Goodrich 1Q Profit Falls, Plane Parts Sales Rise
CHARLOTTE, N.C. (AP) — Goodrich Corp., which supplies components for aircraft makers, said Thursday 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 Co. 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.
Goodrich shares rose 7 cents to $125.37 in morning trading. They have ranged between $80.07 and $126.44 in the past year.