The document provides a financial and operational performance review for the 4th quarter and full year of 2003. Some key points:
- Full year 2003 cash flow from operations was $553 million, up 6% from 2002, with sales of $4.4 billion and EPS of $0.93.
- EPS for 2004 is expected to be between $1.20-$1.35, including the impact of a contract accounting change and stock option expensing.
- The 4th quarter saw income from continuing operations of $33 million and net income of $33 million.
- Total debt has been reduced through debt retirement and increased cash holdings since acquiring Aeronautical Systems.
- Goodrich Corporation reported first quarter 2005 results, with sales growth of 10% and net income per share growth of 21% compared to first quarter 2004.
- The company increased its 2005 outlook with expected sales of $5.1-5.2 billion and net income per share of $1.80-$1.95.
- Segment operating income grew 28% in the first quarter due to increases in all market channels and reportable segments.
The document provides an overview of Goodrich Corporation's financial and operational performance in the first quarter of 2004. Key points include:
- Sales increased 6% to $1.162 billion compared to the same period in 2003.
- Segment operating income increased significantly to $118 million from $19 million due to lower restructuring charges and higher sales.
- New program wins on the 7E7 and A380 are expected to fuel future growth.
- Debt has been reduced by 29% since acquiring Aeronautical Systems in 2002.
- The outlook for 2004 is sales of $4.65-4.7 billion and diluted EPS at the upper end of $1.20-1.35 range.
This document summarizes Goodrich's second quarter 2004 performance and provides an outlook for 2004. Key points include:
- Sales were up 4% in Q2 2004 versus Q3 2003 driven by higher volume, though partially offset by foreign exchange impacts.
- Net income increased substantially due to improved operational performance and lower restructuring charges.
- Goodrich has paid down $904 million in debt since acquiring Aeronautical Systems and reduced net debt by $1.1 billion.
- Sales are expected to grow to $4.7-4.75 billion in 2004 with gains across various market channels.
Duke Energy reported its year-end and fourth quarter 2005 financial results. Key highlights include:
- 2005 ongoing basic EPS of $1.79, up from $1.51 in 2004. Reported basic EPS was $1.94.
- Fourth quarter 2005 ongoing basic EPS of $0.43, up from $0.29 in fourth quarter 2004. Reported basic EPS was $0.65.
- All major business units performed well driven by higher commodity prices and real estate operations. The company exceeded its 2005 earnings target and set a 2006 target of $1.90 per diluted share, a 10% increase.
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 second quarter 2004 results, reporting a net income of $39 million compared to $14 million in the second quarter of 2003. Sales increased to $1,134 million from $1,095 million. Goodrich also increased its full year 2004 outlook, expecting sales between $4.7-4.75 billion and fully diluted earnings per share between $1.30-1.40. The increased outlook was due to improving conditions in commercial aerospace aftermarket and military and space markets.
Goodrich Corporation announced third quarter 2004 results with net income of $50 million, up from $34 million in third quarter 2003. Sales increased to $1.167 billion from $1.064 billion. Goodrich increased its full year 2004 outlook with sales expected to be at the high end of $4.7-4.75 billion range and earnings per share expected to be $1.45-1.50, up from previous estimates. Goodrich saw increased sales across all market channels and gained new contracts for the Boeing 7E7 and Sikorsky UH-60M helicopter.
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.
- Goodrich Corporation reported first quarter 2005 results, with sales growth of 10% and net income per share growth of 21% compared to first quarter 2004.
- The company increased its 2005 outlook with expected sales of $5.1-5.2 billion and net income per share of $1.80-$1.95.
- Segment operating income grew 28% in the first quarter due to increases in all market channels and reportable segments.
The document provides an overview of Goodrich Corporation's financial and operational performance in the first quarter of 2004. Key points include:
- Sales increased 6% to $1.162 billion compared to the same period in 2003.
- Segment operating income increased significantly to $118 million from $19 million due to lower restructuring charges and higher sales.
- New program wins on the 7E7 and A380 are expected to fuel future growth.
- Debt has been reduced by 29% since acquiring Aeronautical Systems in 2002.
- The outlook for 2004 is sales of $4.65-4.7 billion and diluted EPS at the upper end of $1.20-1.35 range.
This document summarizes Goodrich's second quarter 2004 performance and provides an outlook for 2004. Key points include:
- Sales were up 4% in Q2 2004 versus Q3 2003 driven by higher volume, though partially offset by foreign exchange impacts.
- Net income increased substantially due to improved operational performance and lower restructuring charges.
- Goodrich has paid down $904 million in debt since acquiring Aeronautical Systems and reduced net debt by $1.1 billion.
- Sales are expected to grow to $4.7-4.75 billion in 2004 with gains across various market channels.
Duke Energy reported its year-end and fourth quarter 2005 financial results. Key highlights include:
- 2005 ongoing basic EPS of $1.79, up from $1.51 in 2004. Reported basic EPS was $1.94.
- Fourth quarter 2005 ongoing basic EPS of $0.43, up from $0.29 in fourth quarter 2004. Reported basic EPS was $0.65.
- All major business units performed well driven by higher commodity prices and real estate operations. The company exceeded its 2005 earnings target and set a 2006 target of $1.90 per diluted share, a 10% increase.
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 second quarter 2004 results, reporting a net income of $39 million compared to $14 million in the second quarter of 2003. Sales increased to $1,134 million from $1,095 million. Goodrich also increased its full year 2004 outlook, expecting sales between $4.7-4.75 billion and fully diluted earnings per share between $1.30-1.40. The increased outlook was due to improving conditions in commercial aerospace aftermarket and military and space markets.
Goodrich Corporation announced third quarter 2004 results with net income of $50 million, up from $34 million in third quarter 2003. Sales increased to $1.167 billion from $1.064 billion. Goodrich increased its full year 2004 outlook with sales expected to be at the high end of $4.7-4.75 billion range and earnings per share expected to be $1.45-1.50, up from previous estimates. Goodrich saw increased sales across all market channels and gained new contracts for the Boeing 7E7 and Sikorsky UH-60M helicopter.
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.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
Yahoo reported its Q4'12 financial results. Revenue ex-TAC grew 4% year-over-year to $1.221 billion. Search revenue ex-TAC increased 14% to $427 million. Adjusted EBITDA grew 8% to $509 million. The company repurchased 79.6 million shares for $1.45 billion in the quarter. Risks and uncertainties were noted that may cause actual results to differ from forward-looking statements.
WellPoint provided reconciliations of its Q1 2005 earnings per share compared to Q1 2004. Excluding certain one-time tax benefits in each quarter, EPS grew 17% year-over-year. It also presented "comparable basis" financial information for Q1 2004 that combined the historical results of legacy Anthem and WellPoint Health Networks to provide a meaningful comparison after their merger. On this comparable basis, total operating revenue grew 9% in Q1 2005 while benefit expenses increased 10% and operating margins expanded.
Danaher Corporation announced record third quarter results for 2008. Net earnings from continuing operations increased 11% to $372 million compared to $335 million in the third quarter of 2007. Sales increased 17.5% to $3.21 billion. For the first nine months of 2008, net earnings from continuing operations increased 13.2% to $1.01 billion compared to $894 million for the same period in 2007. Sales for the first nine months increased 20.5% to $9.51 billion. The company's president stated they delivered strong performance in the quarter and expect to continue outperforming during challenging economic times due to their portfolio of businesses and operational excellence initiatives.
1) UAL Corporation reported significant losses in 2001 due to the impacts of September 11th terrorist attacks and the weak economy. UAL's losses totaled $2.1 billion for the year, with passenger revenues down 39% in the fourth quarter.
2) United Airlines operates a major domestic and international air transportation network, with hubs in Chicago, Denver, Los Angeles, San Francisco, and Washington D.C. It focuses on markets in North America, Pacific, Atlantic, and Latin America.
3) In response to the difficult financial conditions following 9/11, United undertook large schedule reductions and employee furloughs to reduce costs, while continuing efforts to strengthen revenues and customer service.
Omnicom reported its annual financial results for 2004. Key highlights include:
- Revenues increased 13% to a record $9.7 billion from $8.6 billion in 2003. Net income grew 15% to $723.5 million.
- All of Omnicom's marketing services disciplines (media, CRM, specialty communications, PR) contributed to revenue growth.
- Omnicom successfully completed its certification under the Sarbanes-Oxley Act, a significant and costly undertaking.
- The company intends to continue investing in its business and people to drive future growth, including potential acquisitions.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
This document is United Airlines' 1998 annual report. It contains the following key information:
1) Jerry Greenwald, United's CEO, provides a letter addressing the challenges of 1998, including economic problems in Asia hurting revenues. However, United still had healthy profits of $1.3 billion due to preparedness and cost controls.
2) Greenwald discusses United's progress on its "Quality Flight Plan" over the past 5 years to improve customer satisfaction, fleet, financial position, and employee relations.
3) The report includes financial highlights and operating statistics showing United's continued strong financial performance in 1998 despite challenges, as well as comments from passengers in seat 14D addressing improvements to United's fleet and customer experience
Duke Energy reported third quarter 2005 earnings per share of $0.04 compared to $0.41 in the third quarter of 2004. Ongoing earnings per share, which excludes special items, were $0.59 compared to $0.37 in the prior year. Results were boosted by warmer weather and strong performance in gas and electric businesses, but hurt by charges from exiting the DENA business. Duke Energy remains confident in exceeding its $1.65 per share employee incentive target for the year.
omnicom group Q2 2005 Investor Presentationfinance22
- Omnicom Group presented financial results for the second quarter and first half of 2005, with revenue up 8.6% and 8.2% respectively compared to the same periods in 2004.
- Net income saw even stronger growth of 9.6% and 10.1% for the quarter and year to date.
- Revenue growth was driven by a combination of organic growth, foreign exchange impacts, and acquisitions, with organic growth accounting for the majority at 7.0% and 6.4% respectively.
This document provides quarterly financial highlights for Nationwide Financial Services for Q1 2008. Key points include:
- Total revenues for Q1 2008 were $916.3 million, down from $1,068.7 million in Q4 2007.
- Net operating earnings for Q1 2008 were $131.5 million, down from $161.7 million in Q4 2007.
- Total customer funds managed and administered as of Q1 2008 were $153.3 billion, down from $162.4 billion as of Q4 2007.
The document provides an overview and analysis of Goodrich Corporation's fourth quarter and full year 2003 financial performance and outlook for 2004. Some key points:
- 2003 cash flow from operations was $553 million, up 6% from 2002. Sales were $4.383 billion and EPS was $0.93.
- Fourth quarter 2003 sales were $1.13 billion and EPS from continuing operations was $0.28.
- Full year sales growth is expected to be low single digits in 2004, and EPS is forecasted to be between $1.20-$1.35.
- Several factors are expected to create headwinds in 2004, including higher pension and healthcare costs, foreign exchange impacts
The document provides an overview of Goodrich Corporation's financial and operational performance in the first quarter of 2004. Key points include:
- Sales increased 6% to $1.162 billion compared to the same period in 2003.
- Segment operating income increased significantly to $118 million from $19 million due to lower restructuring charges and higher sales.
- New program wins on the 7E7 and A380 are expected to fuel future growth.
- Debt has been reduced by 29% since acquiring Aeronautical Systems in 2002.
- The outlook for 2004 is sales of $4.65-4.7 billion and diluted EPS at the upper end of $1.20-1.35 range.
This document summarizes Goodrich's second quarter 2004 performance and provides an outlook for 2004. Key points include:
- Sales were up 4% in Q2 2004 versus Q3 2003 while net income increased 169% due to improved operational performance.
- For the first half of 2004, sales were up 5% and net income increased 95% year-over-year.
- Goodrich has paid down $904 million in debt since acquiring Aeronautical Systems in 2002 through strong cash flow.
- The outlook for 2004 anticipates sales of $4.70-4.75 billion and EPS of $1.30-1.40, representing growth over 2003.
- Goodrich has a balanced business mix across
- Goodrich Corporation reported strong financial results for the fourth quarter and full year 2004, with sales and earnings growth.
- Segment operating income increased 17% in the fourth quarter compared to 2003, driven by sales increases in all reportable segments.
- Full year 2004 sales grew 8% over 2003 and segment operating income increased 56%.
- The company reduced long-term debt by $131 million in the fourth quarter and made an additional $78 million in pension contributions, maintaining a strong cash balance of $298 million at year-end.
- Goodrich Corporation reported strong financial results for the fourth quarter and full year 2004, with sales and earnings growth.
- Segment operating income increased 17% in the fourth quarter compared to 2003, driven by sales increases in all reportable segments.
- Full year 2004 sales grew 8% over 2003, with segment operating income increasing 56% due to higher volumes and efficiencies.
- The company reduced long-term debt by $131 million in the fourth quarter and continued strong cash generation with $298 million of cash on hand at year-end.
1) Goodrich Corporation reported first quarter 2005 results with sales growth of 10% and net income per share growth of 21% compared to first quarter 2004.
2) Financial outlook for 2005 was increased with sales expected to be $5.1-5.2 billion and net income per share of $1.80-1.95.
3) Recent developments included higher sales and profits in all business segments, debt reduction of $100 million, and new contracts including providing nacelles for the Airbus A350.
This document provides a summary of Goodrich Corporation's third quarter 2004 performance and financial results. Key points include:
- Sales increased 10% from Q3 2003 to $1.167 billion, with segment operating income up 12% to $132 million.
- New program wins included the Boeing 7E7 and U.S. Army Black Hawk helicopter programs.
- Total debt was reduced by $101 million in the quarter through various actions.
- EPS from continuing operations increased 41% to $0.41 compared to $0.29 in Q3 2003.
- Sales and profits increased across all market channels and segments compared to the prior year.
This document provides a summary of Goodrich Corporation's third quarter 2004 performance and financial results. Key points include:
- Sales increased 10% from Q3 2003 to $1.167 billion, with segment operating income up 12% to $132 million.
- New program wins included the Boeing 7E7 and U.S. Army Black Hawk helicopter.
- Total debt declined by $101 million through debt repayments and accounting adjustments.
- 2004 outlook for sales and EPS were increased based on improved performance.
- All market channels saw year-over-year sales growth in the first nine months of 2004.
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.
Goodrich Corporation announced its second quarter 2004 results, reporting a net income of $39 million compared to $14 million in the second quarter of 2003. Sales increased to $1,134 million from $1,095 million. Goodrich also increased its full year 2004 outlook, expecting sales between $4.7-4.75 billion and fully diluted earnings per share between $1.30-1.40, up from its previous outlook. The increased outlook was due to better than expected commercial aerospace aftermarket and military and space sales.
Paul Gifford, Vice President of Investor Relations at Goodrich, presented at the Gabelli 10th Annual Aircraft Supplier Conference in New York on September 9, 2004. Goodrich reported improved financial results in the first half of 2004, with sales up 5% and segment operating income up 146% compared to the first half of 2003. Goodrich also continues to pay down debt and has a balanced mix of sales across commercial, military, and aftermarket channels. New program wins such as the 7E7 Dreamliner and Joint Strike Fighter are expected to add balanced future growth.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
Yahoo reported its Q4'12 financial results. Revenue ex-TAC grew 4% year-over-year to $1.221 billion. Search revenue ex-TAC increased 14% to $427 million. Adjusted EBITDA grew 8% to $509 million. The company repurchased 79.6 million shares for $1.45 billion in the quarter. Risks and uncertainties were noted that may cause actual results to differ from forward-looking statements.
WellPoint provided reconciliations of its Q1 2005 earnings per share compared to Q1 2004. Excluding certain one-time tax benefits in each quarter, EPS grew 17% year-over-year. It also presented "comparable basis" financial information for Q1 2004 that combined the historical results of legacy Anthem and WellPoint Health Networks to provide a meaningful comparison after their merger. On this comparable basis, total operating revenue grew 9% in Q1 2005 while benefit expenses increased 10% and operating margins expanded.
Danaher Corporation announced record third quarter results for 2008. Net earnings from continuing operations increased 11% to $372 million compared to $335 million in the third quarter of 2007. Sales increased 17.5% to $3.21 billion. For the first nine months of 2008, net earnings from continuing operations increased 13.2% to $1.01 billion compared to $894 million for the same period in 2007. Sales for the first nine months increased 20.5% to $9.51 billion. The company's president stated they delivered strong performance in the quarter and expect to continue outperforming during challenging economic times due to their portfolio of businesses and operational excellence initiatives.
1) UAL Corporation reported significant losses in 2001 due to the impacts of September 11th terrorist attacks and the weak economy. UAL's losses totaled $2.1 billion for the year, with passenger revenues down 39% in the fourth quarter.
2) United Airlines operates a major domestic and international air transportation network, with hubs in Chicago, Denver, Los Angeles, San Francisco, and Washington D.C. It focuses on markets in North America, Pacific, Atlantic, and Latin America.
3) In response to the difficult financial conditions following 9/11, United undertook large schedule reductions and employee furloughs to reduce costs, while continuing efforts to strengthen revenues and customer service.
Omnicom reported its annual financial results for 2004. Key highlights include:
- Revenues increased 13% to a record $9.7 billion from $8.6 billion in 2003. Net income grew 15% to $723.5 million.
- All of Omnicom's marketing services disciplines (media, CRM, specialty communications, PR) contributed to revenue growth.
- Omnicom successfully completed its certification under the Sarbanes-Oxley Act, a significant and costly undertaking.
- The company intends to continue investing in its business and people to drive future growth, including potential acquisitions.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
This document is United Airlines' 1998 annual report. It contains the following key information:
1) Jerry Greenwald, United's CEO, provides a letter addressing the challenges of 1998, including economic problems in Asia hurting revenues. However, United still had healthy profits of $1.3 billion due to preparedness and cost controls.
2) Greenwald discusses United's progress on its "Quality Flight Plan" over the past 5 years to improve customer satisfaction, fleet, financial position, and employee relations.
3) The report includes financial highlights and operating statistics showing United's continued strong financial performance in 1998 despite challenges, as well as comments from passengers in seat 14D addressing improvements to United's fleet and customer experience
Duke Energy reported third quarter 2005 earnings per share of $0.04 compared to $0.41 in the third quarter of 2004. Ongoing earnings per share, which excludes special items, were $0.59 compared to $0.37 in the prior year. Results were boosted by warmer weather and strong performance in gas and electric businesses, but hurt by charges from exiting the DENA business. Duke Energy remains confident in exceeding its $1.65 per share employee incentive target for the year.
omnicom group Q2 2005 Investor Presentationfinance22
- Omnicom Group presented financial results for the second quarter and first half of 2005, with revenue up 8.6% and 8.2% respectively compared to the same periods in 2004.
- Net income saw even stronger growth of 9.6% and 10.1% for the quarter and year to date.
- Revenue growth was driven by a combination of organic growth, foreign exchange impacts, and acquisitions, with organic growth accounting for the majority at 7.0% and 6.4% respectively.
This document provides quarterly financial highlights for Nationwide Financial Services for Q1 2008. Key points include:
- Total revenues for Q1 2008 were $916.3 million, down from $1,068.7 million in Q4 2007.
- Net operating earnings for Q1 2008 were $131.5 million, down from $161.7 million in Q4 2007.
- Total customer funds managed and administered as of Q1 2008 were $153.3 billion, down from $162.4 billion as of Q4 2007.
The document provides an overview and analysis of Goodrich Corporation's fourth quarter and full year 2003 financial performance and outlook for 2004. Some key points:
- 2003 cash flow from operations was $553 million, up 6% from 2002. Sales were $4.383 billion and EPS was $0.93.
- Fourth quarter 2003 sales were $1.13 billion and EPS from continuing operations was $0.28.
- Full year sales growth is expected to be low single digits in 2004, and EPS is forecasted to be between $1.20-$1.35.
- Several factors are expected to create headwinds in 2004, including higher pension and healthcare costs, foreign exchange impacts
The document provides an overview of Goodrich Corporation's financial and operational performance in the first quarter of 2004. Key points include:
- Sales increased 6% to $1.162 billion compared to the same period in 2003.
- Segment operating income increased significantly to $118 million from $19 million due to lower restructuring charges and higher sales.
- New program wins on the 7E7 and A380 are expected to fuel future growth.
- Debt has been reduced by 29% since acquiring Aeronautical Systems in 2002.
- The outlook for 2004 is sales of $4.65-4.7 billion and diluted EPS at the upper end of $1.20-1.35 range.
This document summarizes Goodrich's second quarter 2004 performance and provides an outlook for 2004. Key points include:
- Sales were up 4% in Q2 2004 versus Q3 2003 while net income increased 169% due to improved operational performance.
- For the first half of 2004, sales were up 5% and net income increased 95% year-over-year.
- Goodrich has paid down $904 million in debt since acquiring Aeronautical Systems in 2002 through strong cash flow.
- The outlook for 2004 anticipates sales of $4.70-4.75 billion and EPS of $1.30-1.40, representing growth over 2003.
- Goodrich has a balanced business mix across
- Goodrich Corporation reported strong financial results for the fourth quarter and full year 2004, with sales and earnings growth.
- Segment operating income increased 17% in the fourth quarter compared to 2003, driven by sales increases in all reportable segments.
- Full year 2004 sales grew 8% over 2003 and segment operating income increased 56%.
- The company reduced long-term debt by $131 million in the fourth quarter and made an additional $78 million in pension contributions, maintaining a strong cash balance of $298 million at year-end.
- Goodrich Corporation reported strong financial results for the fourth quarter and full year 2004, with sales and earnings growth.
- Segment operating income increased 17% in the fourth quarter compared to 2003, driven by sales increases in all reportable segments.
- Full year 2004 sales grew 8% over 2003, with segment operating income increasing 56% due to higher volumes and efficiencies.
- The company reduced long-term debt by $131 million in the fourth quarter and continued strong cash generation with $298 million of cash on hand at year-end.
1) Goodrich Corporation reported first quarter 2005 results with sales growth of 10% and net income per share growth of 21% compared to first quarter 2004.
2) Financial outlook for 2005 was increased with sales expected to be $5.1-5.2 billion and net income per share of $1.80-1.95.
3) Recent developments included higher sales and profits in all business segments, debt reduction of $100 million, and new contracts including providing nacelles for the Airbus A350.
This document provides a summary of Goodrich Corporation's third quarter 2004 performance and financial results. Key points include:
- Sales increased 10% from Q3 2003 to $1.167 billion, with segment operating income up 12% to $132 million.
- New program wins included the Boeing 7E7 and U.S. Army Black Hawk helicopter programs.
- Total debt was reduced by $101 million in the quarter through various actions.
- EPS from continuing operations increased 41% to $0.41 compared to $0.29 in Q3 2003.
- Sales and profits increased across all market channels and segments compared to the prior year.
This document provides a summary of Goodrich Corporation's third quarter 2004 performance and financial results. Key points include:
- Sales increased 10% from Q3 2003 to $1.167 billion, with segment operating income up 12% to $132 million.
- New program wins included the Boeing 7E7 and U.S. Army Black Hawk helicopter.
- Total debt declined by $101 million through debt repayments and accounting adjustments.
- 2004 outlook for sales and EPS were increased based on improved performance.
- All market channels saw year-over-year sales growth in the first nine months of 2004.
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.
Goodrich Corporation announced its second quarter 2004 results, reporting a net income of $39 million compared to $14 million in the second quarter of 2003. Sales increased to $1,134 million from $1,095 million. Goodrich also increased its full year 2004 outlook, expecting sales between $4.7-4.75 billion and fully diluted earnings per share between $1.30-1.40, up from its previous outlook. The increased outlook was due to better than expected commercial aerospace aftermarket and military and space sales.
Paul Gifford, Vice President of Investor Relations at Goodrich, presented at the Gabelli 10th Annual Aircraft Supplier Conference in New York on September 9, 2004. Goodrich reported improved financial results in the first half of 2004, with sales up 5% and segment operating income up 146% compared to the first half of 2003. Goodrich also continues to pay down debt and has a balanced mix of sales across commercial, military, and aftermarket channels. New program wins such as the 7E7 Dreamliner and Joint Strike Fighter are expected to add balanced future growth.
Vice President Paul Gifford presented at the Gabelli 10th Annual Aircraft Supplier Conference in New York on September 9, 2004. He discussed Goodrich's company overview and financial results for the first half of 2004, noting sales increased 5% to $2.296 billion compared to the first half of 2003. Segment operating income increased 146% to $245 million or 10.7% of sales, up from 4.5% in the prior year. Goodrich continues to pay down debt from its acquisition of Aeronautical Systems in 2003, having redeemed $60 million in bonds in August 2004.
Goodrich Corporation announced third quarter 2004 results with net income of $50 million, up from $34 million in third quarter 2003. Sales increased to $1.167 billion from $1.064 billion. Goodrich increased its full year 2004 outlook with sales expected to be at the high end of $4.7-4.75 billion range and earnings per share expected to be $1.45-1.50, up from previous estimates. Goodrich saw increased sales across all market channels and gained new contracts for the Boeing 7E7 and Sikorsky UH-60M helicopter.
- Goodrich Corporation reported second quarter 2006 results, with sales growing 10% year-over-year and income from continuing operations increasing 30% to $81 million compared to second quarter 2005.
- The company raised its 2006 sales outlook to $5.75-5.85 billion and adjusted net income per diluted share outlook to $3.40-3.55 due to improved operational performance.
- All business segments saw sales and operating income increases compared to second quarter 2005, driven by higher commercial airplane original equipment and aftermarket sales as well as cost improvements.
- Goodrich Corporation reported second quarter 2006 results, with sales growing 10% year-over-year and income from continuing operations increasing 30% to $81 million.
- The company raised its 2006 sales outlook to $5.75-5.85 billion and adjusted net income per diluted share outlook to $3.40-3.55 due to improved operational performance.
- Segment operating margins improved across all segments (Engine Systems, Airframe Systems, Electronic Systems), driven by higher commercial airplane original equipment and aftermarket sales as well as cost reductions.
The document provides financial information on special items that impacted earnings per share (EPS) for Duke Energy in the second quarter of 2004 and 2003, as well as the first quarter of 2004 and 2003. Some of the notable special items include an $130 million pre-tax Enron settlement that increased EPS by $0.09 in Q2 2004, and $229 million pre-tax gains on asset sales that increased EPS by $0.16 in Q2 2003. For the first half of 2004, special items have resulted in a $0.04 increase in EPS compared to a $0.01 decrease for the first half of 2003.
Goodrich Corporation reported its second quarter 2005 results. Sales grew 20% compared to the second quarter of 2004, with increases across all market channels and reportable segments. Net income per share grew 91% compared to the same period last year. The company increased its 2005 sales and earnings per share outlook. However, results in the Airframe Systems segment were down 57% due to a $15 million charge for retrofitting redesigned parts for the A380 aircraft's actuation system.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- Segment operating margins improved in all segments compared to third quarter 2005.
- The company initiated a $300 million share repurchase program to reduce dilution from equity compensation programs.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- The company authorized a $300 million share repurchase program to reduce dilution from equity programs.
- Segment operating margins improved in all segments compared to third quarter 2005.
Pfizer Quarterly Corporate Performance - First Quarter 2008finance5
This document summarizes Pfizer's first quarter 2008 earnings teleconference. It discusses Pfizer's financial results for the quarter, including a 18% decrease in reported net income. It also provides guidance for 2008, reaffirming revenue of $47-49 billion and adjusted diluted EPS of $2.35-$2.45. Key highlights included steady growth from products like Lyrica and Chantix, though results were impacted by the loss of exclusivity for Norvasc and Zyrtec. Cost reduction efforts remained on track to save $1.5-2 billion versus 2006.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, and Charles L. Szews, Executive VP and CFO, reported record financial results for the first quarter of fiscal year 2006. Sales increased 22.5% to $790.3 million and operating income grew 28.6% to $87 million. EPS increased 28.6% to $0.72. For fiscal year 2006, the company estimates sales between $3.3-3.4 billion, operating income between $316.5-329 million, and EPS between $2.55-2.65, representing growth of 17-21.6%.
1) Oshkosh reported record second quarter fiscal year 2006 results with sales up 25.6% and operating income up 27.3% driven by strong performance in the defense segment.
2) The defense segment results nearly doubled compared to the previous year due to growth in remanufactured and new truck sales, however challenges remain in locating used vehicle carcasses for remanufacturing.
3) The fire and emergency segment saw a temporary dip in earnings as anticipated due to heavily weighted airport product sales in the second half of the year and two component issues that delayed revenue recognition.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, discussed the company's strong third quarter fiscal year 2006 results and provided an outlook for fiscal years 2006 and 2007. Some highlights included record sales and operating income for Q3 2006. The company also announced two acquisitions, AK Specialty Vehicles and Iowa Mold Tooling, expected to be accretive to earnings in fiscal 2007. For fiscal 2006, Oshkosh estimates sales growth of 14.9-16.6% and EPS growth of 24-26%. Fiscal 2007 estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
Robert Bohn, Chairman of Oshkosh Truck Corporation, discussed the company's strong fiscal 2006 financial results and outlook for fiscal 2007. Key points include:
1) Fiscal 2006 sales increased 15.8% and operating income grew 22%, with EPS up 26.6%.
2) The acquisition of JLG Industries was announced, which will diversify the company and support growth of over 15%.
3) Fiscal 2007 stand-alone estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15, with the JLG acquisition expected to be modestly accretive.
In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
This document summarizes an earnings conference call for Oshkosh Truck Corporation for the second quarter of fiscal year 2007. Sales increased 96.6% to $1.66 billion and operating income grew 69.1% to $134.8 million. For fiscal year 2007, the company estimates sales of $6.1-6.2 billion and operating income of $568-580 million. It also provides segment-level results and highlights for access equipment, defense, fire & emergency, and commercial.
1) Oshkosh reported strong third quarter 2007 results with sales increasing 108% to $1.85 billion and operating income up 133% to $192.7 million.
2) Access equipment and defense led the growth in sales and operating income. The acquisition of JLG was accretive to EPS by $0.35 per share.
3) For fiscal year 2007, Oshkosh estimates sales between $6.3-6.35 billion and EPS between $3.35-3.40, and for fiscal year 2008 estimates sales between $7-7.2 billion and EPS between $4.15-4.35.
The document summarizes Oshkosh Truck Corporation's fourth quarter fiscal 2007 earnings conference call. It discusses record sales and operating income for fiscal 2007. Projections are provided for fiscal 2008, estimating sales between $7.1-7.3 billion and operating income between $690-715 million. Segment performances are reviewed, with access equipment and defense highlighted as key growth drivers. Estimates are also given for interest expense, tax rates, capital expenditures and debt levels for fiscal 2008.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
The document summarizes Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. It discusses increases in sales revenue but decreases in operating income and earnings per share compared to the previous year. Several initiatives are mentioned to manage costs and cash flow in changing market conditions. Business segment results are provided, with strength in access equipment and defense but challenges in commercial and fire & emergency sectors.
This document is the transcript from Oshkosh Corporation's earnings conference call for the fourth quarter of fiscal year 2008. It discusses Oshkosh's financial results for Q4 and fiscal year 2008, including sales, operating income, earnings per share, and debt reduction. It also provides an outlook for fiscal year 2009, estimating revenues of $6.3-6.7 billion, operating income of $350-400 million, and EPS of $1.65-2.05. The transcript reviews performance and outlook for each of Oshkosh's business segments and discusses its financing plans.
Robert Bohn and David Sagehorn of Oshkosh Corporation gave a presentation at the Goldman Sachs Conference in November 2008. They discussed Oshkosh's strong financial position and actions taken to reduce costs and debt. While market conditions were volatile due to the economic downturn, Oshkosh was well positioned with backlogs in defense, fire, and refuse collection vehicles. The presentation outlined Oshkosh's segments and strategies to manage through the difficult economy.
1) The document is from a presentation given by Oshkosh executives Charles Szews and David Sagehorn at the R.W. Baird Industrial Conference on November 12, 2008.
2) Oshkosh reported sales increased 13.2% to $7.1 billion in fiscal 2008, with international sales reaching $2.1 billion. However, operating income decreased 1.5% and EPS decreased 5.9% due to non-cash impairment charges.
3) Oshkosh recently secured multiple defense contracts and sees opportunities in the domestic refuse collection vehicle market, but the current market volatility and credit crisis make fiscal 2009 projections difficult given exposure to construction and municipal spending.
Charles Szews, President and COO of Oshkosh Corporation, presented at the Cowen and Company Aerospace & Defense Conference on February 5, 2009. He discussed Oshkosh's business segments, products, competitive advantages, challenges, and actions taken in response to the economic downturn. Key points included reduced revenues and earnings in Q1 2009, cost reduction efforts, and focus on core businesses with strong backlogs like defense and fire apparatus that have gained market share.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
This document summarizes an earnings conference call for Oshkosh Corporation for the fourth quarter of fiscal year 2008. It discusses the company's financial results including a 5.8% increase in sales to $1.9 billion but a 32% decrease in operating income to $122 million. The document also provides an overview of Oshkosh's fiscal year 2008 results and discusses challenges faced in various business segments due to economic conditions. It notes actions taken by the company to reduce costs and debt. An outlook is given for fiscal year 2009 noting market volatility and a plan to drive over $500 million in debt reduction. Business segment results and outlooks are also summarized.
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2. Forward Looking Statements
Certain statements made in this presentation 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 this presentation, 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.
2
4. Recent Significant Developments
Full year 2003 cash flow from operations of $553 million – 6%
greater than 2002
2003 full year sales of $4.4 billion, EPS of $0.93 per diluted share
Announced plans to redeem the remaining $63.5 million of
QUIPS – to be completed on March 2, 2004
Several new commercial and military contracts announced
Expect low single-digit sales growth in 2004, EPS expected to be
between $1.20 – $1.35 per diluted share
• Includes impact of contract accounting change and
expensing of stock options
Strong finish to 2003
4
5. Fourth Quarter 2003 – Financial Summary
4th Qtr 4th Qtr
(Dollars in Millions, excluding EPS) 2003 2002 Change
Sales $1,130 $1,157 ($27)
Segment operating income $114 $81 $33
- % of Sales 10.1% 7.0% 3.1%
Income
- Continuing operations $33 $12 $21
- Net income $33 $12 $21
Diluted EPS
- Continuing operations $0.28 $0.11 $0.17
- Net income $0.28 $0.11 $0.17
5
6. Full Year 2003 – Financial Summary
(Dollars in Millions, excluding EPS) 2003 2002 Change
Sales $4,383 $3,809 $574
Segment operating income $332 $419 ($87)
- % of Sales 7.6% 11.0% (3.4%)
Income
- Continuing operations $ 49 $164 ($115)
- Net income $111 $118 ($7)
Diluted EPS
- Continuing operations $0.41 $1.56 ($1.15)
- Net income $0.93 $1.14 ($0.21)
6
7. 2003 Airframe Systems Segment
Actual Actual Change
Dollars in Millions 2003 2002 $ %
Sales $1,784 $1,451 $333 23%
Segment OI $79 $101 ($22) (22%)
% Sales 4.4% 7.0%
Included above:
Facility Closure and ($18) ($4) ($14) N/A
Headcount
Reductions/Asset
Impairment
In-process -- ($39) $39 N/A
R&D/Inventory step-up
Major Variances:
• Aeronautical Systems (AS) added $470 million in incremental sales
• Excluding AS, sales decreased $137 million due primarily to lower sales in
the landing gear OE, wheel and brake services and heavy maintenance
businesses
• OI decline related primarily to reduced volume and unfavorable pension
and FX impacts
7
8. 2003 Engine Systems Segment
Actual Actual Change
Dollars in Millions 2003 2002 $ %
Sales $1,558 $1,423 $135 9%
Segment OI $113 $171 ($58) (34%)
% Sales 7.3% 12.0%
Included Above:
Facility Closure and ($111) ($26) ($85) N/A
Headcount
Reductions/Asset
Impairment
In-process -- ($24) $24 N/A
R&D/Inventory step-up
Major Variances:
• Aeronautical Systems added $176 million in incremental sales
• Excluding AS, sales decreased $41 million, due primarily to lower
sales of aerospace and industrial gas turbine components
• OI decline due primarily to higher asset impairment charges related to
Super 27 program and other facility closure and headcount reduction
action in 2003
8
9. 2003 Electronic Systems Segment
Actual Actual Change
Dollars in Millions 2003 2002 $ %
Sales $1,041 $934 $107 11%
Segment OI $140 $147 ($7) (5%)
% Sales 13.4% 15.7%
Included Above:
Facility Closure and ($9) ($7) ($2) N/A
Headcount
Reductions/Asset
Impairment
In-process -- ($8) $8 N/A
R&D/Inventory step-up
Major Variances:
• Aeronautical Systems added $109 million in incremental sales
• Remaining sales were relatively flat
• OI decline related primarily to pension and unfavorable mix
9
12. Debt Retirement Progress Since Acquisition
of Aeronautical Systems
Total
Debt $ in Millions
+
$3,500 QUIPS Total
$3,039 Debt
+ Total Total
$3,000 Cash $146 QUIPS Debt Debt Total Total
$2,638 + + Debt + Debt +
QUIPS QUIPS QUIPS QUIPS
$2,500 Cash $150 $2,261 $2,262 $2,275 $2,215
Net Debt Cash $186 Cash $326
Cash $268
$2,000 + QUIPS
$2,893
Cash $378
Net Debt
+ QUIPS
$1,500 $2,488
Net Debt
Net Debt Net Debt
+ QUIPS Net Debt
+ QUIPS + QUIPS
$2,075 + QUIPS
$1,994 $1,949
$1,000 $1,837
$500
$0
10/1/02 12/31/02 3/31/2003 6/30/2003 9/30/2003 12/31/2003
Proforma
Total debt + QUIPS reduced $824M or 27%; Net debt + QUIPS reduced $1,056M or 37%
Note: See page 27 for definitions of Total Debt and Net Debt and a detailed calculation of these measures as of the dates indicated.
12
13. Cash Flow from Operations
2003 Cash Flow Cash Flow and Capital Expenditures ($M)
• Cash flow from operations
of $553M Cash Flow from Ops Cap Ex
- Included $107M in federal $600 $553
income tax refunds $524
- Included $47M cash payments $500
for facility closures and
headcount reductions $375
$400
• Capital Expenditures of
$125M $300
Incentive systems aligned with
goal $168 $187
$200
Utilize primarily for debt reduction $134 $125
$107
Ongoing new program $100
investments continued
Stable dividend since EnPro spin- $0
off
2000 2001 2002 2003
13 Three years of significant cash generation
15. 2003 Sales by Market Channel – Total Sales $4,383M
Total Military and Space Total Commercial OE
30% Other 29%
Boeing
6% Commercial OE
9%
Airbus
Commercial OE
15%
Military &
Space, OE &
Aftermarket OE
30%
Regional,
Business & Gen.
Av. OE
5%
AM
Large Commercial Aircraft
Aftermarket
25%
Heavy A/C
Maint. Regional, Business &
3% General Aviation Total Commercial Aftermarket
Aftermarket
7%
35%
15
Balanced business mix – three major market areas each
represent approximately one-third of sales
17. Expectations for Goodrich 2004 Sales
Average Expected Growth
2003 Sales
Sales by Market Channel Mix 2003 Actual 2004 Expected
Change* Change
Military and Space –
30% 10% 7% - 10%
OE and Aftermarket
Boeing and Airbus – Flat to Down
24% (10%)
OE Production Slightly
Regional, Business & General
5% (18%) 8% - 10%
Aviation - OE
Aftermarket – Large Commercial
32% (3%) 3% - 5%
and Regional, Business and GA
Heavy Airframe Maintenance 3% (27%) Approx. Flat
Other 6% (13%) Approx. Flat
Goodrich Total Sales Low single-digit
$4.4B (4%)
percent growth
* Compared to 2002 pro-forma sales, including full year contribution of Aeronautical Systems,
excluding discontinued operations. $3,809M as reported, plus $756M for Aeronautical Systems during
17 first 9 months of 2002.
18. 2004 P&L Headwind
Directors & Officers Current multi-year program ends in mid 2004
Insurance
Substantial premium increase expected on
renewal
Management Poor industry conditions drive below target
Incentive payouts in 2002-2003
Compensation
Normal payouts expected in 2004
Replace portion of stock options with restricted
stock
Tax Litigation Two major cases projected for trial in 2004
(Rohr and Coltec)
(Defense costs)
Detailed in recent SEC filings
Retiree Medical Double digit increase expected
Expenses
Industry wide phenomena
Included in other income/expense
Excludes prescription drug subsidy
Approximately $30M Aggregate Increase Expected In 2004.
18
19. 2004 Pension Outlook
Assumptions and Methodology
Actual Actual Projected
12/31/02 12/31/03 2004 The asset mix for the US
L-T Rate of Return 9.25% 9.0% 9.0% plans at YE 2003 is
Assumption
approximately 61% equity
(US Plans)
/ 6% real estate / 33% debt
Discount Rate 6.875% 6.25% 6.25%
(10 to 15 year duration)
(US Plans)
Actual Plan -4.1% 22.8% N/A No smoothing of asset
Return (US Plans) returns for 80% of plans
P&L Expense $35M $88M $81M Future expense based on
(Worldwide) prior year end plan assets
Plan Assets $1.99B $2.31B N/A at FMV
(Worldwide) No required contributions
Contributions $47M $63M $60-70M for qualified U.S. plans in
(Worldwide) 2004
$7M improvement expected for 2004 P&L
19
20. Foreign Exchange Considerations
Goodrich Foreign Currency Exposure
• Approximately 90 percent of sales in US dollars
• Approximately 75 percent of pre-tax costs in US dollars
• Three currencies (Euro, Pound Sterling and Canadian dollar)
represent >95 percent of exposure
• Exposure increased with Aeronautical Systems acquisition due to
significant European manufacturing presence
Goodrich hedges a major portion of projected forward
exposure
• Currently hedged on about 75 percent of expected 2004 exposure
• Unhedged portion subject to FX rate fluctuations until hedged or
realized
• Weakness in US dollar (weighted average decline of about 8 percent
since 9/30/03 ) creates P&L headwind if US dollar remains at current
levels or weakens further
Estimated $15 - $20 million pre-tax impact versus
2003 at current FX rates
20
21. Contract Accounting Change - Overview
Two methods allowed under GAAP for
recognizing changes in contract profit estimates
• Cumulative catch-up adjusts profit recognized since
beginning of contract (preferred)
• Reallocation method adjusts profit recognized
prospectively for remaining life of contract
• Goodrich transitioning from reallocation to cumulative
catch-up in Aerostructures business – requires
recognition of prior period changes in current period
• Change is entirely related to timing of profit recognition
• No change to overall profitability of contracts or
expected cash flow
21
22. Contract Accounting Change - Overview
Impact reflected in Goodrich financials in two
stages
• Cumulative effect on existing contracts from profit
recorded in prior periods booked as “Cumulative effect
of accounting change” on January 1, 2004 as part of
first quarter 2004 results
- Projected income of $24 million pre-tax, or $0.13 per diluted share
• $24 million pre-tax income reverses over remaining
duration of current contracts
- Lower projected operating income of $8 million pre-tax, or $0.05
per diluted share, over the four quarters of 2004
- Lower projected operating income of $16 million pre-tax over
remaining duration of current contracts (primarily 2005 and 2006)
22
23. 2004 Outlook Considerations
Major Factors Low End High End
2004 EPS Outlook Range $1.20 $1.35
Commercial OE Production 5% below 2003 Flat with 2003
Global ASM Growth ± 3% + 5%
Foreign Exchange Rates Dollar weakness Dollar strengthens
continues
7E7 Program Investments Contract awards on Moderate award slippage
current schedule. GR wins and normal GR win rate
disproportionate share
Effective Tax Rate Current rate - 33% 100 to 200 basis point
lower rate
P&L Headwind As expected ($30M) Lower than expected
Other factors outside of outlook consideration
• Resolution of Rohr or Coltec tax litigation in 2004
• Potential contractual disputes with Northrop Grumman related
to the purchase of Aeronautical Systems
• Premiums for early retirement of debt
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24. Summary - Goodrich Attributes and Actions
Top tier aerospace supplier
Diversified, balanced business mix
Proprietary, flight critical products
Strong cash flow
Enterprise-wide initiatives
Experience managing operations in
challenging markets
Focused on Aeronautical Systems integration
and turnaround
Committed to maintaining a conservative
financial profile and investment grade ratings
Focused on what we can control
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25. What Investors Should Expect from Goodrich
Continued commitment to integrity
No significant acquisitions
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
Reduce leverage to target levels
Transparency of financial results and disclosure
Accountable to all stakeholders
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27. Supplemental Information
Goodrich Corporation
Reconcilliation of Debt Retirement to GAAP Financial Measures
Adjustments Pro-forma
9/30/2002 to get to Pro-forma* 10/1/2002 12/31/2002 3/31/2003 6/30/2003 9/30/2003 12/31/2003
Pre-positioned
Elements of Total Debt Cash Bridge Loan
Short-term bank debt $ 284.0 $ (200.0) $ 1,500.0 $ 1,584.0 $ 379.2 $ - $ - $ - $ 2.7
Current maturities of long-term
debt and capital lease
obligations $ 3.5 $ - $ - $ 3.5 $ 3.9 $ 3.6 $ 3.5 $ 4.3 $ 75.6
Long-term debt and capital
lease obligations $ 1,326.5 $ - $ - $ 1,326.5 $ 2,129.0 $ 2,132.1 $ 2,133.2 $ 2,144.1 $ 2,136.6
Total Debt $ 1,614.0 $ (200.0) $ 1,500.0 $ 2,914.0 $ 2,512.1 $ 2,135.7 $ 2,136.7 $ 2,148.4 $ 2,214.9
Adjustments:
Manditory redeemable preferred
securities of trust (QUIPS) -
current $ - $ - $ - $ - $ - $ - $ - $ 63.0 $ -
Manditory redeemable preferred
securities of trust (QUIPS) $ 125.3 $ - $ - $ 125.3 $ 125.4 $ 125.5 $ 125.6 $ 63.5 $ -
Total debt + QUIPS $ 1,739.3 $ (200.0) $ 1,500.0 $ 3,039.3 $ 2,637.5 $ 2,261.2 $ 2,262.3 $ 2,274.9 $ 2,214.9
Cash and cash equivalents $ 346.3 $ (200.0) $ - $ 146.3 $ 149.9 $ 185.8 $ 267.8 $ 325.9 $ 378.4
Net Debt + QUIPS** $ 1,393.0 $ - $ 1,500.0 $ 2,893.0 $ 2,487.6 $ 2,075.4 $ 1,994.5 $ 1,949.0 $ 1,836.5
* In late September 2002, the company utilized short-term debt of $200 million to preposition certain funds necessary for the acquisition of TRW
Aeronautical Systems. This short-term debt was repaid on October 1, 2002 with a portion of the proceeds from the $1.5 billion bridge loan secured to
finance the entire purchase. Accordingly, on October 1, 2002, cash was reduced by $200 million.
**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
is 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.
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