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BFGoodrich beats target
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February 3, 2000: 9:23 a.m. ET
Fourth-quarter income drops less than expected to cap record year
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NEW YORK (CNNfn) - BFGoodrich Co. saw earnings drop less than expected in the fourth quarter, capping a year that saw a large merger and record profits.
The former tire company that now manufacturers advanced aerospace systems, performance materials and engineered industrial products had earnings before special items of $87.0 million, or 78 cents a diluted share. Analysts surveyed by First Call forecast 76 cents for the period.
In the year-earlier period, the company earnings before items totaled $94.4 million, or 85 cents a share. Those results were restated to conform to accounting practices following the Coltec Industries in July.
Chairman and CEO David L. Burner said in an interview on CNNfn's Before Hours program Thursday that synergies from the merger with Coltec are ahead of schedule, although he did not give details.
BFGoodrich had a fourth quarter after-tax charge of $20.7 million related to merger costs and consolidation activity. That brought net income to $66.3 million, or 60 cents a share, compared with $87.9 million, or 79 cents a share, a year earlier.
Revenue fell to $1.3 billion from $1.4 billion, due to lower original equipment deliveries in aerostructures and landing systems.
For the year, the company posted earnings before charges of $361.7 million, or $3.24 a diluted share, compared with $327.6 million, or $2.91 a share, in 1998. Net income including charges came to $169.6 million, or $1.53 a share, compared with $353.7 million, or $ 3.19 a share, in 1998. Revenue rose slightly to $5.54 billion from $5.45 billion.
Shares of Goodrich (GR: Research, Estimates) rose 1/16 to 25-1/4 in trading Wednesday. 
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BFGoodrich
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