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Goodrich tops forecast
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February 18, 1999: 9:36 a.m. ET
Strength in aerospace business offsets weakness in plastics, materials
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NEW YORK (CNNfn) - B.F. Goodrich Co. said Thursday earnings jumped 27 percent in the fourth quarter, easily beating forecasts on Wall Street, as strength in its aerospace business offset weakness in plastics and other materials.
Goodrich, which divested its tire business in the 1980s to focus on aerospace and specialty chemicals, also said it expects to complete its acquisition of Coltec Industries Inc. in April despite a lawsuit seeking to block the $1.2 billion deal by rival Coltec suitor Crane Industries Inc.
Goodrich said earnings from continuing operations excluding one-time items rose to $64.8 million, or 87 cents a diluted share, in the quarter, from $51 million, or 71 cents a share, a year earlier. Wall Street forecasts were for profit of 79 cents a share for the latest quarter, according to First Call Corp., which tracks analysts' estimates.
Including restructuring charges in both periods, profit from continuing operations was $58.3 million, or 78 cents a share, compared with a loss of $18.5 million, or 26 cents a share, in the 1997 quarter, Goodyear said.
Sales rose 12 percent to $1 billion from $892 million.
Operating earnings for Goodrich's aerospace business jumped 55 percent to $106.5 million in the quarter as sales rose 8 percent to $718 million.
Operating profit in specialty chemicals and materials fell 7.6 percent to $31.6 million while sales rose 30 percent to $298 million.
Richfield, Ohio-based Goodrich agreed to buy Coltec, a maker of aerospace and industrial products based in Charlotte, N.C., in November. Three weeks later, Crane sued, claiming Coltec's board had not properly considered Crane's takeover bid.
Goodrich said at the time that it would go ahead with the merger but mentioned no time frame. It said when it announced the deal Nov. 23 that it planned to complete it in the spring.
Crane is a Stamford, Conn., maker of industrial products.
For the year, Goodrich had earnings from continuing operations of $234.6 million, or $3.13 a diluted share, compared with $179.3 million, or $2.42 a share, in 1997. Sales rose to $4 billion from $3.4 billion. 
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B.F. Goodrich
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