Led by sales growth across all of its business segments and modest costs, Goodrich (NYSE:GR) booked on Thursday a stronger-than-expected 75% gain in first-quarter profit, leading the company to raise its fiscal view.
The Charlotte, N.C.-based company posted net income of $195 million, or $1.52 a share, compared with $111 million, or 87 cents a share, in the same quarter last year, ahead of average analyst estimates polled by Thomson Reuters of $1.25 a share.
Revenue for the supplier of aerospace components, systems and services was $1.9 billion, up 12% from $1.7 billion a year ago, beating the Street’s view of $1.87 billion.
Large commercial airplane original equipment sales climbed 6% from the year-earlier period, with regional, business and general aviation airplane original equipment revenues up 55%. Defense and space sales of both original equipment and aftermarket products grew 10%.
Cushioning the performance were tighter costs, with pre-tax expenses of only $22 million, nearly halved compared with $42 million in the year-earlier period.
Looking ahead, Goodrich expects to increase large commercial airplane original equipment sales by 15%, with regional, business and general aviation airplane original equipment up about 30% to 35%.
The company anticipates 2011 sales of $7.8 billion, which would be 12% higher from the year-earlier, and in line with Wall Street estimates of $7.81 billion. Goodrich increased its 2011 earnings guidance to a range of $5.40 to $5.55 a share, up from its earlier view of $5.30 to $5.45 a share, and in line with analyst estimates of $5.50 a share.