- First quarter 2007 net income per diluted share of $0.78. First quarter 2006 net income of $1.60 per diluted share included $1.05 related to tax settlements. Excluding these tax settlements, first quarter 2007 net income per diluted share increased 42 percent compared to the first quarter 2006.
- First quarter 2007 sales of $1,589 million increased 12 percent over first quarter 2006, reflecting sales growth in all three segments and all major market channels.
- Full year 2007 outlook for net income per diluted share increased to $3.20 - $3.35 per diluted share, from $2.95 - $3.15 per diluted share.
- Full year 2007 outlook for sales increased to $6.3 - $6.5 billion, from the previous range of $6.2 - $6.4 billion.
CHARLOTTE, N.C., April 26, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Goodrich Corporation
announced results today for the first quarter 2007, and updated its full year
2007 outlook ranges.
Commenting on the company's performance, Marshall Larsen, Chairman,
President and Chief Executive Officer said, "We began 2007 with one of our
strongest quarters ever. Our segment operating income margin increased to
14.5 percent for the company, compared to 12 percent one year ago. Sales grew
12 percent, with the strongest growth coming from our commercial aftermarket
products and services, which grew 21 percent, compared to the first quarter
2006. We continue to focus on operational excellence across the enterprise,
the results of which we believe will be demonstrated through improved margins,
increased cash flow and robust top-line growth. Given the results in the
first quarter, and our updated forecast for the balance of 2007, we have
significantly increased our outlook for sales and income for the full year.
We now expect sales to be in the $6.3 - $6.5 billion range, an increase of
about $100 million compared to our prior outlook, and we expect earnings per
diluted share in the range of $3.20 - $3.35, an increase of $0.20 - $0.25 per
diluted share compared to our prior outlook. We continue to expect net cash
provided by operating activities minus capital expenditures to be between 60 -
75 percent of net income, and we expect this metric to improve in 2008 and
beyond."
"The commercial airplane manufacturers have a great backlog of orders, and
they are continuing to experience continued strong new order flow. Airlines
worldwide continue to increase capacity, and it now appears that most U.S.
airlines will return to profitability in 2007. These trends bode very well
for our commercial aftermarket sales, which we believe will grow by more than
10 percent in 2007, and will continue to grow at a rate significantly greater
than capacity growth in the global airline system beyond 2007. Additionally,
in 2007 we expect our defense sales to increase by about 7 percent, after
being relatively flat in 2006," Larsen continued.
Goodrich reported first quarter 2007 net income of $100 million, or $0.78
per diluted share, on sales of $1,589 million. In the first quarter 2006, the
company reported net income of $202 million, or $1.60 per diluted share, on
sales of $1,424 million. Included in the results for the first quarter 2006
was approximately $132 million, or $1.05 per diluted share, related to the
impact of tax settlements with the IRS. To provide the most meaningful
comparison of first quarter 2006 and 2007 results, Goodrich believes that the
first quarter 2006 net income per diluted share of $1.60 should be adjusted
for the impact of the $1.05 per diluted share related to tax settlements that
were completed during the first quarter 2006. Excluding these tax
settlements, net income per diluted share for the first quarter 2006 was
$0.55, compared to first quarter 2007 results of $0.78 per diluted share. On
that basis, first quarter 2007 net income per diluted share increased 42
percent when compared to the similar results for the first quarter 2006.
The increased sales for the quarter reflect growth in all three of the
company's major market channels. For the first quarter 2007 compared to the
first quarter 2006, sales changes by market channel were as follows:
- Large commercial airplane original equipment sales increased by about
4 percent;
- Regional, business and general aviation airplane original equipment
sales increased 7 percent;
- Large commercial, regional and general aviation airplane aftermarket
sales increased by 21 percent, and;
- Defense and space sales of both original equipment and aftermarket
products and services increased by about 8 percent.
Income in the first quarter 2007, compared to the first quarter 2006, was
positively affected by the strong sales discussed above and improved
operational performance in most business units. For the first quarter 2007,
the company reported an effective tax rate of 35.0 percent.
Net cash provided by operating activities during the first quarter 2007
was $123 million, an increase of $57 million from the same period in 2006.
The increase was primarily due to increased income, lower working capital
growth and higher deferred taxes. Capital expenditures were $37 million in
the first quarter 2007 compared to capital expenditures in the first quarter
2006 of $43 million. For the first quarter 2007 net cash provided by
operating activities, minus capital expenditures, as a percent of net income
was approximately 86 percent.
Business Highlights
- Japan Airlines (JAL) and Shanghai Airlines have selected Goodrich to
supply wheels and electrically-actuated brakes for the Boeing 787
Dreamliner aircraft that they are adding to their fleets. JAL has 35
aircraft on order and Shanghai Airlines has nine aircraft on order.
Both airlines expect to receive deliveries of their aircraft in 2008.
- Goodrich will be supplying various products and services including
thrust reversers, inlets and engine and pylon installation systems and
equipment in support of the U.S. Air Force's Joint Surveillance Target
Attack Radar System (JSTARS) aircraft fleet re-engining program that
was announced in January by the U.S. Air Force and Northrop Grumman.
2007 Outlook
The company's sales outlook is based on market assumptions for each of its
major market channels, which are included in the supplemental data portion of
this press release.
The company continues to expect that 2007 will be another year of strong
sales growth with improving segment operating income margins. The company now
expects that full year 2007 sales will be in the range of $6.3 - $6.5 billion,
compared with prior expectations of $6.2 - $6.4 billion. The outlook for 2007
net income per diluted share has been increased to $3.20 - $3.35, compared
with prior expectations of $2.95 - $3.15, reflecting income and margin
expansion associated with sales growth in all major market channels and
improved operating efficiencies.
The 2007 outlook assumes, among other factors, a full-year effective tax
rate of 31 - 33 percent, which may vary from quarter-to-quarter depending on
many factors, including settlements with state, federal and international tax
authorities.
To provide the most meaningful comparison between 2006 results and the
outlook for 2007 net income per diluted share, Goodrich believes that the 2006
net income per diluted share of $3.81 should be adjusted for the impact of the
$1.15 per diluted share related to tax settlements that were completed during
2006. Excluding these tax settlements, net income per diluted share for 2006
was $2.66, compared to expected results of $3.20 - $3.35 for 2007.
Goodrich continues to expect net cash provided by operating activities,
minus capital expenditures, to be in the range of 60 - 75 percent of net
income in 2007. This outlook reflects a continuation of cash expenditures for
investments in the Boeing 787 Dreamliner and the Airbus A350 XWB and capital
expenditures for facility expansions to support increased aftermarket demand,
low cost country manufacturing and productivity initiatives that are expected
to enhance margins over the near and long term. The company continues to
expect capital expenditures for 2007 to be in a range of $270 - $290 million.
Of these capital expenditures, approximately 40 percent are expected to be
associated with investments in low cost country manufacturing, previously
announced MRO facility expansions and new facilities to support aftermarket
sales growth, and expenditures related to the company-wide implementation of a
new Enterprise Resource Planning (ERP) system.
The current sales, net income and net cash provided by operating
activities outlook for 2007 do not include the impact of acquisitions or
divestitures or resolution of an A380 claim against Northrop Grumman.
----------------------
The supplemental discussion and tables that follow provide more detailed
information about the first quarter 2007 segment results and assumptions
underlying the 2007 outlook.
----------------------
Goodrich will hold a conference call on April 26, 2007 at 10:00 AM U.S.
Eastern Time to discuss this announcement. Interested parties can listen to a
live webcast of the conference call, and view the related presentation
materials, at www.goodrich.com, or listen via telephone by dialing 913-981-
5592.
----------------------
Goodrich Corporation, a Fortune 500 company, is a global supplier of
systems and services to aerospace, defense and homeland security markets.
With one of the most strategically diversified portfolios of products in the
industry, Goodrich serves a global customer base with significant worldwide
manufacturing and service facilities. For more information visit
http://www.goodrich.com.
----------------------
FORWARD-LOOKING INFORMATION IS SUBJECT TO RISK AND UNCERTAINTY
Certain statements made in this document are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995
regarding our future plans, objectives and expected performance. Specifically,
statements that are not historical facts, including statements accompanied by
words such as "believe," "expect," "anticipate," "intend," "should,"
"estimate," or "plan," are intended to identify forward-looking statements and
convey the uncertainty of future events or outcomes. We caution readers that
any such forward-looking statements are based on assumptions that we believe
are reasonable, but are subject to a wide range of risks, and actual results
may differ materially.
Important factors that could cause actual results to differ from expected
performance include, but are not limited to:
- demand for and market acceptance of new and existing products, such as
the Airbus A350 XWB and A380, the Boeing 787 Dreamliner, the EMBRAER
190, the Dassault Falcon 7X and the Lockheed Martin F-35 Lightning II
and F-22 Raptor;
- our ability to extend our commercial original equipment contracts
beyond the initial contract periods;
- cancellation or delays of orders or contracts by customers or with
suppliers;
- successful development of products and advanced technologies;
- the health of the commercial aerospace industry, including the impact
of bankruptcies and/or consolidations in the airline industry;
- global demand for aircraft spare parts and aftermarket services;
- changing priorities or reductions in the defense budgets in the U.S.
and other countries, U.S. foreign policy and the level of activity in
military flight operations;
- the resolution of contractual disputes with Northrop Grumman related to
the purchase of aeronautical systems;
- the resolution of items in IRS examination cycles;
- the possibility of restructuring and consolidation actions beyond those
previously announced by us;
- threats and events associated with and efforts to combat terrorism;
- the extent to which expenses relating to employee and retiree medical
and pension benefits change;
- competitive product and pricing pressures;
- our ability to recover from third parties under contractual rights of
indemnification for environmental and other claims arising out of the
divestiture of our tire, vinyl and other businesses;
- possible assertion of claims against us on the theory that we, as the
former corporate parent of Coltec Industries Inc, bear some
responsibility for the asbestos-related liabilities of Coltec and its
subsidiaries, or that Coltec's dividend of its aerospace business to us
prior to the EnPro spin-off was made at a time when Coltec was
insolvent or caused Coltec to become insolvent;
- the effect of changes in accounting policies;
- cumulative catch-up adjustments or loss contract reserves on long-term
contracts accounted for under the percentage of completion method of
accounting;
- domestic and foreign government spending, budgetary and trade policies;
- economic and political changes in international markets where we
compete, such as changes in currency exchange rates, inflation,
deflation, recession and other external factors over which we have no
control; and
- the outcome of contingencies including completion of acquisitions,
divestitures, tax audits, litigation and environmental remediation
efforts.
We caution you not to place undue reliance on the forward-looking
statements contained in this document, which speak only as of the date on
which such statements are made. We undertake no obligation to release publicly
any revisions to these forward-looking statements to reflect events or
circumstances after the date on which such statements were made or to reflect
the occurrence of unanticipated events.
Supplemental Data
Segment Review
Quarter Ended March 31, 2007 Compared with Quarter Ended March 31, 2006
Quarter Ended March 31,
% % of Sales
2007 2006 Change 2007 2006
(Dollars in millions)
NET CUSTOMER SALES
Actuation and Landing
Systems $609.2 $538.4 13%
Nacelles and Interior
Systems $546.9 $493.8 11%
Electronic Systems $432.4 $391.6 10%
Total Sales $ 1,588.5 $ 1,423.8 12%
SEGMENT OPERATING INCOME
Actuation and Landing
Systems $49.9 $23.3 114% 8.2% 4.3%
Nacelles and Interior
Systems $126.3 $104.8 21% 23.1% 21.2%
Electronic Systems $54.8 $42.9 28% 12.7% 11.0%
Segment Operating Income $231.0 $171.0 35% 14.5% 12.0%
Actuation and Landing Systems: Actuation and Landing Systems segment sales
of $609 million for the quarter ended March 31, 2007 increased $71 million, or
13 percent, from $538 million for the quarter ended March 31, 2006. The
increase was primarily due to the following:
- Higher large commercial airplane aftermarket sales of approximately
$26 million, primarily in our landing gear, aircraft wheel and brake
and actuation systems business units;
- Higher large commercial airplane OE sales of approximately $16 million,
primarily in our landing gear business unit;
- Higher regional and business OE and aftermarket sales of approximately
$17 million, primarily in our aircraft wheel and brake, landing gear
and actuation systems business units, and;
- Higher airframe heavy maintenance sales of approximately $5 million.
Actuation and Landing Systems segment operating income of $50 million for
the quarter ended March 31, 2007 increased $27 million, or 114 percent, from
$23 million for the quarter ended March 31, 2006. This increase in operating
income was a result of the following:
- Higher sales volume and favorable product mix across all businesses,
which generated income of approximately $17 million, and;
- Higher operating income of approximately $16 million, driven primarily
by improved brake life performance in the aircraft wheel and brake
business unit and higher pricing across all business units. These
improvements are net of increased operating costs, including raw
material price escalation and higher labor and overhead expenses in the
landing gear business unit.
These favorable impacts were partially offset by unfavorable foreign
exchange impacts of approximately $7 million, primarily in our landing gear
and actuation system business units.
Nacelles and Interior Systems: Nacelles and Interior Systems segment sales
of $547 million in the quarter ended March 31, 2007 increased $53 million, or
11 percent, from $494 million in the quarter ended March 31, 2006. The
increase was primarily due to the following:
- Higher large commercial airplane aftermarket sales, including spare
parts and MRO volume of approximately $44 million, primarily in our
aerostructures and interior systems business units, and;
- Higher defense OE and aftermarket sales of approximately $8 million,
primarily in our interior systems business unit.
Nacelles and Interior Systems segment operating income of $126 million in
the quarter ended March 31, 2007 increased $21 million, or 21 percent, from
$105 million in the quarter ended March 31, 2006. Segment operating income
was higher primarily as a result of higher sales volume and favorable product
mix, primarily in our aerostructures and interior systems business units,
which generated income of approximately $24 million. This increase in segment
operating income was partially offset by cost increases, primarily in our
aerostructures business unit.
Electronic Systems: Electronic Systems segment sales of $433 million in
the quarter ended March 31, 2007 increased $41 million, or 10 percent, from
$392 million in the quarter ended March 31, 2006. The increase was primarily
due to:
- Higher defense and space OE and aftermarket sales of approximately
$16 million in all of our business units;
- Higher regional and general aviation airplane OE and aftermarket sales
of approximately $16 million in nearly all of our business units, and;
- Higher sales of products to the helicopter market of approximately
$9 million in our sensors and integrated systems and engine controls
and power business units.
Electronic Systems segment operating income of $55 million in the quarter
ended March 31, 2007 increased $12 million, or 28 percent, from $43 million in
the quarter ended March 31, 2006. Segment operating income was higher
primarily as a result of higher sales volume, generating operating income of
approximately $18 million. This increase in segment operating income was
partially offset by cost increases of approximately $6 million, primarily in
our sensors and integrated systems business unit.
2007 Outlook - Market Channel Assumptions
Goodrich's 2007 outlook is based on certain market assumptions, including
the following:
- Goodrich expects deliveries of Airbus and Boeing large commercial
aircraft to increase by about 8 - 10 percent in 2007 compared to 2006.
Goodrich sales of large commercial aircraft original equipment products
are projected to grow by about the same rate as the increase in
deliveries in 2007.
- Capacity in the global airline system, as measured by available seat
miles (ASMs), is expected to grow at about 4 - 5 percent in 2007.
Goodrich sales to airlines and package carriers for large commercial
and regional aircraft aftermarket parts and services are expected to
grow by more than 10 percent in 2007 compared to 2006.
- Total regional and business aircraft production is expected to increase
slightly in 2007 compared to 2006. Deliveries to Embraer in support
of its EMBRAER 190 aircraft, which includes significant Goodrich
content, are expected to enable Goodrich to increase sales in this
market channel by more than 10 percent in 2007 compared to 2006.
- Goodrich defense and space sales (original equipment and aftermarket)
are expected to grow by approximately 7 percent in 2007 compared to
2006. Growth is expected in all three segments.
PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
Three Months
Ended
March 31,
2007 2006
Sales $1,588.5 $1,423.8
Operating costs and expenses:
Cost of sales 1,133.7 1,043.9
Selling and administrative costs 255.8 237.2
1,389.5 1,281.1
Operating Income 199.0 142.7
Interest expense (31.6) (32.0)
Interest income 1.8 1.1
Other income (expense) - net (15.6) (10.6)
Income from continuing operations
before income taxes 153.6 101.2
Income tax (expense) benefit (53.8) 99.1 (1)
Income From Continuing Operations 99.8 200.3
Income from discontinued operations - 0.6
Cumulative effect of change in
accounting - 0.6
Net Income $99.8 $201.5
Basic Earnings per Share:
Continuing operations $0.80 $1.62 (1)
Discontinued operations - -
Cumulative effect of change in
accounting - 0.01
Net Income $0.80 $1.63 (1)
Diluted Earnings per Share:
Continuing operations $0.78 $1.59 (1)
Discontinued operations - -
Cumulative effect of change in
accounting - 0.01
Net Income $0.78 $1.60 (1)
Dividends Declared per Common Share $0.20 $0.20
Weighted - Average Number of Shares
Outstanding
(in millions)
Basic 125.2 123.5
Diluted 127.8 125.6
(1) First Quarter 2006 results include a favorable tax settlement of
$132 million, or $1.05 per diluted share.
PRELIMINARY
GOODRICH CORPORATION
SEGMENT REPORTING (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months
Ended
March 31, $ %
2007 2006 Change Change
Sales:
Actuation and Landing Systems $609.2 $538.4 $70.8 13.2%
Nacelles and Interior Systems 546.9 493.8 53.1 10.8%
Electronic Systems 432.4 391.6 40.8 10.4%
Total Sales $1,588.5 $1,423.8 $164.7 11.6%
Operating Income:
Actuation and Landing Systems $49.9 $23.3 $26.6 114.2%
Nacelles and Interior Systems 126.3 104.8 21.5 20.5%
Electronic Systems 54.8 42.9 11.9 27.7%
Total Segment Operating Income (1) 231.0 171.0 60.0 35.1%
Corporate General and Administrative
Costs (28.7) (27.2) (1.5) 5.5%
ERP Implementation Costs (3.3) (1.1) (2.2) 200.0%
Total Operating Income $199.0 $142.7 $56.3 39.5%
Segment Operating Income as a Percent
of Sales:
Actuation and Landing Systems 8.2% 4.3%
Nacelles and Interior Systems 23.1% 21.2%
Electronic Systems 12.7% 11.0%
Total Segment Operating Income as a
Percent of Sales 14.5% 12.0%
(1) Segment operating income is total segment revenue reduced by operating
expenses directly identifiable with our business segments except for
certain enterprise ERP implementation expenses, which were not allocated
to the segments. Segment operating income is used by management to assess
the operating performance of the segments. See reconciliation of total
segment operating income to total operating income above.
PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(DOLLARS IN MILLIONS EXCEPT SHARE AMOUNTS)
March 31, December 31,
2007 2006
Current Assets
Cash and cash equivalents $231.9 $201.3
Accounts and notes receivable - net 1,009.4 912.4
Inventories - net 1,647.5 1,551.8
Deferred income taxes 232.1 250.3
Prepaid expenses and other assets 76.9 91.7
Total Current Assets 3,197.8 3,007.5
Property, plant and equipment - net 1,323.7 1,327.7
Prepaid pension 2.3 2.3
Goodwill 1,344.3 1,341.3
Identifiable intangible assets - net 468.3 472.0
Deferred income taxes 32.3 35.5
Other assets 707.4 714.9
Total Assets $7,076.1 $6,901.2
Current Liabilities
Short-term debt $- $11.8
Accounts payable 669.3 584.6
Accrued expenses 829.5 819.0
Income taxes payable 87.2 212.5
Deferred income taxes 3.3 3.3
Current maturities of long-term debt
and capital lease obligations 1.2 1.4
Total Current Liabilities 1,590.5 1,632.6
Long-term debt and capital lease
obligations 1,722.1 1,721.7
Pension obligations 607.9 612.1
Postretirement benefits other than
pensions 378.5 379.1
Long-term income taxes payable 143.3 -
Deferred income taxes 41.3 57.2
Other non-current liabilities 517.1 521.8
Commitments and contingent
liabilities - -
Shareholders' Equity
Common stock - $5 par value
Authorized 200,000,000 shares; issued
140,398,499 shares at
March 31, 2007 and 139,041,884 shares
at December 31, 2006
(excluding 14,000,000 shares held by
a wholly owned subsidiary) 702.0 695.2
Additional paid-in capital 1,358.8 1,313.3
Income retained in the business 751.1 666.5
Accumulated other comprehensive
income (loss) (241.1) (260.8)
Common stock held in treasury, at
cost (15,232,451 shares at
March 31, 2007 and 14,090,913
shares at December 31, 2006) (495.4) (437.5)
Total Shareholders' Equity 2,075.4 1,976.7
Total Liabilities And Shareholders'
Equity $7,076.1 $6,901.2
PRELIMINARY
GOODRICH CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months
Ended
March 31,
2007 2006
Operating Activities
Net income $99.8 $201.5
Adjustments to reconcile net income
to net cash provided by operating
activities:
Income (loss) from discontinued
operations - (0.6)
Cumulative effect of change in
accounting - (0.6)
Restructuring and consolidation:
Expenses 0.2 1.5
Payments (0.6) (1.8)
Asset impairments - 0.9
Depreciation and amortization 61.4 56.3
Excess tax benefits related to
share-based payment arrangements (4.0) (1.2)
Share-based compensation expense 16.2 21.9
Deferred income taxes (9.0) (4.2)
Change in assets and liabilities,
net of effects of acquisitions and
divestitures:
Receivables (93.5) (96.6)
Inventories, net of pre-production
and excess-over-average (57.6) (54.2)
Pre-production and excess-over-
average inventories (32.8) (28.4)
Other current assets 4.2 9.1
Accounts payable 81.8 62.8
Accrued expenses 0.3 (17.7)
Income taxes payable 51.4 (87.7)
Other non-current assets and
liabilities 5.3 4.6
Net Cash Provided By Operating
Activities 123.1 65.6
Investing Activities
Purchases of property, plant and equipment (36.9) (43.2)
Proceeds from sale of property, plant
and equipment 0.1 0.1
Net Cash Used In Investing Activities (36.8) (43.1)
Financing Activities
Increase (decrease) in short-term
debt, net (11.8) 6.1
Repayment of long-term debt and
capital lease obligations (0.4) (0.4)
Proceeds from issuance of common stock 36.8 18.5
Purchases of treasury stock (57.8) (0.4)
Dividends (25.1) (24.6)
Excess tax benefits related to share-
based payment arrangements 4.0 1.2
Distributions to minority interest holders (1.7) (1.0)
Net Cash Used In Financing Activities (56.0) (0.6)
Net cash (used) provided by
discontinued operations (0.3) 9.1
Effect of exchange rate changes on
cash and cash equivalents 0.6 0.7
Net increase in cash and cash equivalents 30.6 31.7
Cash and cash equivalents at
beginning of period 201.3 251.3
Cash and cash equivalents at end of period $231.9 $283.0
PRELIMINARY
GOODRICH CORPORATION
SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED)
(DOLLARS IN MILLIONS)
Three Months
Ended
March 31,
Preliminary Income Statement Data: 2007 2006
Net Interest Expense $(29.8) $(30.9)
Other Income (Expense), Net: $(15.6) $(10.6)
- Divested Business Retiree Health Car (4.8) (4.8)
- Loss on Extinguishment or Exchange of Debt - -
- Income (Expense) related to previously
owned businesses (5.7) (1.4)
- Minority interest and equity in
affiliated companies (5.6) (3.8)
- Other Income (Expense) 0.5 (0.6)
Preliminary Cash Flow Data:
Dividends $(25.1) $(24.6)
Depreciation and Amortization $61.4 $56.3
- Depreciation 44.1 40.2
- Amortization 17.3 16.1
March 31, December 31,
Preliminary Balance Sheet Data: 2007 2006
Preproduction and Excess-Over-Average
Inventory $431.8 $399.0
Short-term Debt $- $11.8
Current Maturities of Long-term
Debt and Capital Lease Obligations 1.2 1.4
Long-term Debt and Capital Lease
Obligations 1,722.1 1,721.7
Total Debt[1] $1,723.3 $1,734.9
Cash and Cash Equivalents 231.9 201.3
Net Debt[1] $1,491.4 $1,533.6
[1] Total Debt (defined as short-term debt plus current maturities of
long-term debt and capital lease obligations plus long-term debt and
capital lease obligations) and Net Debt (defined as Total Debt minus
cash and cash equivalents) are non-GAAP financial measures that the
Company believes are useful to rating agencies and investors in
understanding the Company's capital structure and leverage. Because
all companies do not calculate these measures in the same manner,
the Company's presentation may not be comparable to other similarly
titled measures reported by other companies.
SOURCE Goodrich Corporation
Media, Gail Warner
1-704-423-7048
or
Lisa Bottle
1-704-423-7060
or
Investor Relations, Paul Gifford
1-704-423-5517
all of Goodrich Corporation
http://www.goodrich.com
