Business

April 30, 2012

Goodrich first quarter profit falls, plane parts sales rise

Goodrich Corp., which supplies components for aircraft makers, said April 26 that first-quarter profit fell 4 percent on higher taxes and costs for its sale to United Technologies Corp.

Sales of original equipment for large commercial aircraft rose 27 percent, which the company credited to increased airplane production by Boeing and Airbus. It said a weak January was followed by very strong sales in February and March.

Other divisions, including general aviation equipment, aftermarket sales, and defense had smaller sales gains.

Goodrich said net income was $188.2 million, or $1.46 per share, compared with $194.8 million, or $1.52 per share, a year earlier. It said results were hurt by an increase in effective tax rate to 32.1 percent from 24.4 percent, merger expenses, higher pension costs and restructuring costs.

The latest results included items for acquisition, restructuring, environmental-remediation and contract estimate changes totaling 10 cents per share. A year ago, the company enjoyed a tax benefit of 17 cents per share.

First-quarter revenue rose 14 percent to $2.15 billion from $1.90 billion.

Analysts, who usually exclude items from earnings forecasts, expected earnings of $1.66 per share on revenue of $2.12 billion, according to FactSet.

Shareholders have approved a deal to sell the company to United Technologies for $16.5 billion. The companies have said they expect to close the deal by midyear, if they win regulatory approval. AP




All of this week's top headlines to your email every Friday.


 
 

 

Pratt & Whitney, U.S. Air Force complete qualification for F135 engine testing

Pratt & Whitney, a United Technologies Corp. , together with its U.S. Air Force partner at the F135 Heavy Maintenance Center at Tinker Air Force Base, Okla., celebrated another significant milestone qualification for F135 engine testing at the Oklahoma City Air Logistics Complex. OC-ALC which in addition to engine testing is also qualified to perform...
 
 

Raytheon begins building critical components for AN/TPY-2 ballistic missile defense radar

The Missile Defense Agency will soon have greater agility and capability in its fleet of AN/TPY-2 ballistic missile defense radars. Raytheon has begun construction of two major sub-components of the AN/TPY-2 under a $53 million contract announced by the Department of Defense on Sept 2. The units Raytheon is building will enable the MDA to...
 
 

Honeywell, Thales to offer next-gen high-speed in-flight connectivity to A350XWB

Honeywell Aerospace and Thales will work together to integrate Honeywell JetWave hardware with Thales cabin network solutions for Airbus A350XWB and other commercial aircraft. The combined offering will give commercial airline operators and their passengers the same connectivity experience in-flight as they would have at home or work ó enabling real-time TV channel viewing, live...
 

 

U.S. Navy awards General Dynamics $16 million for F/A-18 mission computers

General Dynamics Advanced Information Systems, a business unit of General Dynamics, has been awarded a $16.2 million contract by the U.S. Navy to produce Type-3 Advanced Mission Computers for the F/A-18 E/A-18G Super Hornet aircraft. Since 2002 General Dynamics has produced, tested and delivered the F/A-18 AMC, which serves as the nerve center of the...
 
 

Boeing, DLA partnership will improve war fighter logistics support

Boeing has received a $293 million performance-based contract from the Defense Logistics Agency to provide aircraft parts and support that will enable DLA to provide essential logistics support to warfighters more quickly and effectively. Boeing proposed a holistic partnership and transformational approach that fundamentally changes the way DLA and Boeing do business,î said Julie Praiss,...
 
 
NG-people

Northrop Grumman appoints vice president

Northrop Grumman has announced the appointment of Tarik Reyes as vice president, business development for its integrated air and missile defense division in its Information Systems sector, effective immediately. In this new rol...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>