Aircraft partsmaker Goodrich ( GR) reported an 8% jump in first-quarter earnings, beating Wall Street's estimates, but still trimmed its full-year outlook, citing a continuing lag in airplane equipment sales. For the three-month period, profit reached $169.8 million, or $1.35 per share, up from $157.9 million, or $1.23 per share in the year-ago period. Analysts expected earnings of $1.07. Goodrich benefited from a strong market for its defense and space products, which offset declines in the commercial aerospace markets, Marshall Larsen, chairman, president and chief executive, said in a statement. Revenue tripped 3% to $1.7 billion from $1.75 billion, a result of the recession and a residual affect of the Boeing machinists' strike last year. Goodrich said large commercial airplane equipment sales are expected to be flat this year, based on recent delivery estimates by Boeing ( BA) and EADS unit Airbus. Boeing announced earlier in April that its monthly production of its 777 will decline to five planes from seven starting June 2010. Thestreet.com
upgraded Goodrich on April 17 from hold to buy, driven by its revenue growth, compelling growth in net income, good cash flow from operations, notable return on equity and impressive record of earnings-per-share growth. TSC believes these strengths outweigh the fact that the company shows low profit margins. The company now expects 2009 earnings in the range of $4.50 per share to $4.75 a share, down from a previous projection of $4.50 to $4.90 a share. On the bases of its better-than-expected results, shares of Goodrich soared 10% in afternoon trading to $46.02.