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BFGoodrich tops forecasts
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July 21, 2000: 8:29 a.m. ET
Former tire company still exceeds expectations while reporting declines
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NEW YORK (CNNfn) - BFGoodrich Co. managed to beat Wall Street's second-quarter earnings estimates Friday by two cents a share even though the former tire company's aerospace and engineered industrial products units reported declines.
Charlotte, N.C.-based BFGoodrich (GR: Research, Estimates) reported income, excluding special items, of $91.3 million, or 84 cents a diluted share for the quarter, down from $100.2 million, or 89 cents a share, for the year-earlier period. Earnings tracker First Call had expected 82 cents a share.
Net income for the quarter equaled $81.7 million, or 75 cents a share, after a special after-tax charge of $9.6 million, or 9 cents a share, for costs associated with merger and consolidation activities.
Sales for the former tire company that now makes advanced aerospace systems, performance materials and engineered industrial products remained slipped to $1.38 billion from $1.46 billion for the same quarter in 1999. BFGoodrich expects sales and segment operating income to rise slightly for the total year.
Operating income for the company's aerospace segment fell 2 percent to $141.9 million while sales slipped 7 percent to $900.2 million. Sales for the engineered industrial products unit also dropped 2 percent to $182.2 million while operating income declined 13 percent to $32.6 million.
On Thursday, BFGoodrich stock fell 13/16 to close at 32-3/4. 
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