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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.

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