Goodrich Announces 31 Percent Increase in Net Income per Diluted Share and 2 Percent Increase in Sales for Fourth Quarter 2008,

CHARLOTTE, N.C. , Feb. 4 /PRNewswire-FirstCall/ -- -- Fourth quarter 2008 income per diluted share of $1.35 , a 31 percent increase over fourth quarter 2007 income per diluted share of $1.03 . -- Fourth quarter 2008 sales...


CHARLOTTE, N.C. , Feb. 4 /PRNewswire-FirstCall/ --

-- Fourth quarter 2008 income per diluted share of $1.35, a 31 percent increase over fourth quarter 2007 income per diluted share of $1.03.

-- Fourth quarter 2008 sales of $1,695 million increased 2 percent over fourth quarter 2007 sales of $1,668 million, including 4 percent growth in commercial aftermarket sales.

-- Total segment operating income margin increased to 16.3 percent, from 15.8 percent in the fourth quarter 2007.

-- Full year 2008 sales of $7.1 billion, an increase of 10 percent over full year 2007 sales of $6.4 billion.

-- Full year 2008 income per diluted share from continuing operations of $5.33 and net income per diluted share of $5.39, an increase of 37 percent and 43 percent, respectively, compared to 2007 results.

-- Full year 2009 sales expectations reduced to $7.1 - $7.2 billion. Net income per diluted share expectations have been lowered to $4.50 - $4.90, from $5.05 - $5.25 previously, to incorporate updated expectations for 2009 pension expense and to take into account the uncertainty of the global economic environment. Net cash provided by operating activities, minus capital expenditures, is expected to exceed 75 percent of net income in 2009.

Goodrich Corporation (NYSE: GR) announced results today for the fourth quarter and full year 2008 and lowered its outlook for 2009 sales and net income per diluted share, after incorporating updated expectations for 2009 pension expense and to take into account the uncertainty of the global economic environment.

Commenting on the company's performance and its outlook, Marshall Larsen , Chairman, President and Chief Executive Officer said, "Clearly, we are operating in an extremely challenging macroeconomic environment. Goodrich has performed very well in this environment, and we expect to continue our strong performance relative to market trends during 2009. Even though global airline capacity is expected to contract slightly in 2009, we have excellent product positions on the newer, more fuel-efficient airplanes that are least likely to be removed from service. We believe that this positioning will allow us to continue to report 2009 commercial aftermarket sales performance above market trends. We continue to expect commercial airplane original equipment sales growth for Goodrich in 2009, compared to 2008, as Boeing and Airbus are expected to deliver more new airplanes in 2009 than they delivered in 2008. Additionally, we are developing products for the right planes of tomorrow, including significant products for the Boeing 787 Dreamliner, the Airbus A350 XWB, the Bombardier CSeries and the Mitsubishi Regional Jet. These new programs are expected to generate significant new revenues for Goodrich for many years to come, and will help Goodrich sustain its position as an industry leader in its commercial aerospace markets. During 2009, we expect our diversified portfolio of defense and space products to continue to grow, especially in key product areas such as intelligence, surveillance and reconnaissance (ISR) and our helicopter products."

"All of us at Goodrich are actively engaged in efforts to reduce our discretionary spending and control our headcount during these uncertain economic times. We are prepared to act swiftly as economic conditions change to minimize the impact of potential reductions in new aircraft production or further decreases in airline capacity. With our strong balance sheet, excellent cash flow and motivated workforce, we believe we can continue our track record of strong financial performance during 2009 and beyond," Larsen continued.

Fourth Quarter 2008 Results

Goodrich reported fourth quarter 2008 net income of $169 million, or $1.35 per diluted share, on sales of $1,695 million. In the fourth quarter 2007, the company reported net income of $131 million, or $1.03 per diluted share, on sales of $1,668 million. Fourth quarter 2008 sales increased 2 percent and net income per diluted share increased 31 percent compared with the fourth quarter 2007.

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