- 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.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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.
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.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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.
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
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
2. Forward Looking Statements
Certain statements made in the following presentations 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. 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, the extent
to which the Company is successful in integrating the Aeronautical Systems businesses and
achieving operating synergies; the nature, and extent and timing of the Company’s proposed
restructuring and consolidation actions and the extent to which the Company is able to achieve
savings from these actions, as well as other factors discussed in the Company's filings with the
Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K
for the year ended December 31, 2002.
The Company cautions you not to place undue reliance on the forward-looking statements
contained in these presentations, 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.
3. Company Overview - Goodrich
One of the largest worldwide
aerospace suppliers
Broadest portfolio of products in
industry
Proprietary, flight critical products
Operating history of over 130 years
with recent repositioning as focused
aerospace supplier
More than 20,000 employees in
facilities throughout the world
5. Goodrich Today
Aerospace Focus - Leadership Positions - Global Presence - Broad Systems Capability - Highly Engineered Products
Goodrich
Airframe Engine Electronics
John Grisik Jack Carmola Cindy Egnotovich
Landing Gear Aerostructures Sensors
Wheels & Brakes Turbine Fuel Technologies Fuel and Utility
Actuation Engine Controls Optical and Space
Customer Services Turbo Machinery Products Lighting
Airframe Technical Service Cargo Management Systems De-Icing
EPP Power
Interior Products
Propulsion Products
6. Goodrich Today
1st Nine Months 2003 Sales - $3,253 M
Aerospace Focus - Leadership Positions - Global Presence - Broad Systems Capability - Highly Engineered Products
Heavy Airframe Boeing
Maintenance Commercial OE
IGT &
3% 9%
Other
6%
Airbus
Commercial OE
15%
Military &
OE
Space, OE &
Aftermarket
30%
AM
OE
Large Commercial Aircraft
AM
Aftermarket
Regional, Business & 25%
General Aviation
OE & Aftermarket
12%
Goodrich participates in all major aerospace market segments
7. Sales by Market Channel – 1999 – 2003E
(Percentage of Total)
100%
Other
Airbus OE
80%
Boeing OE
60% Regional, Business
& G.A.
40% Large Cmcl.
Aircraft
Aftermarket
20%
Military and
Space
0%
1999 2000 2001 2002 2003E
Significantly decreased dependence on Commercial OE
8. Goodrich Today
Aerospace Focus - Leadership Positions - Global Presence - Broad Systems Capability - Highly Engineered Products
UTC SNECMA HON Goodrich
Aerospace Sales $13B $7B $10B $4B
Nacelles #1
Engines
Power Generation #2
Sensors #1
APUs
Avionics
Electronic Controls #1
Flight Ctrl/Actuation #1
Environmental Controls
Landing Gear #1
Lighting #2
Wheel/Brakes #2
Evacuation Systems #1
Cargo Systems #1
Space Systems
Goodrich has the broadest portfolio of system leadership positions
10. Commercial OE
Airbus
700
Boeing
600
Balanced duopoly
Airplane Deliveries
500
Airbus gaining on Boeing 400
300
Market flat near term 200
100
Recovery begins in 0
2005-2006
1992
1994
1996
1998
2000
2002
2004 Est.
Active Commercial Fleet 2012
Active Commercial Fleet 2003
Airbus
Airbus
Boeing
3,296
Boeing 6,263
12,160
11,436
Source: Airline Monitor
11. Commercial OE - Airbus
Fleet Aging
8,500
8,000
7,500
CAGR of
7,000
14.2% for
6,500
aged 5 yrs or
Number of Planes
6,000
greater
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
aged less than 5 yrs aged 5 yrs or greater
Source: GR Estimates
Airbus fleet aging drives aftermarket growth for suppliers
12. Regional Jets
Regional Jet Deliveries
Bombardier Embraer
Airlines eliminating 300
scope clauses
200
Encroaching on Large
Commercial model 100
sizes
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Embraer and Large RJ’s Continue to Gain Share (19-100 Seat A/C)
Bombardier primary (Deliveries in $ Billions)
$8
suppliers
$6
New Chinese and $4
Russian market
entrants $2
$0
'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Source: GR Estimates Props 30/50-seat Jets 60/100-seat Jets
13. Regional Jets
Fleet Aging
6,000
CAGR of
28.2% for
5,000
Number of Planes
aged 5 yrs or
greater
4,000
3,000
2,000
1,000
0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 201 201 2015
3 4
aged less than 5 yrs aged 5 yrs or greater
RJ fleet aging drives aftermarket growth for suppliers
Source: GR Estimates
14. Aftermarket
ASM, RPM Forecast (yr/yr) - Airline Monitor, GR Est.
Driven by ASMs, fleet size & RPM ASM
10%
GDP 9%
8%
7%
6%
2004 expected to recover 5%
slightly 4%
3%
2%
1%
Airline inventory management 0%
2003 2004 2005 2006 2007 2008
2003 Global MRO Market ($B)
Above average growth rates Airframe Engines Components Line Maintenenace
possible over next several 23% 29%
years 19%
29%
Source: Back Aviation
CAGR (’03-’08) = 4.2%
Uncertainty remains in near-term aftermarket forecasts
15. Military & Space
US Defense Spending ($B)
Market is global Procurement & RDT&E Intelligence
New fighters driving 200
growth
160
Intelligence, Transports
120
and Rotorcraft Markets
growing 80
Transformational spending 40
underway 0
2002 2003 2004 2005 2006 2007 2008
Growth opportunity
Source: DoD
Military Transports The World Rotorcraft Market World Fighter Market
(Units Delivered) (Market Value in '03$ Billions) (Units Delivered) (Market Value in '03$ Billions)
80 6
(Units Delivered) (Market Value in '03$
Bns)
500
1,000
5 8
60 15
400
800
4
6
40 3 600 300
10
4
2
400 200
20
5
1
2
200 100
0 0 Source: Teal Group
'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 0 0 0 0
'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Source: Teal Group
Units Value Source: Teal Group
Source: Teal Group Units Value
Units Value
16. Market Summary
Commercial aerospace OE market is at bottom but recovery
projected in 2005-2006
Airbus gaining market parity with Boeing
Low cost carriers winning market share
Commercial aftermarket expected to recover slightly in 2004,
higher growth in 2005 and beyond
Stable regional jet deliveries; rapidly growing aftermarket
Military market continues to present growth opportunities
Significant opportunity for growth over the cycle
18. Building Goodrich Aerospace
Build Platforms
Achieve Critical Mass
(Sales=$4 B)
Innovator
Grow • Differentiate
(Sales $1-2 B)
• Commercialize technology
• Export technology
• Exploit technology
Sales
Consolidator
Niche Player
• Opportunistic deals
(Sales= $200 M)
• Strategic bolt-ons
• Acquirer / survivor
• New platforms (space)
• Assemble system platforms
• Acquire technology
Operational Excellence • Attractive niche positions
• Innovation training
• Alliances
• Aerospace brand • Lean
• Customer relationship management
• Efficiency • Integration of acquisitions
• E-commerce/SCM
• Quality • Exploit synergies
• Talent
• Culture
1985 1990 1995 2000
Goodrich has grown from a niche player to an industry leader
19. Goodrich Strategic Imperatives
Balanced Growth
Faster than the overall market
Win key positions on new aircraft (e.g. 7E7)
Migrate commercial products/technologies to military
applications
Penetrate adjacent markets
Leverage the Enterprise
Resource allocation
Technology/Innovation
Enterprise-wide initiatives
Customer alignment/focus
Operational Excellence
Integrate Aeronautical Systems
Lean manufacturing/Six Sigma
Make/Buy analysis
Successful implementation will enable Goodrich to compete/win in all
business environments
20. Enterprise-wide Initiatives
Supply Chain Management
Information Technology
Human Resources
Continuous Process Improvement
Lean Manufacturing
Six Sigma
New Product Design/Build Processes
Incentive Compensation Alignment
Enterprise-wide initiatives significantly improve alignment across
segments
21. Goodrich Strategic Initiatives
Successful implementation is expected to
result in:
Continued cost competitiveness
Organic Growth above market trends
Significant improvement in segment
operating margins
Continued strong cash flow
Sustainable value creation
22. New Programs Will
Accelerate Future Growth
Military
Commercial
Joint Strike
CF34-10 Nacelle
Fighter
A380 Program System C-5 Re-Engine
$1.4 Billion+*
$6 Billion+* $5 Billion+* $0.8 Billion+*
2005**
2005** 2006** 2004**
Cockpit Door Video
Universal Control Program
Surveillance System
$0.1 Billion+* $0.5 Billion+*
2003** *Total estimated sales over life of program 2005**
** Year in which significant sales are expected to begin
23. Expected Future Sales from
New Programs
Dollars in Millions
$500
Annual Expected Future Sales for:
$450 • A380 Program
• CF34-10 Nacelle System
$400 • JSF Program
• C-5 Re-engine Program
$350 • Cockpit Door Video Surveillance System
• Universal Control Program
$300
$250
$200
$150
$100
$50
$0
2002 2003 2004 2005 2006 2007 2008
New program sales are incremental to sales growth from existing
in-production platform positions
25. 2003 Financial Outlook
Actual 2002 2003 Outlook
Sales $3.8B $4.3 - $4.4B
(around mid-point)
Diluted earnings (loss) per share
Continuing operations $1.55 $0.33 - $0.43
Discontinued operations ($0.07) $0.52
Cumulative effect of change in accounting ($0.34) --
Diluted E.P.S. – Net Income $1.14 $0.85 - $0.95
Cash flow from Operations $524M > $450M
Including: Cash outflow for facility
closures and headcount reductions ($52M) ($50 - $60M)
Capital Expenditures ($106M) ($120 - $140M)
26. 2004 Outlook Assumptions
Recovering Recovering
Global Airline
Economy Profitability
GR No New
Global ASM
Macro Market
Growth 3-5% Disruption
Assumptions
(Terrorism, SARS)
Stable/Small
Increase in 7E7 Launch
Interest Rates Late 03/Early 04
27. 2004 Sales & Margin Expectations
Margin Considerations
Sales Growth Expectations
Goodrich
Restructuring benefits
2003 YTD Market 2004 Market
Growth
Improving AS results
Sales Mix
24% Boeing/Airbus OE Slight
Improving mix with
decline
Aftermarket growth
5% Regional, Flat
Productivity initiatives
Business & GA OE
32% Aftermarket 3-5%
A380 development costs peak
(Comm & Regnl)
in 2003; 7E7 offset??
Continued pricing pressure
30% Military & Space ~ 10%
(Total) (Similar to
Pension costs flat vs. 2003
2003)
9% IGT/Other Flat
Expect Margin Expansion
Expect Low Single Digit
Beyond Sales Growth
Growth for GR
28. 2004 Summary
Low single digit revenue growth
Margin expansion
$20-25 Million headwind in selected areas
Capital expenditures increase over 2003
(new programs, productivity, cost reduction)
Cash flow from operations less capital
expenditures should exceed net income
Several unknowns cloud outlook
Expect to Issue Formal Guidance
With Year End Earnings Release
29. Near Term Risks & Opportunities
GR Positioning
Risks
Capacity downsizing near completion
Slower Commercial Market Recovery Long term cost reduction focus
Event risk Enterprise initiatives
Portfolio balance
Large cash balances
Liquidity/Capital Markets New revolver
No current debt maturities
Positive net cash flow last 10 Qtrs
Organizational transition complete
AS Execution/Integration Major headcount reductions complete
Most SBU’s profitable
Strong purchase contract
A380 peaks in 2003/limited technical risk
New Program Investments 7E7 investment/timing uncertain
Manageable Risks
30. Near Term Risks & Opportunities
GR Positioning
Opportunities
Capacity in place
Faster Commercial Recovery
Substantial upside leverage
Airline/OE outsourcing
Working capital reductions
Higher Cash Generation
Further portfolio pruning
Accelerate debt retirement
Supply chain management
Enterprise Initiative Savings
($2B annual spend)
Shared services
31. Summary - Goodrich Attributes and Actions
Top tier aerospace supplier
Diversified, balanced business mix
Proprietary, flight critical products
Strong cash flow
Taking aggressive actions to align cost structure with current
demand
Experience managing operations in challenging markets
Focused on Aeronautical Systems integration and turnaround
Committed to maintaining a conservative financial profile and
investment grade ratings
All future reporting and outlook to be only on a GAAP basis
Focused on what we can control
32. What Investors Should Expect from Goodrich
Continued commitment to integrity
Transparency of financial results and disclosure
No significant acquisitions
Reduce leverage to target levels
Focused on the business
• “Blocking and Tackling”
- Cash flow
- Margin improvement
- Aeronautical Systems integration
- Working capital management
• New product development
- Continue investing in new products and systems
Accountable to all stakeholders
33. Questions and Answers
Jefferies Quarterdeck
Aerospace Defense
and IT Services Conference
December 3, 2003