Goodrich Corp Earnings Cheat Sheet: Profitable Quarter Accelerates Growth

S&P 500 (NYSE:SPY) component Goodrich Corporation (NYSE:GR) reported its results for the second quarter. Goodrich Corp. supplies aerospace components, systems and services to the commercial and general aviation airplane markets as well as the global defense and space markets.

Don’t Miss: Wall St. Cheat Sheet’s newest Feature Trades of the Month!

Goodrich Earnings Cheat Sheet for the Second Quarter

Results: Net income for Goodrich Corporation rose to $176.6 million ($1.38 per share) vs. $159 million ($1.24 per share) in the same quarter a year earlier. This marks a rise of 11.1% from the year earlier quarter.

Revenue: Rose 16.5% to $2 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: GR beat the mean analyst estimate of $1.33 per share. It beat the average revenue estimate of $1.94 billion.

Quoting Management: Marshall Larsen, Chairman, President and Chief Executive Officer said, “We announced today a very significant increase in our sales and earnings expectations for 2011. For the full year of 2011, we now expect sales to be about $8.1 billion, including about $150 million in sales from the recent acquisition of Microtecnica, a growth rate of about 16 percent compared to 2010.”

Key Stats:

The company has now seen net income rise in four straight quarters. In the first quarter, net income rose 75.2% while the figure climbed 41.2% in the fourth quarter of the last fiscal year and 10.2% in the third quarter of the last fiscal year from the year earlier.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 11 cents in the first quarter, by 8 cents in the fourth quarter of the last fiscal year, and by 12 cents in the third quarter of the last fiscal year.

Gross margin shrank 0.9 percentage point to 30.8%. The contraction appeared to be driven by increased costs, which rose 18% from the year earlier quarter while revenue rose 16.5%.

Revenue has risen the past four quarters. Revenue increased 11.8% to $1.9 billion in the first quarter. The figure rose 10% in the fourth quarter of the last fiscal year from the year earlier and climbed 6.1% in the third quarter of the last fiscal year from the year-ago quarter.

Competitors to Watch: Honeywell Intl. Inc. (NYSE:HON), Triumph Group, Inc. (NYSE:TGI), Esterline Tech. Corp. (NYSE:ESL), United Technologies Corp. (NYSE:UTX), HEICO Corporation (NYSE:HEI), The Boeing Company (NYSE:BA), EDAC Technologies Corp. (NASDAQ:EDAC), SIFCO Industries, Inc. (AMEX:SIF) and Breeze-Eastern Corporation (AMEX:BZC).

Don’t Miss Wall St. Cheat Sheet’s newest Feature Trades of the Month!

(Source: Xignite Financials)