(GR) Goodrich and Boeing to Tango

Goodrich Corporation (GR) has been selected by The Boeing Company’s (BA) Defense, Space & Security to work on the U.S. Air Force Research Laboratory’s Integrated Vehicle Energy Technology program. Goodrich’s Actuation Systems will design, develop and test an integrated suite of advanced actuators featuring technologies that aim at improving energy, power, and thermal management. These new technologies will be used in the next generation of tactical fighters and air mobility transport systems.

Goodrich is a global supplier of components and systems for communications and avionics. Most of the company’s products are sold to government and commercial customers that give way to higher volume sales and create economies of scale, thus helping in further winning cost-sensitive government contracts. The company also provides niche equipment, which enjoys a fixed market, though restricted until the retirement of the specific model.

The bullish outlook for Goodrich is supported by its geographically-diverse customer mix, its strong presence in both commercial and business jets, resurgence in commercial aftermarket sales, a strong balance sheet, recurring dividend growth and an ongoing share repurchase program.

This is, however, offset by uncertainty in the recovery of the large commercial airplane original equipment market, along with possible defense cutbacks, dependence on international sales, high research and development overheads and regulatory risks.

Based in Charlotte, North Carolina, Goodrich Corporation supplies components, systems and services to the commercial, regional, business and general aviation markets in the U.S. and in other parts of the world. Goodrich also supplies aircraft and satellite systems to the global military and space markets. Goodrich’s products and services are principally sold to customers in North America, Europe and Asia.

Goodrich presently retains a short-term Zacks #3 Rank (Hold). We have a long-term Neutral recommendation on the stock.

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