Goodrich Cuts 2009 Sales Outlook

CHARLOTTE, N.C. (AP) — Aerospace supplier Goodrich Corp. on Thursday backed its 2009 profit prediction, but cut its sales forecast.

Goodrich lowered its 2009 sales outlook, to $6.7 billion, compared with a forecast of $6.9 billion in July. The company said its estimate includes unfavorable sales impacts of about $154 million related to foreign currency exchange rate fluctuations and lower sales of about $125 million related to the formation of a joint venture.

The Charlotte company said it still expects to post a profit of $4.60 to $4.75 per share for 2009.

Analysts surveyed by Thomson Reuters, on average, expect a 2009 profit of $4.58 per share on $6.82 billion in sales.

For 2010, Goodrich said it expects to post a profit of between $4.15 and $4.40 per share on sales of about $7 billion. The company said 2010 should be a year of "modest recovery which should allow us to grow our commercial aftermarket sales." It expects the recovery will take hold toward the middle of next year. Its shares gained $1.81, or 3.3 percent, to $56.46 in morning trading.

Analysts, on average, expect a 2010 profit of $4.59 per share on $6.89 billion in sales.

Goodrich also said its third-quarter profit fell 14 percent, as the weak economy continued to depress sales.