Goodrich Earnings Cheat Sheet: Defense Growth Beats Analyst Estimates

S&P 500 (NYSE:SPY) component Goodrich Corporation (NYSE:GR) reported net income above Wall Street’s expectations for the first 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.

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Goodrich Earnings Cheat Sheet for the First Quarter

Results: Net income for the aerospace/defense products and services company rose to $194.8 million ($1.52/share) vs. $111.2 million (87 cents/share) YoY. A rise of 75.2% from the year earlier quarter.

Revenue: Rose 11.8% to $1.9 billion YoY.

Actual vs. Wall St. Expectations: GR (NYSE:GR) beat the mean analyst estimate of $1.25/share. Estimates ranged from $1.14 per share to $1.33 per share.

Quoting Management: “We were very pleased with our first quarter results. We saw excellent growth in all of our major market channels, which we expect will continue through the balance of 2011. Our commercial aftermarket sales growth of 12 percent was significantly greater than the growth in airline capacity and slightly higher than our expectations, and helped solidify our view that 2011 will be a strong growth year for this market channel, despite high oil prices and the tragic events in Japan,” said Chairman and CEO Marshall Larsen.

Key Stats: The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 41.2% and in the third quarter of the last fiscal year, the figure rose 10.2%.

Over the last five quarters, revenue has increased 5.8% on average year over year. The biggest increase came in the most recent quarter, when revenue rose 11.8% from the year earlier quarter.

Competitors to Watch: BAE Systems plc (BAES), Honeywell International Inc. (NYSE:HON), Triumph Group (NYSE:TGI), Esterline Tech (NYSE:ESL), HEICO (NYSE:HEI), Boeing (NYSE:BA), EDAC (NASDAQ:EDAC), SIFCO (AMEX:SIF), Kreisler (KRSL), Breeze-Eastern (AMEX:BZC), Spirit AeroSystems (NYSE:SPR), General Electric (NYSE:GE), Lockheed Martin (NYSE:LMT), Northrop Grumman (NYSE:NOC) and United Technologies Corp. (NYSE:UTX).

Today’s Performance: Shares of GR closed at $88.03 per share:


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