Goodrich cuts earnings view on e-commerce write-off


Goodrich cuts earnings view on e-commerce write-off

Goodrich, a maker of aeroplane landing gear and de-icing systems, on Monday cut its full-year earnings forecast as it wrote off its investment in a now defunct Internet-based venture.

The Charlotte, North Carolina-based aerospace and industrial products company said it now expects to earn $1.60 per share to $1.75 per share this year, compared with its 6 February earnings forecast of $1.70 per share to $1.85 per share. Analysts polled by Thomson First Call expected earnings of $1.75 per share.

Goodrich said it expected to record an $11.7m pre-tax, non-cash first quarter charge for the write-off of its investment in Cordiem, an e-commerce aerospace venture between suppliers and airlines in which Goodrich had an equity interest. Cordiem has ceased operations, Goodrich said.

The company also said it has agreed to sell for $156m the Noveon International "payment-in-kind" notes that it received with the February 2001 sale of its performance materials segment. The note sale should result in a $7m pre-tax first quarter gain, Goodrich said.

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy