.3 $ 110.9 $ 62.6
Nacelles and Interior Systems……...……………………………… 135.3 114.8 261.6 219.6
Electronic Systems………………………………………………… 62.6 54.1 117.4 97.0
Total Segment Operating Income (1)…………………………………… 258.9 208.2 489.9 379.2
Corporate General and Administrative Costs…………………………… (32.7) (23.9) (61.4) (51.1)
ERP Implementation Costs……………………………………………… (4.0) (5.5) (7.3) (6.6)
Pension Curtailment Expenses………………………………………… - (10.9) - (10.9)
Total Operating Income…………………………………………………$ 222.2 $ 167.9 $ 421.2 $ 310.6
Segment Operating Income as a Percent of Sales:
Actuation and Landing Systems…………………………………… 9.6% 7.0% 8.9% 5.7%
Nacelles and Interior Systems……...……………………………… 25.4% 22.3% 24.2% 21.8%
Electronic Systems………………………………………………… 13.8% 13.3% 13.3% 12.2%
Total Segment Operating Income as a Percent of Sales………………… 16.0% 14.0% 15.3% 13.0%
(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 and pension curtailment expenses in 2006, 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 12
13. PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(DOLLARS IN MILLIONS EXCEPT SHARE AMOUNTS)
June 30, December 31,
2007 2006
Current Assets
Cash and cash equivalents ……………………………………………………. $ 213.4 $ 201.3
Accounts and notes receivable — net ……………………………………….. 1,039.9 912.4
Inventories — net …………………………………………………………….. 1,749.6 1,551.8
Deferred income taxes …………………………………………………………. 232.8 250.3
Prepaid expenses and other assets ……………………………………………… 83.0 91.7
Total Current Assets ………………………………………………………. 3,318.7 3,007.5
Property, plant and equipment — net …………………………………………… 1,351.5 1,327.7
Prepaid pension ……………………………………………………………….. 2.6 2.3
Goodwill ……………………………………………………………………… 1,350.7 1,341.3
Identifiable intangible assets — net ……………………………………………. 466.9 472.0
Deferred income taxes ………………………………………………………… 43.4 35.5
Other assets ……………………………..……………………………………. 736.8 714.9
Total Assets ……………………………………………………………….. $ 7,270.6 $ 6,901.2
Current Liabilities
Short-term debt ………………………………………………………………. $ 10.4 $ 11.8
Accounts payable …………………………………………………………….. 661.1 584.6
Accrued expenses ……………………………………………………………. 867.6 819.0
Income taxes payable ………………………………………………………… 102.6 212.5
Deferred income taxes …………………………………………………………. 3.3 3.3
Current maturities of long-term debt and capital lease obligations ……………… 1.1 1.4
Total Current Liabilities ………………………………………………….. 1,646.1 1,632.6
Long-term debt and capital lease obligations …………………………………… 1,720.5 1,721.7
Pension obligations ……………………………………………………………… 535.0 612.1
Postretirement benefits other than pensions ……………………………………… 371.2 379.1
Long-term income taxes payable ………………………………………………… 148.5 -
Deferred income taxes ………………………………………………………… 60.5 57.2
Other non-current liabilities ……………………………………………………… 533.0 521.8
Commitments and contingent liabilities ………………………………………… - -
Shareholders’ Equity
Common stock — $5 par value
Authorized 200,000,000 shares; issued 141,455,931 shares at
June 30, 2007 and 139,041,884 shares at December 31, 2006
(excluding 14,000,000 shares held by a wholly owned subsidiary) …………… 707.3 695.2
Additional paid-in capital ………………………………………………………… 1,401.6 1,313.3
Income retained in the business ………………………………………………… 850.6 666.5
Accumulated other comprehensive income (loss) ……………………………… (151.8) (260.8)
Common stock held in treasury, at cost (16,211,703 shares at
June 30, 2007 and 14,090,913 shares at December 31, 2006) ………………… (551.9) (437.5)
Total Shareholders’ Equity ………………………………………………… 2,255.8 1,976.7
Total Liabilities And Shareholders’ Equity …………………………………$ 7,270.6 $ 6,901.2
Page 13
14. PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months Six Months
Ended Ended
June 30, June 30,
2007 2006 2007 2006
Operating Activities
Net income………………………...……………………………………………………………… $ 124.8 $ 81.0 $ 224.6 $ 282.5
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations……………………………………………………… 0.3 0.1 0.3 (0.5)
Cumulative effect of change in accounting……………………………………………………… - - - (0.6)
Restructuring and consolidation:
Expenses……………………………………………………………………………………… 0.6 2.1 0.8 3.6
Payments……………………………………………………………………………………… (1.5) (1.8) (2.1) (3.6)
Pension and postretirement benefits:
Expenses ………………………………………………………………………………..……… 29.7 40.3 61.3 73.9
Contributions and benefit payments …………………………………………………………… (96.0) (17.0) (114.7) (32.3)
Asset impairments………………………………………………………………………………… - - - 0.9
Depreciation and amortization…………………………………………………………………… 63.2 61.3 124.6 117.6
Excess tax benefits related to share-based payment arrangements………………………………… (5.6) (2.8) (9.6) (4.0)
Share-based compensation expense……………………………………………………………… 16.0 6.7 32.2 28.6
Loss on exchange or extinguishment of debt……………………………………………………… - 1.0 - 1.0
Deferred income taxes…………………………………………………………………………… (11.3) (15.2) (20.3) (19.4)
Change in assets and liabilities, net of effects of acquisitions and divestitures:
Receivables…………………………………………………………………………………… (19.5) (37.7) (113.0) (134.3)
Change in receivables sold, net………………………………………………………………… - (97.1) - (97.1)
Inventories, net of pre-production and excess-over-average ……………………………..…… (46.9) (46.1) (104.5) (100.3)
Pre-production and excess-over-average inventories …………………………..…………… (31.5) (24.1) (64.3) (52.5)
Other current assets…………………………………………………………………………… 4.9 2.8 9.1 11.9
Accounts payable……………………………………………………………………………… (15.6) 1.9 66.2 64.7
Accrued expenses……………………………………………………………………………… 31.7 (3.4) 32.0 (21.1)
Income taxes payable………………………………………………………………………… 24.8 49.4 76.2 (38.3)
Other non-current assets and liabilities………………………………………………………… 6.5 (12.1) (1.1) (25.8)
74.6 (10.7) 197.7 54.9
Net Cash Provided By (Used In) Operating Activities…………………………………………
Investing Activities
Purchases of property, plant and equipment……………………………………………………… (59.3) (51.9) (96.2) (95.1)
Proceeds from sale of property, plant and equipment……………………………………………… 0.6 1.3 0.7 1.4
(58.7) (50.6) (95.5) (93.7)
Net Cash Used In Investing Activities……………………………………………………………
Financing Activities
Increase (decrease) in short-term debt, net ……………………………………………………… 10.0 1.9 (1.8) 8.0
Loss on exchange or extinguishment of debt……………………………………………………… - (3.5) - (3.5)
Proceeds from issuance of long-term debt………………………………………………………… - 512.8 - 512.8
Repayment of long-term debt and capital lease obligations……………………………………… (0.3) (533.6) (0.7) (534.0)
Proceeds from issuance of common stock………………………………………………………… 31.3 27.6 68.1 46.1
Purchases of treasury stock………………………………………………………………………… (55.5) (1.5) (113.3) (1.9)
Dividends………………………………………………………………………………………… (25.4) (25.2) (50.5) (49.8)
Excess tax benefits related to share-based payment arrangements………………………………… 5.6 2.8 9.6 4.0
Distributions to minority interest holders………………………………………………………… (0.8) (0.9) (2.5) (1.9)
(35.1) (19.6) (91.1) (20.2)
Net Cash Used In Financing Activities…………………………………………………………
Net cash (used in) provided by discontinued operations………………………………………… (0.4) 2.1 (0.7) 11.2
Effect of exchange rate changes on cash and cash equivalents…………………………………… 1.1 4.2 1.7 4.9
Net increase in cash and cash equivalents………………………………………………………… (18.5) (74.6) 12.1 (42.9)
Cash and cash equivalents at beginning of period………………………………………………… 231.9 283.0 201.3 251.3
Cash and cash equivalents at end of period……………………………………………………… $ 213.4 $ 208.4 $ 213.4 $ 208.4
Page 14
15. PRELIMINARY
GOODRICH CORPORATION
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months Six Months
Ended Ended
June 30, June 30,
Preliminary Income Statement Data: 2007 2006 2007 2006
Net Interest Expense………………………………………………………………………$ (29.3) $ (30.2) $ (59.1) $ (61.1)
Other Income (Expense), Net:…………………………………………………………. $ (17.7) $ (20.9) $ (33.3) $ (31.5)
- Divested Business Retiree Health Care………………………………………… (4.4) (4.2) (9.2) (9.0)
- Loss on Extinguishment or Exchange of Debt………………………………… - (4.8) - (4.8)
- Income (Expense) related to previously owned businesses…………………… (5.6) (6.6) (11.3) (8.0)
- Minority interest and equity in affiliated companies………………………… (7.2) (3.6) (12.8) (7.4)
- Other Income (Expense)……………………………………………………… (0.5) (1.7) - (2.3)
Preliminary Cash Flow Data:
Dividends…………………………………………………………………………………$ (25.4) $ (25.2) $ (50.5) $ (49.8)
Depreciation and Amortization………………………………………………………… $ 63.2 $ 61.3 $ 124.6 $ 117.6
- Depreciation…………………………………………………………………… 46.6 42.3 90.7 82.1
- Amortization…………………………………………………………………… 16.6 19.0 33.9 35.5
June 30, December 31,
Preliminary Balance Sheet Data: 2007 2006
Preproduction and Excess-Over-Average Inventory…………………………………… $ 463.5 $ 399.0
Short-term Debt………………………………………………………………… $ 10.4 $ 11.8
Current Maturities of Long-term Debt
and Capital Lease Obligations………………………………………………… 1.1 1.4
Long-term Debt and Capital Lease Obligations………………………………… 1,720.5 1,721.7
[1]
Total Debt …………………………………………………………………………….. $ 1,732.0 $ 1,734.9
Cash and Cash Equivalents……………………………………………………… 213.4 201.3
[1]
Net Debt ……………………………………………………………………………… $ 1,518.6 $ 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 15