Goodrich Corp Earnings: Beats Analysts’ Estimates

S&P 500 (NYSE:SPY) component Goodrich Corporation (NYSE:GR) reported net income above Wall Street’s expectations for the fourth quarter. Goodrich supplies aerospace components, systems and services to the commercial and general aviation airplane markets as well as the global defense and space markets.

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Goodrich Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for the aerospace/defense products and services company rose to $237.9 million ($1.85 per share) vs. $148.3 million ($1.16 per share) in the same quarter a year earlier. This marks a rise of 60.4% from the year earlier quarter.

Revenue: Rose 18.8% to $2.15 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: Goodrich Corporation beat the mean analyst estimate of $1.57 per share. Analysts were expecting revenue of $2.13 billion.

Quoting Management: Marshall Larsen, Chairman, President and Chief Executive Officer said, “Goodrich’s fourth quarter results provided us with an excellent finish to a very eventful 2011. Thanks to the diligent efforts of all of our employees, we significantly exceeded expectations for earnings and cash flow for the fourth quarter and for the full year of 2011 and reached record levels of sales and profitability. Our sales growth of 16 percent for the full year 2011 was very broad-based. Our large commercial airplane original equipment sales grew by 18 percent as we continued to support production rate increases by Airbus and Boeing. Our commercial aftermarket sales grew by 15 percent, and our defense and space sales grew by 10 percent, which included six percent organic growth.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the third quarter, net income rose 25.5% and in the second quarter, the figure rose 11.1%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 20 cents in the third quarter, by 18 cents in the second quarter, and by 11 cents in the first quarter.

Revenue has risen the past four quarters. Revenue increased 16.3% to $2.03 billion in the third quarter. The figure rose 16.5% in the second quarter from the year earlier and climbed 11.8% in the first quarter from the year-ago quarter.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved down from $1.56 a share to $1.55 over the last thirty days. For the fiscal year, the average estimate has moved up from $5.98 a share to $5.99 over the last sixty days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com