Goodrich reported fourth quarter 2009 net income of $105 million on sales of $1,642 million. In the fourth quarter 2008, the company reported net income of $169 million, on sales of $1,695 million.
The $53 million decrease in sales includes a reduction of $41 million related to the impact of current economic conditions on the company’s sales and approximately $36 million for lower reported sales resulting from the formation of the engine controls joint venture with Rolls-Royce, which were partially offset by favorable foreign currency exchange rate sales impacts of approximately $24 million.
For the full year 2009, the company reported net income of $597 million, on sales of $6,686 million. During the full year 2008, net income was $681 million on sales of $7,062 million.
The company’s initial full year 2010 sales expectations are for sales of approximately $7.1 billion, representing growth of about 6 – 7 percent compared to 2009. The outlook for 2010 income from continuing operations and net income per diluted share is for a range of $4.15 – $4.40.
