BFGoodrich posts net loss
BFGoodrich Co has reported a third-quarter net loss after special charges largely related to its July merger with Coltec Industries. BFGoodrich recorded a loss of US$70.9 million, or 64 cents per share, after the charges. Excluding the special charges, BFGoodrich earned US$83 million, or 74 cents per share, compared with US$85.1 million, or 76 cents for the same period in fiscal 1998, the company said. Sales for the quarter were US$1.33 billion compared with $1.35 billion for the same quarter a year ago. In its Engineered Industrial Products segment, operating income was US$28.1 million, approximately 20% below last year. Sales were US$171 million, approximately 5% below last year. The company cited market softness in industries served by compressors, spray technologies and sealing technologies businesses as the major contributor to sales and operating income declines.
"While 1999 will be another year of significant overall earnings growth and record aerospace results, we are experiencing continued softness across our industrial markets, and pricing pressure and increasing raw material costs in performance materials," BFGoodrich chief executive David Burner said.
The company last month revised 1999 earnings estimates, excluding special items.