[clari.biz.finance.earnings] Goodrich earnings fall 12 percent

clarinews@clarinet.com (02/02/90)

	AKRON, Ohio (UPI) -- B.F. Goodrich Co. earnings fell 12 percent last
year to $172.4 million, or $6.48 a share, from a record $195.7 million,
or $7.42 a share, in 1988, the company reported Thursday.
	Goodrich said the decline was attributable to lower earnings in its
polyvinyl chloride business during the second half of the year.
	Sales for the year totaled $2.4 billion, up from $2.3 billion in
1988.
	Fourth-quarter income was $27 million, or 98 cents a share, down 27
percent from $37.2 million, or $1.39 a share, in the fourth quarter of
1988. Quarterly sales were $573.7 million, down from $594.7 million.
	``Our specialty chemicals and aerospace businesses continued to
perform well during the fourth quarter, but company earnings were
constrained by results from our vinyl business,'' Chairman John Ong
said.
	For the year, Goodrich's Geon Vinyl Products business segment had
operating income of $183.3 million, down 22 percent from the $233.6
million in operating income in 1988.
	``While our earnings fell short of the record-setting results of
1988,'' Ong said, ``we still had the second best performance in the
company's history.
	``We are particularly encouraged by the continued growth and
increased earnings capabilities of our specialty chemicals and aerospace
businesses.''
	Ong said Goodrich's polyvinyl chloride business performed at record
levels during the first half of the year before earnings began to
deteriorate.
	``Industry PVC capacity expanded significantly and caused an
imbalance between supply and demand,'' Ong said. ``Also, raw material
prices declined, but not as rapidly as PVC prices. As a result, our
profit margins were reduced.''
	Specialty Chemicals segment operating income was $77.3 million, an
increase of 12 percent from the $69.0 million in 1988.
	Aerospace segment operating income was $56.5 million, an increase
of 37 percent from 1988 operating income of $41.4 million.