Goodrich announces 13% increase in sales and 59% increase in net income

Goodrich announced results for the first quarter, and increased its outlook for full year 2008 sales and earnings per diluted share. Goodrich reported first quarter 2008 net income of $158 million, on sales of $1,745 million, and income from continuing operations of $154 million. In the first quarter 2007, the company reported net income of $100 million, on sales of $1,546 million, and income from continuing operations of $99 million. First quarter 2008 sales increased 13% and net income per diluted share increased 59% compared with the first quarter 2007.

The company’s full year 2008 sales expectations have been increased to a range of $7.2 – $7.3 billion, from the prior outlook of $7.1 – $7.2 billion. The current outlook for sales represents expected growth of about 13 – 14 percent from 2007 results. The outlook for 2008 net income per diluted share has also been increased to a range of $4.30 – $4.45 from the prior outlook of $4.15 – $4.30, reflecting an expected increase of 14 – 18 percent compared with the company’s net income per diluted share for 2007.

The current outlook incorporates the production and delivery information received from Boeing regarding the latest delay in the 787 Dreamliner program.

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