Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
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.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
Goodrich Corporation announced strong financial results for the second quarter of 2006, with income from continuing operations increasing 30% over the second quarter of 2005. Sales increased 10% to $1.48 billion due to growth across all segments and market channels. Based on continued strong commercial airplane aftermarket sales, Goodrich increased its full year 2006 sales outlook to $5.75-$5.85 billion and net income per share outlook to $3.40-$3.55. The company also announced several business highlights including expansions of facilities in Scotland and Singapore.
air products & chemicals Q4 FY 08 earningsfinance26
- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
Goodrich Corporation announced a 87% increase in fourth quarter 2005 net income per share compared to fourth quarter 2004. Fourth quarter 2005 sales increased 11% year-over-year to $1.398 billion. For full year 2005, net income was $264 million, or $2.13 per share, on sales of $5.397 billion. Goodrich reiterated its 2006 outlook of sales between $5.6-5.7 billion and earnings per share of $2.20-2.40, representing 12-22% growth over 2005.
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.
air products & chemicals FY 06 Q3 Earningsfinance26
Air Products reported record quarterly earnings, with net income up 10% and diluted EPS up 12% over the prior year. Strong volume gains across their global gases businesses drove revenues up 12% and operating income up 18%. Looking forward, Air Products expects double-digit sales and earnings growth for the third consecutive year and raised its full-year EPS guidance by 18-20%.
TRW Automotive reported second quarter 2005 financial results. Key highlights include:
- Sales increased 6% to $3.4 billion compared to the prior year, driven by new product sales and currency effects.
- Net earnings were $85 million or $0.83 per share, which included a one-time $17 million tax benefit. Excluding this, earnings were $75 million or $0.73 per share.
- EBITDA was $324 million, roughly flat with the prior year after adjusting for restructuring charges.
- The company provided an updated outlook for 2005 with revenue of $12.5-12.9 billion and EPS of $1.60-1.80, excluding
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.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
Goodrich Corporation announced strong financial results for the second quarter of 2006, with income from continuing operations increasing 30% over the second quarter of 2005. Sales increased 10% to $1.48 billion due to growth across all segments and market channels. Based on continued strong commercial airplane aftermarket sales, Goodrich increased its full year 2006 sales outlook to $5.75-$5.85 billion and net income per share outlook to $3.40-$3.55. The company also announced several business highlights including expansions of facilities in Scotland and Singapore.
air products & chemicals Q4 FY 08 earningsfinance26
- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
Goodrich Corporation announced a 87% increase in fourth quarter 2005 net income per share compared to fourth quarter 2004. Fourth quarter 2005 sales increased 11% year-over-year to $1.398 billion. For full year 2005, net income was $264 million, or $2.13 per share, on sales of $5.397 billion. Goodrich reiterated its 2006 outlook of sales between $5.6-5.7 billion and earnings per share of $2.20-2.40, representing 12-22% growth over 2005.
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.
air products & chemicals FY 06 Q3 Earningsfinance26
Air Products reported record quarterly earnings, with net income up 10% and diluted EPS up 12% over the prior year. Strong volume gains across their global gases businesses drove revenues up 12% and operating income up 18%. Looking forward, Air Products expects double-digit sales and earnings growth for the third consecutive year and raised its full-year EPS guidance by 18-20%.
TRW Automotive reported second quarter 2005 financial results. Key highlights include:
- Sales increased 6% to $3.4 billion compared to the prior year, driven by new product sales and currency effects.
- Net earnings were $85 million or $0.83 per share, which included a one-time $17 million tax benefit. Excluding this, earnings were $75 million or $0.73 per share.
- EBITDA was $324 million, roughly flat with the prior year after adjusting for restructuring charges.
- The company provided an updated outlook for 2005 with revenue of $12.5-12.9 billion and EPS of $1.60-1.80, excluding
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.
- MeadWestvaco reported net income of $28 million for 2005, which included after-tax losses from discontinued operations of $91 million related to the sale of its printing and writing papers business.
- Using proceeds from the sale, MeadWestvaco repurchased 12% of its outstanding shares and reduced its total debt by $1 billion to improve its financial position.
- All of MeadWestvaco's businesses experienced significantly higher costs for raw materials, energy and freight in 2005 compared to 2004, offsetting gains from higher selling prices. MeadWestvaco's packaging and specialty chemicals businesses were also impacted by a Gulf Coast hurricane in 2005.
air products & chemicals Q2 FY 06 Earningsfinance26
- Air Products reported a 16% increase in net income and a 19% increase in diluted EPS for its second fiscal quarter ended March 31, 2006 compared to the prior year. Revenues increased 16% to $2.3 billion due to strong volume growth in gases and equipment.
- Operating income increased 22% to $295 million driven by improved results in all segments from strong gases and equipment sales and improved chemicals pricing.
- For the third quarter, Air Products expects EPS between $0.88-$0.92 and raised full year EPS guidance to $3.40-$3.50.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2005. For the fourth quarter, revenue declined 1% to $1.76 billion compared to the same period in 2004. For the full year, revenue remained flat at $6.61 billion compared to 2004. Notable events in 2005 included the successful IPO of Clear Channel Outdoor and spin-off of Live Nation. Clear Channel also returned over $1.4 billion to shareholders through share repurchases and dividends. Looking ahead, management is optimistic about growth opportunities across radio, outdoor, and television and intends to return an additional $1.6 billion to shareholders.
- Yellow Roadway Corporation reported strong financial results for the second quarter of 2005, with adjusted earnings per share growing over 40% compared to the second quarter of 2004.
- All of Yellow Roadway's transportation segments, including Yellow Transportation, Roadway Express, and regional brands, achieved record quarterly revenue and operating income.
- The company expects continued growth, forecasting third quarter 2005 EPS between $1.60-$1.65 and full year 2005 EPS in the range of $5.35-$5.50.
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
Cinergy Corp. reported strong financial results for the fourth quarter and full year of 2005. Net income for Q4 2005 was $190 million compared to $146 million for Q4 2004. For the full year, net income was $490 million compared to $401 million in 2004. Earnings per share on a diluted basis were $0.95 for Q4 2005 and $2.46 for the full year, up from $0.79 and $2.18 respectively in the previous year. The improved results were driven by higher demand, solid performance in commercial businesses, and constructive regulatory recovery.
The document summarizes Clayton Reasor's presentation at the UBS Global Oil and Gas Conference on Phillips 66's corporate strategy, operations, and financial performance. Key points include growing through infrastructure projects and USGC petrochemical expansion, maintaining cost discipline, increasing returns through advantaged crude and export growth, and growing distributions through rising dividends. Phillips 66 aims to create value through operational excellence, growth, high returns, and distributions to shareholders.
Bruker Corporation reported its Q4 and full year 2013 financial results. For Q4 2013, revenues increased 7% year-over-year to $552 million driven by 6.2% organic growth. Operating income grew 11% and non-GAAP earnings per share increased 11%. For the full year, revenues grew 3% to $1.84 billion while operating margins declined by around 100 basis points due to currency effects. The company provided guidance for 2014 of 3-4% revenue growth and 10-14% growth in non-GAAP earnings per share.
Full year earnings and operations update from Marcellus driller EQT, issued in Jan. 2013. The report shows a year over year large drop in revenue for the company, largely due to asset sales in 2011 making that year more profitable than it otherwise would have been, and taking some accounting write downs in 2012, along with lower natgas prices. The report says EQT drilled 135 natural gas wells in 2012 and all but 8 of them were in the Marcellus Shale. Marcellus production was up an astonishing 85% in 2012 over the previous year.
- State Street Corporation delivered value to shareholders, customers, employees, and communities in 2005, achieving financial goals for operating earnings per share growth, operating revenue growth, and return on equity.
- Major accomplishments included record high assets under custody of $10.1 trillion and assets under management of $1.4 trillion, as well as new business wins and customer relationships around the world.
- The company remained focused on financial performance, revenue growth, expense management, and strengthening governance policies to continue delivering value to stakeholders.
Here are the key steps to achieving a life by design through your real estate business:
1. Clarify your WHY. Get crystal clear on your core values and purpose - why real estate? What do you want your life to look like?
2. Set audacious 10-year goals. Don't limit yourself with small, incremental goals. Dream big and give yourself a challenge to stay motivated.
3. Develop your unique selling proposition. Figure out what makes you different and how you can best serve clients to achieve their goals.
4. Build systems and leverage technology. Create efficient systems and learn to use tools that allow you to work on your business, not just in it.
5. Focus on
Fair use allows limited use of copyrighted materials for purposes such as education or reviews without requiring permission. It considers the purpose and character of the use, nature of the work, amount used, and effect on the work's value. The public domain includes works whose copyrights have expired, usually after 95 years in the US. Creative Commons aims to expand access to creative works within intellectual property laws. Copyright regulates the use of texts and expressions of ideas through exclusive rights.
The poem discusses the importance of physics and famous physicists like Isaac Newton, Enrico Fermi, Michael Faraday, and Albert Einstein. It reflects on how not understanding physics concepts made the author's head whirl, but the discoveries and theories of these great physicists helped advance technology and our understanding of the world, making life more complex yet simple. The poem emphasizes that physics, like other sciences, will always be essential to humanity's progress and development from primitive to futuristic times.
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.
The document outlines an annual investor conference for Goodrich Corporation to be held on October 30, 2003. The morning session will include introductory comments by Marshall Larsen and a financial review by Rick Schmidt. Breakout sessions will cover Airframe Systems, Engine Systems, and Electronic Systems with a panel Q&A. The afternoon will include an informal lunch and company and market overviews by Marshall Larsen.
The document outlines an annual investor conference for Goodrich Corporation to be held on October 30, 2003. The morning session will include introductory comments by Marshall Larsen and a financial review by Rick Schmidt. Breakout sessions will cover Airframe Systems, Engine Systems, and Electronic Systems with a panel Q&A. The afternoon will include an informal lunch and company and market overviews by Marshall Larsen.
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 provides an overview of Goodrich Corporation's aerospace business, including market conditions, strategy, and financial outlook.
- Goodrich expects sales to increase to $4.3-4.4 billion in 2003, with earnings per share of $0.85-0.95, driven by recovery in commercial aerospace markets.
- Key growth opportunities for Goodrich include new programs like the A380 and Joint Strike Fighter that are expected to provide over $1 billion in annual sales by 2005-2006.
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.
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.
- MeadWestvaco reported net income of $28 million for 2005, which included after-tax losses from discontinued operations of $91 million related to the sale of its printing and writing papers business.
- Using proceeds from the sale, MeadWestvaco repurchased 12% of its outstanding shares and reduced its total debt by $1 billion to improve its financial position.
- All of MeadWestvaco's businesses experienced significantly higher costs for raw materials, energy and freight in 2005 compared to 2004, offsetting gains from higher selling prices. MeadWestvaco's packaging and specialty chemicals businesses were also impacted by a Gulf Coast hurricane in 2005.
air products & chemicals Q2 FY 06 Earningsfinance26
- Air Products reported a 16% increase in net income and a 19% increase in diluted EPS for its second fiscal quarter ended March 31, 2006 compared to the prior year. Revenues increased 16% to $2.3 billion due to strong volume growth in gases and equipment.
- Operating income increased 22% to $295 million driven by improved results in all segments from strong gases and equipment sales and improved chemicals pricing.
- For the third quarter, Air Products expects EPS between $0.88-$0.92 and raised full year EPS guidance to $3.40-$3.50.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2005. For the fourth quarter, revenue declined 1% to $1.76 billion compared to the same period in 2004. For the full year, revenue remained flat at $6.61 billion compared to 2004. Notable events in 2005 included the successful IPO of Clear Channel Outdoor and spin-off of Live Nation. Clear Channel also returned over $1.4 billion to shareholders through share repurchases and dividends. Looking ahead, management is optimistic about growth opportunities across radio, outdoor, and television and intends to return an additional $1.6 billion to shareholders.
- Yellow Roadway Corporation reported strong financial results for the second quarter of 2005, with adjusted earnings per share growing over 40% compared to the second quarter of 2004.
- All of Yellow Roadway's transportation segments, including Yellow Transportation, Roadway Express, and regional brands, achieved record quarterly revenue and operating income.
- The company expects continued growth, forecasting third quarter 2005 EPS between $1.60-$1.65 and full year 2005 EPS in the range of $5.35-$5.50.
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
Cinergy Corp. reported strong financial results for the fourth quarter and full year of 2005. Net income for Q4 2005 was $190 million compared to $146 million for Q4 2004. For the full year, net income was $490 million compared to $401 million in 2004. Earnings per share on a diluted basis were $0.95 for Q4 2005 and $2.46 for the full year, up from $0.79 and $2.18 respectively in the previous year. The improved results were driven by higher demand, solid performance in commercial businesses, and constructive regulatory recovery.
The document summarizes Clayton Reasor's presentation at the UBS Global Oil and Gas Conference on Phillips 66's corporate strategy, operations, and financial performance. Key points include growing through infrastructure projects and USGC petrochemical expansion, maintaining cost discipline, increasing returns through advantaged crude and export growth, and growing distributions through rising dividends. Phillips 66 aims to create value through operational excellence, growth, high returns, and distributions to shareholders.
Bruker Corporation reported its Q4 and full year 2013 financial results. For Q4 2013, revenues increased 7% year-over-year to $552 million driven by 6.2% organic growth. Operating income grew 11% and non-GAAP earnings per share increased 11%. For the full year, revenues grew 3% to $1.84 billion while operating margins declined by around 100 basis points due to currency effects. The company provided guidance for 2014 of 3-4% revenue growth and 10-14% growth in non-GAAP earnings per share.
Full year earnings and operations update from Marcellus driller EQT, issued in Jan. 2013. The report shows a year over year large drop in revenue for the company, largely due to asset sales in 2011 making that year more profitable than it otherwise would have been, and taking some accounting write downs in 2012, along with lower natgas prices. The report says EQT drilled 135 natural gas wells in 2012 and all but 8 of them were in the Marcellus Shale. Marcellus production was up an astonishing 85% in 2012 over the previous year.
- State Street Corporation delivered value to shareholders, customers, employees, and communities in 2005, achieving financial goals for operating earnings per share growth, operating revenue growth, and return on equity.
- Major accomplishments included record high assets under custody of $10.1 trillion and assets under management of $1.4 trillion, as well as new business wins and customer relationships around the world.
- The company remained focused on financial performance, revenue growth, expense management, and strengthening governance policies to continue delivering value to stakeholders.
Here are the key steps to achieving a life by design through your real estate business:
1. Clarify your WHY. Get crystal clear on your core values and purpose - why real estate? What do you want your life to look like?
2. Set audacious 10-year goals. Don't limit yourself with small, incremental goals. Dream big and give yourself a challenge to stay motivated.
3. Develop your unique selling proposition. Figure out what makes you different and how you can best serve clients to achieve their goals.
4. Build systems and leverage technology. Create efficient systems and learn to use tools that allow you to work on your business, not just in it.
5. Focus on
Fair use allows limited use of copyrighted materials for purposes such as education or reviews without requiring permission. It considers the purpose and character of the use, nature of the work, amount used, and effect on the work's value. The public domain includes works whose copyrights have expired, usually after 95 years in the US. Creative Commons aims to expand access to creative works within intellectual property laws. Copyright regulates the use of texts and expressions of ideas through exclusive rights.
The poem discusses the importance of physics and famous physicists like Isaac Newton, Enrico Fermi, Michael Faraday, and Albert Einstein. It reflects on how not understanding physics concepts made the author's head whirl, but the discoveries and theories of these great physicists helped advance technology and our understanding of the world, making life more complex yet simple. The poem emphasizes that physics, like other sciences, will always be essential to humanity's progress and development from primitive to futuristic times.
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.
The document outlines an annual investor conference for Goodrich Corporation to be held on October 30, 2003. The morning session will include introductory comments by Marshall Larsen and a financial review by Rick Schmidt. Breakout sessions will cover Airframe Systems, Engine Systems, and Electronic Systems with a panel Q&A. The afternoon will include an informal lunch and company and market overviews by Marshall Larsen.
The document outlines an annual investor conference for Goodrich Corporation to be held on October 30, 2003. The morning session will include introductory comments by Marshall Larsen and a financial review by Rick Schmidt. Breakout sessions will cover Airframe Systems, Engine Systems, and Electronic Systems with a panel Q&A. The afternoon will include an informal lunch and company and market overviews by Marshall Larsen.
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 provides an overview of Goodrich Corporation's aerospace business, including market conditions, strategy, and financial outlook.
- Goodrich expects sales to increase to $4.3-4.4 billion in 2003, with earnings per share of $0.85-0.95, driven by recovery in commercial aerospace markets.
- Key growth opportunities for Goodrich include new programs like the A380 and Joint Strike Fighter that are expected to provide over $1 billion in annual sales by 2005-2006.
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.
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.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
Goodrich Corporation announced strong financial results for the second quarter of 2006, with income from continuing operations increasing 30% over the second quarter of 2005. Sales increased 10% to $1.48 billion due to growth across all segments and market channels. Based on continued strong commercial airplane aftermarket sales, Goodrich increased its full year 2006 sales outlook to $5.75-$5.85 billion and net income per share outlook to $3.40-$3.55. The company also announced several business highlights including expansions of facilities in Scotland and Singapore.
Goodrich Corporation announced a 87% increase in fourth quarter 2005 net income per share compared to fourth quarter 2004. Fourth quarter 2005 sales increased 11% year-over-year to $1.398 billion. For full year 2005, net income was $264 million, or $2.13 per share, on sales of $5.397 billion. Goodrich reiterated its 2006 outlook of sales between $5.6-5.7 billion and earnings per share of $2.20-2.40, representing 12-22% growth over 2005.
- MeadWestvaco reported net income of $28 million for 2005, down from a net loss in 2004, due to proceeds from selling its printing and writing papers business.
- Using the sale proceeds, MeadWestvaco repurchased 12% of outstanding shares, reduced total debt by $1 billion, and returned value to shareholders.
- However, MeadWestvaco faced significant cost inflation from higher energy and raw material costs in 2005, which offset improvements from higher selling prices.
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.
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 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.
- Yellow Roadway Corporation reported strong financial results for the second quarter of 2005, with adjusted earnings per share growing over 40% compared to the second quarter of 2004.
- All of Yellow Roadway's transportation segments, including Yellow Transportation, Roadway Express, and regional brands, achieved record quarterly revenue and operating income.
- The company expects continued growth, forecasting third quarter 2005 EPS between $1.60-$1.65 and full year 2005 EPS in the range of $5.35-$5.50.
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 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.
- The Walt Disney Company reported earnings for the fourth quarter and fiscal year 2005, with diluted EPS of $1.24 for the year and $0.20 for the quarter.
- Revenues increased 4% to $31.9 billion for the fiscal year and 3% to $7.7 billion for the fourth quarter. Segment operating income increased 4% to $4.7 billion for the fiscal year but decreased 15% to $760 million for the fourth quarter.
- Robert Iger, President and CEO, said the company's strategy of achieving growth through creative content, global expansion, and new technology is working, and Disney is well positioned to take advantage of changes in the media landscape.
Goodrich reported solid first quarter 2004 results with sales of $1.162 billion and net income of $46 million. The company saw growth in its military, space, and commercial aftermarket businesses. Goodrich updated its full-year 2004 outlook with sales expected between $4.65-4.7 billion and diluted EPS at the upper end of $1.20-1.35, driven by new program wins on aircraft like the Boeing 7E7 and Airbus A380. Significant factors impacting earnings include stock compensation expensing, foreign exchange rates, and accounting changes to contracts.
Goodrich reported solid first quarter 2004 results with sales of $1.162 billion and net income of $46 million. The company saw growth in its military, space, and commercial aftermarket businesses. Goodrich updated its full year 2004 outlook with sales expected to be between $4.65-4.70 billion and diluted EPS at the upper end of $1.20-1.35, driven by new program wins on aircraft like the Boeing 7E7 and Airbus A380. Significant factors impacting results include foreign exchange rates, stock compensation expensing, and contract accounting changes.
TRW Automotive reported fourth quarter and full year 2005 financial results, with sales of $3.1 billion for Q4 2005, a 1.6% decrease from the prior year. Net earnings for Q4 2005 were $59 million compared to a net loss of $62 million in the prior year. For the full year 2005, sales were $12.6 billion, a 5.3% increase from 2004, and net earnings were $204 million compared to $29 million in 2004. TRW provided guidance for 2006 of sales between $12.8-13.2 billion and EPS of $1.05-1.30, excluding a $57 million debt retirement charge.
Merck announced strong financial results for full-year and fourth-quarter 2005. Full-year earnings per share were $2.53 including a $295 million reserve for VIOXX legal defense costs, while reported EPS were $2.10. Fourth-quarter EPS were $0.64 including the VIOXX reserve. Merck reaffirmed its 2006 EPS guidance range despite eliminating 1,100 positions through a global restructuring involving site closures. Key products like Singulair and the cholesterol franchise performed well.
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.
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.
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.
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.
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.
- The document provides an overview of Goodrich Corporation's aerospace business including market conditions, strategy, and financial outlook.
- Goodrich expects sales to increase to $4.3-4.4 billion in 2003, up from $3.8 billion in 2002, driven partly by recovering commercial aerospace markets. Earnings per share are forecast to be $0.85-0.95 for 2003.
- Key elements of Goodrich's strategy include balanced growth above market trends, leveraging technology across segments, and achieving operational excellence through initiatives like lean manufacturing. New programs launching in 2005-2008 are expected to accelerate future sales growth.
Goodrich Corporation reported financial results for the 4th quarter and full year of 2003. Net income for the 4th quarter was $33 million, up from $12 million the previous year. Sales were $1.13 billion, down 2% from the prior year. For the full year, net income was $111 million on sales of $4.38 billion, up from $118 million on $3.81 billion in sales the previous year. Cash flow from operations for the 4th quarter was $204 million and $553 million for the full year. Goodrich also redeemed some QUIPS and reduced its total debt by $428 million for the year.
Goodrich Corporation announced its fourth quarter and full year 2003 financial results. Net income for Q4 2003 was $33 million compared to $12 million for Q4 2002. Sales for Q4 2003 were $1,130 million, down 2% from Q4 2002. For the full year 2003, net income was $111 million on sales of $4,383 million, up from $118 million on sales of $3,809 million in 2002. Goodrich also provided guidance for 2004, expecting sales growth in the low single digits and EPS in the range of $1.20-$1.35 per share.
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1. News Release
Goodrich Corporation
Media Contacts: Four Coliseum Centre
2730 West Tyvola Road
Lisa Bottle +1 704 423 7060
Charlotte, NC 28217-4578
Gail K. Warner +1 704 423 7048 Tel: 704 423 7000
Fax: 704 423 7127
Investor Contact: www.goodrich.com
Paul Gifford +1 704 423 5517
Goodrich Announces Second Quarter 2005 Results, Increases Full
Year 2005 Outlook
• Second quarter 2005 net income per diluted share was $0.61, a 91 percent increase over
second quarter 2004 net income per diluted share.
• Second quarter 2005 sales of $1,353 million increased 20 percent compared to second
quarter 2004, reflecting sales growth in all segments and market channels.
• Full year 2005 outlook for net income per diluted share increased from $1.80 - $1.95 to
$2.00 - $2.10.
• Full year 2005 outlook for sales increased from $5.1 - $5.2 billion to $5.2 - $5.3 billion.
CHARLOTTE, NC, July 28, 2005 – Goodrich Corporation announced results today for the
second quarter 2005, and increased its full year 2005 outlook.
Commenting on the company’s performance, Marshall Larsen, Chairman, President and Chief
Executive Officer said, “We are very pleased with our second quarter results. The continuing
upward trend in the commercial aerospace market, strong demand for our defense and space
products and our focus on operational excellence all contributed to our strong performance. The
commercial aerospace upturn continued to gain momentum during the quarter, as evidenced by
the new aircraft orders announced by Airbus, Boeing and Embraer at the recent Paris Air Show.
It appears that 2005 could establish an all time record for new orders for commercial aircraft in a
single year. The orders for these aircraft, which include significant Goodrich content, should
generate substantial long-term growth for the company.”
“Based on our strong first half performance and the improving demand for our products, we have
increased our overall sales and net income outlook for the full year 2005. We now expect 2005
sales in the range of $5.2 - $5.3 billion, and net income per diluted share in the range of $2.00 -
$2.10. Our continuing focus on operational excellence should enable us to maximize the
opportunities offered as we enter this significant period of growth for our company and our
industry,” Larsen continued.
Page 1
2. The company reported second quarter 2005 net income of $76 million, or $0.61 per diluted
share, on sales of $1,353 million. This compares to second quarter 2004 net income of $39
million, or $0.32 per diluted share, on sales of $1,128 million. The improved results were
primarily due to increased sales for commercial aerospace original equipment and aftermarket
products, as well as higher sales volume in all of the company’s other market channels and the
favorable impact of the company’s enterprise initiatives, such as lean manufacturing and supply
chain management. Income in the quarter was also affected by a number of additional items,
including those discussed below:
• Gain on the sale of the company’s JcAIR Test Systems business – The sale to Aeroflex
Incorporated was completed in April and resulted in an after-tax gain of $13 million, or
$0.10 per diluted share. All prior periods have been restated to reflect the business as a
discontinued operation.
• Charges associated with the A380 Actuation program – In the second quarter 2005,
Goodrich recorded a charge of approximately $10 million after-tax ($0.08 per diluted
share) to reserve for costs associated with the retrofit of actuators on the A380 aircraft.
These costs were taken into account in the company’s prior outlook for full year 2005
results.
• Debt retirement - premiums and other costs of $4 million after-tax ($0.03 per diluted
share) associated with the early retirement of $100 million of long-term debt, which was
completed in April 2005.
For the second quarter 2005 the company reported an effective tax rate of 30.5 percent,
essentially unchanged from the effective rate of 31 percent for the second quarter 2004. The rate
included the elimination of certain valuation allowances against the net operating losses of a
foreign subsidiary, partially offset by additional taxes related to the company's plan to repatriate
approximately $100 million of cash currently held in foreign subsidiaries pursuant to the
American Jobs Creation Act.
For the first six months of 2005, the company reported net income of $133 million, or $1.08 per
diluted share, on sales of $2,628 million. During the first six months of 2004, net income was
$86 million, or $0.71 per diluted share, on sales of $2,285 million. The increased sales of $343
million are primarily attributable to double-digit percentage sales growth in all of the company’s
major market channels.
Cash flow from operations during the second quarter 2005 was $91 million, an increase of $11
million from the same period in 2004. The primary reason for the increase was increased net
income and lower pension contributions, partially offset by higher working capital levels
necessary to support rising sales and production rates for large commercial aircraft. In the
quarter the company contributed $4 million to its worldwide pension plans compared to a
contribution of $28 million in the second quarter of 2004. Goodrich reported capital
expenditures of $40 million in the second quarter of 2005 versus $29 million in the second
quarter of 2004.
Page 2
3. The cash balance of $251 million at June 30, 2005 decreased by $35 million from the balance of
$286 million at March 31, 2005. The decrease was primarily attributable to the early retirement
of $100 million of long-term debt that was completed in April 2005, capital expenditures and
payment of the regular quarterly dividend, partially offset by the $35 million gross proceeds
from the sale of JcAIR Test Systems and cash flow from operations.
Cash Flow Comparison
(Dollars in Millions) Second Quarter Year –to-date – First six months
2005 2004 2005 2004
Cash Flow from Operations* $91 $80 $107 $127
Capital Expenditures ($40) ($29) ($66) ($51)
*Included in cash flow from operations:
Cash outflow for facility closures and ($2) ($8) ($6) ($15)
headcount reductions
Pension Contributions ($4) ($28) ($7) ($41)
Business Highlights
• During the quarter Goodrich realigned the organizational responsibilities of its three
Segment Presidents, which will allow each of them greater exposure to businesses within
the enterprise and strengthen the overall senior management team and stewardship of the
company’s assets. Effective June 20, Jack Carmola assumed leadership of the Airframe
Systems segment, Cindy Egnotovich assumed leadership of the Engine Systems segment
and John Grisik assumed leadership of the Electronic Systems segment. Mr. Grisik will
also lead the company’s Continuous Improvement and Supply Chain enterprise-wide
initiatives.
• Goodrich continued its deleveraging strategy by announcing on July 28 that it will
redeem the $82 million balance of its 6.45 percent Notes due 2007. The redemption will
be completed on August 30, 2005. The company will record a pre-tax expense in the
third quarter 2005 of approximately $6 million ($4 million after-tax) for premiums and
other costs associated with the redemption.
• Boeing awarded Goodrich a follow-on contract to supply the cargo systems for the B777,
B767 and B747. The cargo systems include mechanical systems, power drive units and
electrical control systems. The contract is expected to generate over $390 million in
original equipment and aftermarket sales through 2012.
2005 Outlook
The company has increased its 2005 outlook from that provided in its April 28, 2005 results
press release. The full year 2005 outlook for sales has been increased from $5.1 - $5.2 billion to
Page 3
4. $5.2 - $5.3 billion, due primarily to expected stronger commercial aftermarket sales growth. The
revised outlook represents a sales increase of about 11 – 13 percent from 2004 levels. The
company also increased its outlook for net income per diluted share from $1.80 - $1.95 to $2.00 -
$2.10, reflecting margin expansion associated with the sales growth and an effective tax rate in
the 32 – 33 percent range. The revised outlook for net income per diluted share, which includes
higher expected after-tax pension expenses of approximately $6 million ($0.05 per diluted share)
and all premiums and costs associated with the early retirement of long-term debt, represents an
increase of 40 - 47 percent over 2004 reported results.
Goodrich’s revised 2005 outlook is based on the following market assumptions:
• Deliveries of Airbus and Boeing large commercial aircraft are expected to increase by
10 – 15 percent annually in both 2005 and 2006, based on the announced plans by Airbus
and Boeing. Goodrich sales of commercial aircraft original equipment are now projected
to increase by approximately 20 percent in 2005, compared to 2004.
• Capacity in the global airline system, as measured by available seat miles (ASMs), is
expected to continue to grow. Goodrich sales to airlines for large commercial and
regional aircraft aftermarket parts and services are now expected to grow approximately
10 percent in 2005, compared to 2004, somewhat above expectations for global ASM
increases due to the continuing strong demand for aftermarket components and services.
• Total regional and business aircraft production is expected to be relatively flat in 2005,
compared to 2004, as deliveries of business jets are expected to increase, offsetting the
expected decrease in regional aircraft deliveries. Deliveries to Embraer in support of its
EMBRAER 190 aircraft, which includes significant Goodrich content, are expected to
enable Goodrich to increase its original equipment sales in this market channel for the
full year 2005, compared to 2004.
• Military sales (original equipment and aftermarket) are expected to increase 5 - 6 percent
in 2005, compared to 2004, representing a growth rate slightly greater than global
military budgets.
Goodrich expects cash flow from operations, minus capital expenditures, to exceed 75 percent of
net income from continuing operations in 2005. The company now expects 2005 capital
expenditures to be in the range of $170 - $190 million, compared to the prior range of $190 -
$210 million.
The current net income and cash flow from operations outlook for 2005 does not include
resolution of the previously disclosed Rohr and Coltec tax litigation or divestitures other than the
JcAIR Test Systems business.
----------------------
The supplemental segment discussion and tables that follow provide more detailed information
about the second quarter 2005 results.
Page 4
5. ----------------------
Goodrich will hold a conference call on July 28, 2005 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
913-981-5542.
----------------------
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 portfolio 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 Statements
Certain statements made in this release are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding the company's future plans,
objectives and expected performance. Specifically, statements that are not historical facts,
including statements accompanied by words such as “believe,” “expect,” “anticipate,” “intend,”
“could,” “should,” “estimate,” or “plan,” are intended to identify forward-looking statements and
convey the uncertainty of future events or outcomes. The company cautions readers that any
such forward-looking statements are based on assumptions that the company believes 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 include, but are not limited to:
• demand for and market acceptance of new and existing products, such as the Airbus
A350 and A380, the Boeing 787 Dreamliner, the EMBRAER 190, and the Lockheed
Martin F-35 Joint Strike Fighter and F-22 Raptor;
• the company’s ability to extend its contracts with Boeing relating to the 787 Dreamliner
beyond the initial contract period;
• potential cancellation of orders by customers;
• successful development of products and advanced technologies;
• the health of the commercial aerospace industry, including the impact of bankruptcies in
the airline industry;
• global demand for aircraft spare parts and aftermarket services;
• the actual amount of future liabilities assumed by the company pursuant to the partial
settlement with Northrop Grumman related to the purchase of Aeronautical Systems;
• the possibility of additional contractual disputes with Northrop Grumman related to the
purchase of Aeronautical Systems;
• the resolution of tax litigation involving Coltec Industries Inc and Rohr, Inc.;
• the possibility of restructuring and consolidation actions beyond those previously
announced by the company;
• threats and events associated with and efforts to combat terrorism, including the current
situation in Iraq;
• the extent to which expenses relating to employee and retiree medical and pension
benefits continue to rise;
• competitive product and pricing pressures;
• the company's ability to recover from third parties under contractual rights of
indemnification for environmental and other claims arising out of the divestiture of the
company's tire, vinyl and other businesses;
• possible assertion of claims against the company on the theory that it, as the former
corporate parent of Coltec Industries Inc, bears some responsibility for the asbestos-
related liabilities of Coltec and its subsidiaries, or that Coltec's dividend of its aerospace
business to the company 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;
• domestic and foreign government spending, budgetary and trade policies;
Page 6
7. • economic and political changes in international markets where the company competes,
such as changes in currency exchange rates, inflation, deflation, recession and other
external factors over which the company has no control; and
• the outcome of contingencies (including completion of acquisitions, divestitures, tax
audits, litigation and environmental remediation efforts).
The company cautions you not to place undue reliance on the forward-looking statements
contained in this release, which speak only as of the date on which such statements were made.
The company undertakes 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 Segment Review
Dollars in millions Percent Change
Total Segment Results
2Q05 vs. 2Q04
2nd Quarter 2005 2nd Quarter 2004
Sales $1,353 $1,128 20%
Segment Operating Income $157.3 $125.9 25%
Margin % 11.6% 11.2% N/A
Included below is a summary discussion of sales and operating income changes by segment:
Airframe Systems: Airframe Systems segment sales of $464 million in the second quarter 2005
increased $60 million, or 15 percent, from $404 million in the second quarter 2004. The increase
was primarily due to the following:
• Higher landing gear commercial and regional original equipment (OE) sales volume,
• Higher large commercial, regional and military aircraft wheel and brake sales volume,
• Higher actuation systems sales volume,
• Higher sales of airframe heavy maintenance services, and
• Favorable currency translation on non-U.S. dollar sales, primarily in the actuation
systems and landing gear businesses.
Airframe Systems segment operating income of $11 million in the second quarter 2005
decreased $14 million, or 57 percent, from $25 million in the second quarter 2004. The segment
operating income decrease was primarily due to a $15 million charge for the retrofit of
redesigned parts for the A380 actuation system, including reserves for related obsolete inventory,
supplier claims and impaired assets, plus higher operating costs in the landing gear and actuation
businesses, partially offset by increased income related to the higher sales volume described
above.
Engine Systems: Engine Systems segment sales of $566 million in the second quarter 2005
increased $117 million, or 26 percent, from $449 million in the second quarter 2004. The
increase was primarily due to the following:
• Higher aerostructures engine OE, U.S. military and commercial spares and maintenance,
repair and overhaul (MRO) sales volume,
• Higher sales volume of turbo-machinery products for U.S. military and regional aircraft
applications and in the power generation market,
• Higher revenues from asset management arrangements with military customers for
aftermarket support from customer services, and
• Favorable currency translation on non-U.S. dollar sales, primarily in the engine controls
business.
Engine Systems segment operating income of $109 million in the second quarter 2005 increased
$40 million, or 58 percent, from $69 million in the second quarter 2004. Segment operating
Page 8
9. income was higher due primarily to higher sales volume, and an improved aftermarket sales mix,
primarily for aerostructures products.
Electronic Systems: Electronic Systems segment sales of $323 million in the second quarter
2005 increased $48 million, or 17 percent, from $275 million in the second quarter 2004. The
increase was primarily due to the following:
• Higher sales volume of regional and business jet aircraft OE and aftermarket products for
the power systems, de-icing & specialty systems and sensor systems businesses,
• Higher sales volume of military OE and aftermarket sales in nearly all business units, and
• Higher sales volume of large commercial aircraft OE products for the aircraft interior
products, de-icing & specialty systems and fuel & utility systems businesses.
Electronic Systems segment operating income of $38 million in the second quarter 2005
increased $7 million, or 21 percent, from $31 million in the second quarter 2004. Segment
operating income was higher due primarily to the increased sales volume described above,
partially offset by increased research and development costs for programs that have been already
awarded and increased operating costs.
Page 9
10. 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,
2005 2004 2005 2004
Sales…………………………………………………………… $ 1,352.7 $ 1,128.0 $ 2,628.2 $ 2,284.5
Operating costs and expenses:
Cost of sales………………………………………………… 990.5 824.6 1,920.2 1,690.8
Selling and administrative costs…………………………… 226.1 200.9 441.8 392.5
1,216.6 1,025.5 2,362.0 2,083.3
136.1 102.5 266.2 201.2
Operating Income……………………………………………
Interest expense………………………………………………… (33.0) (35.7) (66.9) (73.1)
Interest income………………………………………………… 1.0 0.5 1.9 1.3
Other income (expense) – net………………………………… (14.3) (11.7) (24.4) (29.7)
Income from continuing operations before
income taxes……………………………………………… 89.8 55.6 176.8 99.7
Income tax expense…………………………………………… (27.4) (17.2) (57.6) (30.9)
62.4 38.4 119.2 68.8
Income From Continuing Operations………………………
Income from discontinued operations 13.3 0.4 14.0 0.6
Cumulative effect of change in accounting…………………… - - - 16.2
Net Income………………………………………………….. $ 75.7 $ 38.8 $ 133.2 $ 85.6
Basic Earnings per Share:
Continuing operations…………………………………….. $ 0.52 $ 0.33 $ 0.99 $ 0.58
— 0.01
Discontinued operations…………………………………… 0.11 0.12
— — — 0.13
Cumulative effect of change in accounting…………………
Net Income…………………………………………………… $ 0.63 $ 0.33 $ 1.11 $ 0.72
Diluted Earnings per Share:
Continuing operations…………………………………….. $ 0.51 $ 0.32 $ 0.97 $ 0.57
— 0.01
Discontinued operations…………………………………… 0.10 0.11
— — — 0.13
Cumulative effect of change in accounting…………………
Net Income…………………………………………………… $ 0.61 $ 0.32 $ 1.08 $ 0.71
Dividends declared per common share………………………$ 0.20 $ 0.20 $ 0.40 $ 0.40
Weighted - Average Number of Shares Outstanding
(in millions)
Basic……………………………………………………… 121.1 118.5 120.4 118.3
Diluted……………………………………………………… 123.6 120.1 122.9 120.0
Page 10
11. PRELIMINARY
GOODRICH CORPORATION
SEGMENT REPORTING
(DOLLARS IN MILLIONS)
Three Months Six Months
Ended Ended
June 30, June 30,
2005 2004 2005 2004
Sales:
Airframe Systems……...…………………………………………… $ 464.0 $ 403.8 $ 906.7 $ 806.4
Engine Systems……………………………………………………… 565.8 449.2 1,093.9 947.7
Electronic Systems…………………………………………………… 322.9 275.0 627.6 530.4
Total Sales……………………………………………………………… $ 1,352.7 $ 1,128.0 $ 2,628.2 $ 2,284.5
Operating Income:
Airframe Systems…………………………………………………… $ 10.8 $ 25.3 $ 38.6 $ 46.4
Engine Systems……………………………………………………… 108.8 69.4 199.3 143.8
Electronic Systems…………………………………………………… 37.7 31.2 70.0 53.9
Total Segment Operating Income……………………………………… 157.3 125.9 307.9 244.1
Corporate General and Administrative Costs…………………………… (21.2) (23.4) (41.7) (42.9)
Total Operating Income………………………………………………… $ 136.1 $ 102.5 $ 266.2 $ 201.2
Segment Operating Income as a Percent of Sales:
Airframe Systems…………………………………………………… 2.3% 6.3% 4.3% 5.8%
Engine Systems……………………………………………………… 19.2% 15.4% 18.2% 15.2%
Electronic Systems………………………………………………. 11.7% 11.3% 11.2% 10.2%
Total Segment Operating Income as a Percent of Sales………………… 11.6% 11.2% 11.7% 10.7%
Page 11
12. PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(DOLLARS IN MILLIONS EXCEPT SHARE AMOUNTS)
June 30, December 31,
2005 2004
Current Assets
Cash and cash equivalents…………………………………… $ 251.3 $ 297.9
Accounts and notes receivable, less allowances for
doubtful receivables ($19.3 at June 30, 2005
and $19.5 at December 31, 2004)………………………… 737.4 649.3
Inventories - net……………………………………………… 1,256.0 1,163.5
Deferred income taxes………………………………………… 115.4 118.9
Prepaid expenses and other assets…………………………… 64.1 118.8
Assets from discontinued operations - 17.8
2,424.2 2,366.2
Total Current Assets………………………………………
Property, plant and equipment - net…………………………… 1,126.2 1,164.1
Prepaid pension……………………………………………… 242.6 275.5
Goodwill……………………………………………………… 1,280.3 1,258.5
Identifiable intangible assets - net…………………………… 473.9 507.0
Deferred income taxes………………………………………… 44.6 44.7
Other assets…………………………………………………… 586.2 601.5
Total Assets……………………………………………… $ 6,178.0 $ 6,217.5
Current Liabilities
Short-term debt………………………………………………. $ - $ 1.0
Accounts payable……………………………………………… 518.4 509.5
Accrued expenses……………………………………………… 696.7 731.9
Income taxes payable………………………………………… 328.9 294.4
Deferred income taxes………………………………………… 22.0 22.0
Current maturities of long-term debt and capital
lease obligations…………………………………………… 83.8 2.4
Liabilities from discontinued operations - 4.0
1,649.8 1,565.2
Total Current Liabilities…………………………………
Long-term debt and capital lease obligations………………… 1,711.8 1,899.4
Pension obligations…………………………………………… 768.3 761.7
Postretirement benefits other than pensions…………………… 297.8 302.7
Deferred income taxes………………………………………… 8.9 33.7
Other non-current liabilities…………………………………… 328.7 311.9
Commitments and contingent liabilities……………………… - -
Shareholders’ Equity
Common stock — $5 par value
Authorized 200,000,000 shares; issued
135,152,924 shares at June 30, 2005 and
132,709,310 shares at December 31, 2004
(excluding 14,000,000 shares held by a
wholly-owned subsidiary at each date)…………………… 675.8 663.5
Additional paid-in capital……………………………………… 1,145.5 1,077.9
Income retained in the business……………………………… 204.4 119.5
Accumulated other comprehensive loss…………………. (197.9) (103.7)
Common stock held in treasury, at cost
(13,588,968 shares at June 30, 2005 and
13,566,071 shares at December 31, 2004)………………… (415.1) (414.3)
1,412.7 1,342.9
Total Shareholders’ Equity………………………………
Total Liabilities And Shareholders’ Equity…………… $ 6,178.0 $ 6,217.5
Page 12
13. PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months Six Months
Ended Ended
June 30, June 30,
2005 2004 2005 2004
Operating Activities
Income from continuing operations……………………………………… $ 62.4 $ 38.4 $ 119.2 $ 68.8
Adjustments to reconcile income from continuing operations
to net cash provided by operating activities:
Restructuring and consolidation:
3.7 4.9
Expenses……………………………………………………………… 0.5 3.1
(5.8) (15.1)
Payments……………………………………………………………… (2.4) (8.3)
112.2 109.8
Depreciation and amortization…………………………………………… 57.5 55.8
10.4 9.6
Stock-based compensation expense……………………………………… 5.1 4.5
5.7 -
Loss on extinguishment of debt………………………………………… 5.7 -
(25.3) (1.6)
Deferred income taxes…………………………………………………… 3.5 (4.6)
Change in assets and liabilities, net of effects of
acquisitions and dispositions of businesses:
(136.2) (45.2)
Receivables…………………………………………………………… (32.7) 34.5
28.8 -
Change in receivables sold, net………………………………………… 4.5 14.5
(111.5) (51.6)
Inventories……………………………………………………………… (45.8) (45.5)
50.4 (11.7)
Other current assets…………………………………………………… 31.4 (1.8)
29.9 6.4
Accounts payable……………………………………………………… 9.0 (6.2)
(22.8) 47.2
Accrued expenses……………………………………………………… (21.1) 1.7
60.3 6.6
Income taxes payable………………………………………………… 10.5 18.8
8.8 2.2
Tax benefit on non-qualified options………………………………… 4.3 0.6
(20.4) (3.5)
Other non-current assets and liabilities………………………………… (1.9) (25.4)
90.5 80.1 107.4 126.8
Net Cash Provided By Operating Activities……………………………
Investing Activities
(66.4) (51.3)
Purchases of property, plant and equipment……………………………… (39.6) (28.5)
5.3 0.2
Proceeds from sale of property, plant and equipment……………………… 5.1 0.2
Payments made in connection with acquisitions, net of
(9.3) (0.5)
cash acquired…………………………………………………………… (0.5) -
(70.4) (51.6)
(35.0) (28.3)
Net Cash Used By Investing Activities…………………………….
Financing Activities
(1.0) (1.8)
Increase (decrease) in short-term debt, net………………………………… - (2.3)
(106.1) (70.0)
Repayment of long-term debt and capital lease obligations……………… (105.6) (4.3)
51.3 18.3
Proceeds from issuance of common stock………………………………… 17.2 4.4
(0.6) (0.2)
Purchases of treasury stock………………………………………………… - (0.2)
(47.9) (47.2)
Dividends………………………………………………………………… (24.1) (23.7)
(2.4) -
Distributions to minority interest holders………………………………… - -
(112.5) (26.1) (106.7) (100.9)
Net Cash Provided (Used) By Financing Activities……………………
Discontinued Operations
27.2 3.0
Net cash provided by discontinued operations………………………… 24.6 1.6
(4.1) 0.5
Effect of exchange rate changes on cash and cash equivalents…………… (2.7) (0.3)
Net decrease in cash and cash equivalents………………………………… (35.1) 27.0 (46.6) (22.2)
297.9 378.4
Cash and cash equivalents at beginning of period………………………… 286.4 329.2
Cash and cash equivalents at end of period……………………………… $ 251.3 $ 356.2 $ 251.3 $ 356.2
Page 13
14. PRELIMINARY
GOODRICH CORPORATION
SUPPLEMENTARY FINANCIAL INFORMATION
(DOLLARS IN MILLIONS)
Three Months Ended June 30, Six Months Ended June 30,
Preliminary Income Statement Data: 2005 2004 2005 2004
Non-Segment Expenses:
Net Interest Expense………………………………………………………………… $ (32.0) $ (35.2) $ (65.0) $ (71.8)
Other Income (Expense), Net:……………………………………………………… $ (14.3) $ (11.7) $ (24.4) $ (29.7)
- Discontinued Retiree Health Care……………………………………………… $ (3.8) $ (4.1) $ (8.5) $ (9.4)
- Loss on Extinguishment of Debt………………………………………………… $ (5.7) $ - $ (5.7) $ -
- Impairment of a Note Receivable………………………………………………… $ - $ - $ - $ (7.0)
- Other Income (Expense)………………………………………………………… $ (4.8) $ (7.6) $ (10.2) $ (13.3)
Preliminary Cash Flow Data:
Dividends…………………………………………………………………………… $ (24.1) $ (23.7) $ (47.9) $ (47.2)
Depreciation and Amortization……………………………………………………… $ 57.5 $ 55.8 $ 112.2 $ 109.8
- Depreciation………………………………………………………………………$ 42.4 $ 39.8 $ 82.0 $ 80.1
- Amortization……………………………………………………………………… $ 15.1 $ 16.0 $ 30.2 $ 29.7
June 30, December 31,
Preliminary Balance Sheet Data: 2005 2004
Inventory
Preproduction and Excess-Over-Average Inventory……………………………… $ 263.0 $ 239.8
Short-term Debt………………………………………………………………… $ -$ 1.0
Current Maturities of Long-term Debt and Capital Lease Obligations…………… 83.8 2.4
Long-term Debt and Capital Lease Obligations…………………………………… 1,711.8 1,899.4
Total Debt[1]………………………………………………………………………… $ 1,795.6 $ 1,902.8
Cash and Cash Equivalents………………………………………………………… 251.3 297.9
[1]
Net Debt …………………………………………………………………………… $ 1,544.3 $ 1,604.9
____________________________
[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