ATLANTA - Goodrich Corp reported a third-quarter profit on Thursday that was helped by cost cuts and strong defense demand, but cut its sales outlook for this year and forecast 2010 earnings below current Wall Street estimates.
In a statement, the supplier of aircraft parts and defense systems said it expects 2010 to be a year of modest recovery that should allow it to grow commercial aerospace service sales.
Net income came to $145.4 million or $1.14 a share, for the third quarter, down from $168 million, or $1.32 a share, a year earlier.
Analysts had expected $1.03 a share, according to Thomson Reuters I/B/E/S.
Sales fell 7 percent to $1.65 billion, compared with $1.7 billion expected by analysts.
Goodrich stood by a prior outlook calling for 2009 net of $4.60 a share to $4.75 a share, but said it now expects full-year 2009 sales of $6.7 billion, compared with the previous view of $6.9 billion. It cited unfavorable effects from foreign currency exchange rates and lower sales tied to an engine controls joint venture.
The company forecast 2010 profit of $4.15 a share to $4.40 a share, which it said was about flat with its earnings from continuing operations outlook for this year and included higher pension expenses of 14 cents a share. Analysts have expected 2010 profit of $4.59 a share on revenue of $6.89 billion, according to Thomson Reuters I/B/E/S. (Reporting by Karen Jacobs, editing by Gerald E. McCormick)