EXHIBIT 99.2
Excerpts from presentation materials to be delivered on January 30, 2002 at the
Bear Stearns Ninth Annual Commercial Aerospace & Defense Conference by Marshall
O. Larsen, President and Chief Operating Officer of Goodrich Corporation's
aerospace business.
Part of this presentation contains forward-looking statements that involve risks
and uncertainties, and actual results could differ materially from those
projected in the forward-looking statements. The risks and uncertainties are
detailed from time to time in reports filed with the Securities and Exchange
Commission, including but not limited to the last section of the Management's
Discussion and Analysis entitled "Forward-Looking Information is Subject to Risk
and Uncertainty" contained in the company's Annual Report on Form 10-K and in
other filings.
Special items, as used in this presentation, includes merger-related and
consolidation costs, gains or losses on sold businesses, results of discontinued
operations, asset impairment charges and other restructuring costs.
GOODRICH: TOP TIER AEROSPACE SYSTEMS COMPANY
INDUSTRY CONSOLIDATOR: COMPLEMENTARY ACQUISITIONS
2001:
- - Hella Lighting
- - Humphrey, Inc.
2000:
- - Raytheon Optical Systems
- - Autoliv OEA Aerospace unit
- - Corning OCA
- - Engineered Products Co.
- - Advanced Creations, Inc.
- - IBP Aerospace
- - Barnes Engineering
Sales:
- -----
2000 $ 13 million
2001 $ 217 million
Excellent Track Record of Identification & Integration
GOODRICH - LONG-TERM VALUE CREATION ROADMAP
[Presentation materials contains a slide showing the following information]
Goal - 15% Annual E.P.S. Growth. Factors:
- Sales Growth: 10 - 12% Annually. Factors:
- Organic Growth: 6 - 7% Annually
- R&D: New products and sales growth: 4 - 5% of Sales
- Complementary Acquisitions: 4 - 5% Annually
- Segment Operating Margins:* 15 - 16% of Sales. Factors:
- Complementary Acquisitions: Synergies
- Productivity Improvement: 3 - 4% Annually
- R&D: New products and sales growth: 4 - 5% of Sales
- Free Cash Flow: Greater than 80% of Net Income.
- Capital Structure Enhancements: Debt/Equity Mix.
OBJECTIVE: SUSTAINABLE VALUE CREATION
* Results from continuing operations, excluding special items.
EXPECTATIONS FOR GOODRICH 2002 SALES
FULL YEAR 2001
GOODRICH AVG. EXPECTED
MIX 2002 GROWTH
--------------- -------------
Boeing & Airbus OE Production 32% (20%)
Regional, Business & GA OE
& Aftermarket 11% (0-10%)
Military Aircraft OE & Aftermarket 18% 15%
Space 2% 15%
Commercial A/C Aftermarket 25% (10-20%)
Heavy Airframe Maintenance 5% 5%
IGT & Other 7% 0-5%
Expected Organic Growth (7-11%)
New Products/Completed Acquisitions 1 - 2%
Goodrich Aerospace Total (5-10%)
RECENT AFTERMARKET TRENDS INDICATE EXPECTATIONS TOWARDS THE HIGH END OF THE
RANGE.
2002 OUTLOOK - CONTINUING OPERATIONS
2000 TO
2001 2002
ACTUAL 2000 ACTUAL 2001 % CHANGE OUTLOOK
SALES ($B) $ 3.7 $ 4.2 +13% MINUS 5%
to 10%
SEGMENT OPERATING MARGINS* 16.0% 15.4% (0.6%) 15 - 15.5%
OPERATING MARGINS* 14.4% 14.2% (0.2%) About 14%
DILUTED E.P.S.*
- Excl. special items, EIP & $ 2.43 $2.87 +18% $2.45 - 2.55
PM as discontinued
2002 OUTLOOK PROJECTS RESULTS WELL ABOVE FIRST CALL
CONSENSUS OF JANUARY 2, 2002.
* Results from continuing operations, excluding special items.