Aircraft parts maker Goodrich Corp., which has manufacturing-distribution operations in Connecticut, said today its fourth-quarter profit rose 29 percent due to a one-time gain and efficiency improvements.
The Charlotte, N.C., company also but cut its forecasts for sales and earnings for this year, citing updated pension expense expectations and the uncertain global economic environment. Goodrich’s pump and engine control systems division is in West Hartford.
Goodrich earned $168.7 million, or $1.35 per share, for the October-December period compared with $131.2 million, or $1.03 per share, for the same quarter in 2007.
The latest results included a gain of $15 million, or 12 cents per share, related to its Rolls-Royce engine controls joint venture. The year-ago quarter included a gain of $11.6 million, or 9 cents per share, related to a claim against another company.
Sales rose 1.6 percent to $1.7 billion from $1.67 billion a year earlier.
Analysts polled by Thomson Reuters expected a profit of $1.02 per share on $1.73 billion in revenue. The analyst estimates typically exclude one-time items.
Goodrich credited the profit growth to an overall increase in sales and better operational efficiencies in most business units.
The company said its effective tax rate fell to 23 percent in the recent quarter from 33 percent during the fourth quarter 2007. The effects of foreign currency exchange rates reduced the company’s earnings for the recent quarter by $69 million.
For the full year, Goodrich earned $681.2 million, or $5.39 per share, compared with $482.6 million, or $3.78 per share, for 2007. Sales rose to $7.06 billion from $6.39 billion a year ago.
Goodrich said it expects to post a 2009 profit from continuing operations of $4.50 to $4.90 per share, down from its previous expectations of $5.05 to $5.25 per share. Sales are expected to total between $7.1 billion and $7.2 billion.
Analysts polled by Thomson Reuters expect a 2009 profit of $4.94 per share on $7.57 billion in sales.
At 11 a.m., Goodrich shares traded at $38.72, down 25 cents, or 0.6 percent. (AP)
