1
Exhibit 99.1
[GOODRICH LOGO]
- --------------------------------------------------------------------------------
NEWS RELEASE
MEDIA CONTACT: GAIL WARNER Goodrich Corporation
PHONE: 704 423 7048 Four Coliseum Centre
2730 West Tyvola Road
INVESTOR CONTACT: PAUL GIFFORD Charlotte, NC 28217-4578
704 423 5517 Tel: 704 423 7000
Fax: 704 423 7127
www.goodrich.com
For Immediate Release:
GOODRICH REPORTS STRONG SECOND QUARTER RESULTS
- - EPS increases 14 percent, excluding special items
- - Aerospace reports sales and operating income growth of over 18 percent
- - Double-digit EPS growth expected in 2001
CHARLOTTE, NC, July 23, 2001 - Goodrich Corporation (NYSE: GR) announced today
that second quarter income from continuing operations, excluding special items,
was $88.8 million, or $0.83 per share on a diluted basis, a 14 percent increase
in per-share results compared to $78.8 million, or $0.73 per share, in the
year-ago quarter. Net income for the current quarter was $83.3 million, or $0.78
per share, after a special charge for merger-related and consolidation costs. In
last year's second quarter, the company reported net income of $81.7 million, or
$0.75 per share on a diluted basis, including a special charge for
merger-related and consolidation costs and the results of the company's
discontinued Performance Materials business. Sales for the current quarter were
$1.2 billion, compared with $1.1 billion in the year-ago quarter.
The company's excellent performance in the current period, in addition to a
strong first quarter, resulted in significant sales and profit growth in the
first half of the year. Income from continuing operations in the first half,
excluding special items, was $168.8 million, or $1.60 per share on a diluted
basis. This reflects a 13 percent increase in per-share results versus first
half earnings of $155.2 million, or $1.42 per share, excluding special items.
On a net income basis in the first half of 2001, the company reported $255.6
million, or $2.40 per share on a diluted basis, versus $167.8 million, or $1.53
per share, in the first half of 2000. Sales were $2.4 billion, compared with
$2.2 billion in the first half of last year.
Commenting on the results, David L. Burner, Goodrich's chairman and chief
executive officer, said, "Goodrich enjoyed another strong performance in the
second quarter driven by continued double-digit sales and profit growth in our
Aerospace segment. This performance easily offset lower results in our
industrial operations as the softness continues in the markets served by these
businesses."
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[GOODRICH LOGO]
Regarding Goodrich's outlook for the full year, Burner added, "We remain on
track to deliver another record year in 2001 as we have in each of the past
seven. We continue to expect revenues of at least $4.9 billion, and an increase
in our per-share results of approximately 11-to-12 percent, compared to fiscal
2000. While our current earnings outlook is approximately 3 percent below
earlier guidance due to continued softness in our industrial markets, we believe
our overall performance is quite strong and our company is well positioned to
continue its track record of profitable growth." Burner added, "Free cash flow
should be in the range of $210-$235 million, consistent with the guidance we
provided earlier this year."
SECOND QUARTER SEGMENT REVIEW
In the Aerospace segment, all four operating groups achieved higher sales and
three of the four reported strong double-digit operating income growth compared
to the year-ago quarter. Overall sales increased 18.5 percent to $1.1 billion
and operating income increased 19.2 percent to $169.2 million. The results
reflected strength in all areas of the segment for both OE and the after-market,
especially in the Aerostructures and Aviation Technical Services Group and the
Engine and Safety Systems Group, and the contribution of complementary
acquisitions made over the last two years.
In the Engineered Industrial Products segment, sales for the quarter declined
approximately 5 percent to $172.6 million from $182.2 million in the year-ago
period, reflecting continuing general weakness in the markets for the company's
industrial products. Operating income decreased 24 percent to $24.7 million
compared to the second quarter of 2000 primarily due to unfavorable product mix
and volume, pricing pressures and the impact of increased utility costs.
Offsetting some of the overall weakness in the segment, Fairbanks Morse Engine
experienced higher original equipment and after-market sales in the quarter, and
a significant increase in orders especially for power generation applications.
BUSINESS HIGHLIGHTS
In recent months, Goodrich has continued to expand and strengthen its global
business franchises through acquisitions, new program wins and product
development. The company announced plans to acquire Dana's industrial polymers
bearing business in a move that will establish Goodrich as a leader in these
markets with a strong technology base and international presence. Last week,
Goodrich announced that it would acquire the second largest aerospace lighting
company in the world, Hella Aerospace GmbH, and combine it with its own lighting
business. The combined businesses will be able to offer products and integrated
systems to the original equipment and after-market segments of the industry.
Both transactions are highly complementary to Goodrich's existing operations and
are expected to be immediately accretive to earnings. The company also signed a
definitive agreement to divest its Electronic Materials Division, which formerly
operated as part of the Performance Materials Segment, to Sumitomo Bakelite Co.,
Ltd. All three transactions are expected to close by the end of the third
quarter.
The company also announced an agreement that extends its position as the
exclusive supplier of landing gear for nearly all of Boeing's commercial
aircraft through 2006, and an agreement with Rolls Royce to supply the fuel
delivery system for the Trent (R) 900 jet engine which will power
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[GOODRICH LOGO]
the Airbus A380. During the quarter, Goodrich also introduced new aircraft
seating products and announced new business for fuel and utility systems and
avionics at the Paris Air Show.
In addition last week, the company announced that Airbus had selected Goodrich
to supply the evacuation systems for the A380 in a program that could represent
$300- $400 million in sales over 20 years. Together with the previously
announced contracts for landing gear and fuel delivery systems, Goodrich has
emerged with major positions for this new aircraft and enhanced its role as one
of Airbus' largest suppliers.
OUTLOOK
Prospects for the company's aerospace segment in 2001 continue to be excellent.
Full year revenues are expected to exceed $4.2 billion and margins are expected
to remain strong. Driving the segment's performance for the year are higher
expected deliveries of commercial transport aircraft, coupled with the company's
increasingly strong presence in the aftermarket and in regional and business
aircraft markets.
In Engineered Industrial Products, revenue and operating income expectations for
2001 have been lowered as the previously expected recovery in the second half
does not appear to be materializing. The company currently expects revenue of
approximately $700 million excluding the pending acquisition of Dana's
industrial polymer bearings business, which will increase results later this
year following the expected closing by the end of the third quarter. Continued
product mix and volume issues, coupled with pricing pressures and the impact of
increased utility costs, will likely result in second half operating income
performance slightly higher than the first half.
In light of this environment, Goodrich expects full-year earnings, excluding
special items, to be between $3.30 and $3.35. This revised outlook assumes that
current commercial transport deliveries and revenue-passenger-mile volume
forecasts are correct and that the economic outlook for our industrial products
does not deteriorate further.
The company expects third quarter 2001 EPS to be at the same level, or slightly
higher, than second quarter 2001. This would represent more than a 10 percent
increase over the third quarter 2000.
In commenting on the outlook, Mr. Burner said, "We are pleased with the
continued strength of our aerospace operations and believe that our company's
overall performance is quite favorable given the economic environment. As we
look ahead, we will continue to increase shareholder value by investing in new
programs, acquisitions, and productivity improvement to drive profitable
growth."
Goodrich Corporation (NYSE: GR) is a leading worldwide supplier of aerospace
components, systems and services, as well as sealing and compressor systems and
other engineered industrial products. Goodrich is ranked by Fortune magazine as
one of the "Most Admired" aerospace companies and is included on Forbes
magazine's "Platinum List" of America's best big companies. Headquartered in
Charlotte, North Carolina, the company employs 23,000 people worldwide. For more
information, please visit www.goodrich.com.
-----------------
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[GOODRICH LOGO]
The tables that follow provide more detailed information about Goodrich results
for the first quarter.
(Part of this announcement 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 filed on
February 23, 2001.)
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GOODRICH CORPORATION
(Dollars in millions except per share amounts)
Three Months Ended
June 30
---------------------------------------------------------------------
2001 2001 2000 2000
As Reported As Adjusted(A) As Reported As Adjusted(B)
Sales $ 1,239.0 $ 1,239.0 $ 1,082.4 $ 1,082.4
============ ============ ============ ============
Income before Income Taxes
and Trust Distributions 133.1 141.4 114.1 129.5
Income Tax Expense (45.2) (48.0) (40.4) (46.1)
Distributions on Trust Preferred
Securities (4.6) (4.6) (4.6) (4.6)
------------ ------------ ------------ ------------
Income from Continuing Operations 83.3 88.8 69.1 78.8
Income from Discontinued Operations -- -- 12.6 --
------------ ------------ ------------ ------------
Net Income $ 83.3 $ 88.8 $ 81.7 $ 78.8
============ ============ ============ ============
Income Per Share:
Basic
Continuing Operations $ 0.80 $ 0.86 $ 0.65 $ 0.74
Discontinued Operations -- -- 0.12 --
------------ ------------ ------------ ------------
Net Income $ 0.80 $ 0.86 $ 0.77 $ 0.74
============ ============ ============ ============
Diluted
Continuing Operations $ 0.78 $ 0.83 $ 0.64 $ 0.73
Discontinued Operations -- -- 0.11 --
------------ ------------ ------------ ------------
Net Income $ 0.78 $ 0.83 $ 0.75 $ 0.73
============ ============ ============ ============
Weighted - Average Number
of Shares Outstanding
(in millions):
Basic 103.7 103.7 106.1 106.1
============ ============ ============ ============
Diluted 108.2 108.2 110.6 110.6
============ ============ ============ ============
(A) Results exclude the effect of a $8.3 million charge ($5.5 million
after-tax), or $0.05 a diluted share, related to merger-related and
consolidation costs.
(B) Results exclude the effect of a $15.4 million charge ($9.7 million
after-tax), or $0.09 a diluted share, related to merger-related and
consolidation costs. Results also exclude the after-tax effect of income
from discontinued operations ($12.6 million, or $0.11 a diluted share).
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GOODRICH CORPORATION
(Dollars in millions except per share amounts)
Six Months Ended
June 30
-------------------------------------------------------------------
2001 2001 2000 2000
As Reported As Adjusted(A) As Reported As Adjusted(B)
Sales $ 2,416.3 $ 2,416.3 $ 2,153.0 $ 2,153.0
============ ============ ============ ============
Income before Income Taxes
and Trust Distributions 262.7 269.6 234.2 255.0
Income Tax Expense (89.3) (91.6) (82.9) (90.6)
Distributions on Trust Preferred
Securities (9.2) (9.2) (9.2) (9.2)
------------ ------------ ------------ ------------
Income from Continuing Operations 164.2 168.8 142.1 155.2
Income from Discontinued Operations 91.4 -- 25.7 --
------------ ------------ ------------ ------------
Net Income $ 255.6 $ 168.8 $ 167.8 $ 155.2
============ ============ ============ ============
Income Per Share:
Basic
Continuing Operations $ 1.59 $ 1.63 $ 1.32 $ 1.44
Discontinued Operations 0.88 -- 0.24 --
------------ ------------ ------------ ------------
Net Income $ 2.47 $ 1.63 $ 1.56 $ 1.44
============ ============ ============ ============
Diluted
Continuing Operations $ 1.55 $ 1.60 $ 1.30 $ 1.42
Discontinued Operations 0.85 -- 0.23 --
------------ ------------ ------------ ------------
Net Income $ 2.40 $ 1.60 $ 1.53 $ 1.42
============ ============ ============ ============
Weighted - Average Number
of Shares Outstanding
(in millions):
Basic 103.3 103.3 107.8 107.8
============ ============ ============ ============
Diluted 107.7 107.7 111.7 111.7
============ ============ ============ ============
(A) Results exclude the effect of a $14.1 million charge ($9.3 million
after-tax), or $0.09 a diluted share, related to merger-related and
consolidation costs and a $7.2 million gain ($4.7 million after-tax), or
$0.04 a diluted share from the sale of a portion of the Company's interest
in a business. Results also exclude the after-tax effect of income from
discontinued operations ($91.4 million, or $0.85 a diluted share).
(B) Results exclude the effect of a $20.8 million charge ($13.1 million
after-tax), or $0.12 a diluted share, related to merger-related and
consolidation costs. Results also exclude the after-tax effect of income
from discontinued operations ($25.7 million, or $0.23 a diluted share).
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GOODRICH CORPORATION SEGMENT REPORTING
(Dollars in millions)
Three Months Ended Six Months Ended
June 30 June 30
------------------------------ ------------------------------
2001 2000 2001 2000
Sales:
Aerospace:
Aerostructures and Aviation
Technical Services $ 405.5 $ 348.4 $ 765.3 $ 706.0
Landing Systems 280.1 259.0 569.7 519.1
Engine and Safety Systems 196.6 153.5 373.9 301.3
Electronic Systems 184.2 139.3 358.6 266.8
------------ ------------ ------------ ------------
1,066.4 900.2 2,067.5 1,793.2
------------ ------------ ------------ ------------
Engineered Industrial Products 172.6 182.2 348.8 359.8
------------ ------------ ------------ ------------
Total Sales $ 1,239.0 $ 1,082.4 $ 2,416.3 $ 2,153.0
============ ============ ============ ============
Operating Income:
Aerospace:
Aerostructures and Aviation
Technical Services $ 63.3 $ 49.0 $ 115.9 $ 97.9
Landing Systems 33.5 35.1 74.3 72.4
Engine and Safety Systems 39.4 30.2 69.3 57.5
Electronic Systems 33.0 27.6 64.4 52.8
------------ ------------ ------------ ------------
169.2 141.9 323.9 280.6
------------ ------------ ------------ ------------
Engineered Industrial Products 24.7 32.6 50.6 66.2
------------ ------------ ------------ ------------
Total Segment Operating Income $ 193.9 $ 174.5 $ 374.5 $ 346.8
Corporate General and Administrative Costs (22.7) (17.6) (40.0) (36.3)
Merger-related and Consolidation Costs (8.3) (15.4) (14.1) (20.8)
------------ ------------ ------------ ------------
Total Operating Income $ 162.9 $ 141.5 $ 320.4 $ 289.7
============ ============ ============ ============
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GOODRICH SEGMENT RESULTS
SECOND QUARTER 2001 VERSUS FIRST QUARTER 2001
AEROSPACE SEGMENT
($ millions)
2Q01 1Q01
---- ----
Sales $ 1,066.4 $ 1,001.1
Operating Income 169.2 154.7
In the Aerospace segment, sales increased 7% from $1,001.1 in the first quarter
2001 to $1,066.4 in the second quarter 2001. This increase is primarily due to
strength in Aerostructures and Engine and Safety Systems. Operating income
during the same period increased $14.5 or 9% from $154.7 in the first quarter to
$169.2. This increase is due primarily to excellent performance in
Aerostructures and Evacuation Systems. Decreased margins in Wheels and Brakes,
partially resulting from increased strategic sales incentives for commercial
wheels and brakes, partially offset the OI gains.
ENGINEERED INDUSTRIAL PRODUCTS SEGMENT
($ millions)
2Q01 1Q01
---- ----
Sales $ 172.6 $ 176.2
Operating Income 24.7 25.9
In Engineered Industrial Products, sales decreased 2% from $176.2 in the first
quarter to $172.6 in the second quarter of 2001. This decrease is primarily due
to weakness in the sealing and automotive and heavy-duty truck markets, offset
by strong performance in Fairbanks Morse Engine. Operating income decreased 5%
from $25.9 in the first quarter to $24.7 in the second quarter primarily as a
result of mix, pricing pressures, volume and increased utility costs.
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GOODRICH GROUP RESULTS
SECOND QUARTER 2001 VERSUS SECOND QUARTER 2000
GOODRICH AEROSPACE SEGMENT
AEROSTRUCTURES AND AVIATION TECHNICAL SERVICES GROUP
($ millions)
YTD YTD
2Q01 2Q00 2001 2000
---- ---- ---- ----
Sales $405.5 $348.4 $765.3 $706.0
Operating Income 63.3 49.0 115.9 97.9
Sales for the quarter increased 16% from $348.4 in the second quarter of 2000 to
$405.5 in the second quarter of 2001. This increase was primarily a result of
strength in Aerostructures OE and aftermarket services. Operating income for the
quarter increased $14.3, or 29%, from $49.0 in the second quarter of 2000 to
$63.3 in the second quarter of 2001. This increase is primarily attributable to
the strong results in Aerostructures OE and aftermarket services, as well as
improvement in Aviation Technical Services, which recorded a slight profit for
the quarter.
LANDING SYSTEMS GROUP
($ millions)
YTD YTD
2Q01 2Q00 2001 2000
---- ---- ---- ----
Sales $280.1 $259.0 $569.7 $519.1
Operating Income 33.5 35.1 74.3 72.4
Sales for the second quarter increased $21.1, or 8%, from $259.0 in the second
quarter of 2000, to $280.1 in the second quarter of 2001. This increase is
attributable to excellent performance in Landing Gear OE and Regional, Business
and Military Wheels and Brakes, offset by weakness in Landing Gear Services.
Operating income for the quarter decreased 5% to $33.5. This decrease is
primarily attributable to the weakness in Landing Gear Services, as well as
increases in strategic sales incentives for commercial and regional, business
and military wheels and brakes.
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10
ENGINE & SAFETY SYSTEMS GROUP
($ millions)
YTD YTD
2Q01 2Q00 2001 2000
---- ---- ---- ----
Sales $196.6 $153.5 $373.9 $301.3
Operating Income 39.4 30.2 69.3 57.5
Sales for the second quarter increased $43.1, or 28%, from $153.5 in the second
quarter 2000 to $196.6 in the second quarter of 2001. This increase is a result
of strength in all of the product lines in the group, especially Evacuation
Systems aftermarket, and Turbine Fuel Technologies (formerly Delavan Gas
Turbine). Sales and income also increased as a result of the acquisition of OEA.
Operating income for the quarter increased $9.2, or 30%, to $39.4. This increase
is primarily attributable to the increased sales volume noted above, partially
offset by continued R&D spending in Passenger Restraint Systems in support of
the SmartBelt(TM) restraint system.
ELECTRONIC SYSTEMS GROUP
($ millions)
YTD YTD
2Q01 2Q00 2001 2000
---- ---- ---- ----
Sales $184.2 $139.3 $358.6 $266.8
Operating Income 33.0 27.6 64.4 52.8
Sales for the quarter increased $44.9 or 32%, from $139.3 in the second quarter
2000 to $184.2 in the second quarter of 2001. The increase resulted from strong
performance in all product lines, most notably Optical and Space Systems which
has had increased sales as a result of the Raytheon Optical Systems acquisition
made in late 2000. Operating income for the quarter increased $5.4, or 20%, from
$27.6 in the second quarter of 2000 to $33.0 in the second quarter of 2001. This
growth is a result of strong performance in Fuel and Utility Systems and Sensor
Systems, partially offset by lower results in Optical and Space Systems.
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GOODRICH ENGINEERED INDUSTRIAL PRODUCTS SEGMENT
-----------------------------------------------
($ millions)
YTD YTD
2Q01 2Q00 2001 2000
---- ---- ---- ----
Sales $172.6 $182.2 $348.8 $359.8
Operating Income 24.7 32.6 50.6 66.2
Sales for the quarter decreased $9.6, or 5%, from $182.2 in the second quarter
2000 to $172.6 in the second quarter of 2001. The decrease in sales is primarily
attributable to continued softness in the sealing products markets and the
heavy-duty truck and automotive markets, partially offset by improvements in the
engine business. Operating income decreased $7.9, or 24%, from $32.6 in the
second quarter to $24.7 in the second quarter of 2001. The decrease in operating
income was primarily due to reduced volume, product mix, pricing pressures and
increased utility costs.
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12
Non-Segment Expenses
--------------------
($ millions)
2Q01 2Q00
---- ----
Net Interest Expense $ (21.2) $ (23.8)
- - Payment-in-kind interest income $ 5.3 --
(included in Net Interest Expense above)
Distribution on Trust Preferred Securities $ (4.6) $ (4.6)
Other Income (Expense): $ (8.6) $ (3.6)
- - Discontinued Retiree Health Care $ (4.8) $ (2.3)
- - Other Income (Expense) $ (3.8) $ (1.3)
Preliminary Balance Sheet and Cash Flow Data
--------------------------------------------
($ millions)
YTD YTD
06/30/2001 06/30/2000
---------- ----------
Cash and Cash Equivalents $ 292.3 $ 81.5
Total Debt $ 1,490.6 $ 2,120.6
Net Debt to Capitalization 40.4% 59.5%
Capital Expenditures $ 92.2 $ 65.5
Acquisitions $ (20.4) $ (24.9)
Dividends $ (56.5) $ (60.5)
Depreciation and Amortization $ 97.9 $ 92.8
- - Depreciation $ 64.4 $ 65.3
- - Amortization $ 33.5 $ 27.5
- Goodwill Amortization $ 15.1 $ 13.0
(included in Amortization, above)
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ACCOUNTS RECEIVABLE
-------------------
($ millions)
2000 2001
Q1 Q2 Q3 Q4 Q1 Q2
----------------------------------------------- -------------------------
Accounts Receivable $617.9 $646.8 $708.6 $676.0 $768.1 $778.6
Less: Corporate Receivables (78.4) (84.3) (102.5) (106.8) (131.8) (125.2)
---------------------------------------------- ---------------------
Trade Accounts Receivable $539.5 $562.5 $606.1 $569.2 $636.3 $653.4
Days sales outstanding (DSO)* 41.3 44.1 46.6 46.6 48.1 46.3
*DSO represents the number of preceding days sales comprising the trade
accounts receivable balance.
DSO, calculated using trade accounts receivable, was 46 days in the second
quarter of 2001, as compared to 48 days in the first quarter of 2001 and 44 days
in the second quarter of 2000. Excluded from the DSO calculations are
receivables and sales at Raytheon Optical Systems, where amounts outstanding do
not correlate to current period revenues. Corporate receivables are excluded as
these amounts, primarily receivables from insurance carriers for asbestos claim
settlements, are not correlated with revenue and therefore distort the DSO
calculation. Fourth quarter 2000 excludes OEA because they were acquired at the
end of the year and there were no revenues associated with the receivables.
INVENTORY
---------
($ millions)
2000 2001
Q1 Q2 Q3 Q4 Q1 Q2
------------------------------------------------- ---------------------
Inventory* $831.0 $854.9 $880.2 $837.4 923.3 933.5
717-200 pre-production/
excess over average (140.5) (140.8) (136.3) (133.2) (128.5) (120.8)
------------------------------------------------- ---------------------
Adjusted inventory $690.5 $714.1 $743.9 $704.2 $794.8 $812.7
Days sales in inventory (DSI) 53.8 56.6 58.6 57.9 60.0 58.5
*DSI represents the number of preceding days sales comprising the inventory
balance.
DSI, excluding pre-production and excess over average costs on the 717-200
program, was 59 days in the second quarter of 2001, as compared to 60 days in
the first quarter of 2001 and 57 days in the second quarter of 2000. Excluded
from the DSI calculations are receivables and sales at Raytheon Optical Systems,
where amounts outstanding do not correlate to current period revenues.
Pre-production and excess over average costs on the 717-200 program are excluded
as these amounts are not correlated with current revenues and therefore distort
the DSI calculation. Fourth quarter 2000 excludes OEA because they were acquired
at the end of the year and there were no revenues associated with the
inventories.
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GOODRICH CORPORATION
($ MILLIONS)
-----------------------------------------------------
2001
-------------------------------------------==========
Q1 Q2 Q3 Q4 2001 YTD
-------------------------------------------==========
AEROSPACE
SALES
Aerostructures & Aviation Technical Services $ 359.8 $ 405.5 $ 765.3
Landing Systems 289.6 280.1 569.7
Engine & Safety Systems 177.3 196.6 373.9
Electronic Systems 174.4 184.2 358.6
Total Trade Sales 1,001.1 1,066.4 2,067.5
OPERATING INCOME
Aerostructures & Aviation Technical Services 52.6 63.3 115.9
Landing Systems 40.8 33.5 74.3
Engine & Safety Systems 29.9 39.4 69.3
Electronic Systems 31.4 33.0 64.4
Total Operating Income 154.7 169.2 323.9
MARGIN
Aerostructures & Aviation Technical Services 14.6% 15.6% 15.1%
Landing Systems 14.1% 12.0% 13.0%
Engine & Safety Systems 16.9% 20.0% 18.5%
Electronic Systems 18.0% 17.9% 18.0%
Total Operating Margin 15.5% 15.9% 15.7%
-------------------------------------------==========
ENGINEERED INDUSTRIAL PRODUCTS
-------------------------------------------==========
SALES $ 176.2 $ 172.6 $ 348.8
OPERATING INCOME 25.9 24.7 50.6
MARGIN 14.7% 14.3% 14.5%
-------------------------------------------==========
- ---------------------------------------------------------------------------------------------==========
TOTAL
- ---------------------------------------------------------------------------------------------==========
SALES $ 1,177.3 $ 1,239.0 $ 2,416.3
SEGMENT OPERATING INCOME 180.6 193.9 374.5
MARGIN 15.3% 15.6% 15.5%
- ---------------------------------------------------------------------------------------------==========
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15
GOODRICH CORPORATION
($ MILLIONS)
--------------------------------------------------------
2000
--------------------------------------------============
Q1 Q2 Q3 Q4 2000
--------------------------------------------============
AEROSPACE
SALES
Aerostructures & Aviation Technical Services $ 357.6 $ 348.4 $ 375.4 $ 374.1 $ 1,455.5
Landing Systems 260.1 259.0 265.9 272.7 1,057.7
Engine & Safety Systems 147.8 153.5 152.3 163.9 617.5
Electronic Systems 127.5 139.3 132.4 143.7 542.9
Total Trade Sales 893.0 900.2 926.0 954.4 3,673.6
OPERATING INCOME
Aerostructures & Aviation Technical Services 48.9 49.0 57.3 53.8 209.0
Landing Systems 37.3 35.1 35.7 40.9 149.0
Engine & Safety Systems 27.3 30.2 28.0 30.2 115.7
Electronic Systems 25.2 27.6 33.1 32.2 118.1
Total Operating Income 138.7 141.9 154.1 157.1 591.8
MARGIN
Aerostructures & Aviation Technical Services 13.7% 14.1% 15.3% 14.4% 14.4%
Landing Systems 14.3% 13.6% 13.4% 15.0% 14.1%
Engine & Safety Systems 18.5% 19.7% 18.4% 18.4% 18.7%
Electronic Systems 19.8% 19.8% 25.0% 22.4% 21.8%
Total Operating Margin 15.5% 15.8% 16.6% 16.5% 16.1%
--------------------------------------------============
ENGINEERED INDUSTRIAL PRODUCTS
--------------------------------------------============
SALES $ 177.6 $ 182.2 $ 167.4 $ 163.0 $ 690.2
OPERATING INCOME 33.6 32.6 29.0 26.9 122.1
MARGIN 18.9% 17.9% 17.3% 16.5% 17.7%
--------------------------------------------============
- ------------------------------------------------------------------------------------------------============
TOTAL
- ------------------------------------------------------------------------------------------------============
SALES $ 1,070.6 $ 1,082.4 $ 1,093.4 $ 1,117.4 $ 4,363.8
SEGMENT OPERATING INCOME 172.3 174.5 183.1 184.0 713.9
MARGIN 16.1% 16.1% 16.7% 16.5% 16.4%
- ------------------------------------------------------------------------------------------------============
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