(Source: Associated Press/AP Online)
CHARLOTTE, N.C. - Aerospace supplier Goodrich Corp. said Thursday its third-quarter profit fell 14 percent, as weak economic conditions continued to depress its sales.
Goodrich earned $145.4 million, or $1.14 per share, down from $168 million, or $1.32 per share, for the same quarter last year.
Sales fell 7 percent to $1.65 billion from $1.77 billion. The company attributed the drop to less favorable foreign currency exchange rates, lower sales from the formation of an engine controls joint venture and the impact of current economic conditions.
Analysts polled by Thomson Reuters expected profit of $1.03 per share on $1.7 billion in revenue.
Goodrich said the recent quarter's results included $28 million, or 22 cents per share, in pension plan expenses compared with $12 million, or 9 cents per share, in the 2008 quarter.
Large commercial airplane original equipment sales rose 9 percent for the quarter, while regional, business and general aviation airplane original equipment sales dropped 45 percent.
Large commercial, regional, business and general aviation airplane aftermarket sales fell 19 percent, but defense and space sales of both original equipment and aftermarket products and services rose 9 percent.
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