Goodrich reported first quarter 2009 net income of $170 million on sales of $1,696 million. In the first quarter 2008, the company reported net income of $158 million on sales of $1,745 million. Compared to the first quarter 2008, first quarter 2009 net income per diluted share increased 10% despite a sales decrease of 3%. Successful cost containment initiatives in most businesses and a lower effective tax rate more than offset the decreases in sales and significantly lower benefits from the revision of estimates for certain long-term contracts.
Large commercial airplane original equipment sales decreased by 7%. Sales to Airbus grew by about 2%, but sales to Boeing declined by approximately 20% primarily due to the residual impact of the 2008 machinists’ strike which resulted in fewer deliveries of components for Boeing airplanes. Regional, business and general aviation airplane original equipment sales decreased by 2%,
large commercial, regional, business and general aviation airplane aftermarket sales decreased by 8%. Defense and space sales of both original equipment and aftermarket products and services increased by 11%.
