Goodrich-SYPAQ Strike ISR Deal

At the Farnborough Airshow being held in London

, Goodrich Corp.'s (GR) UK-based ISR Systems business teamed up with Australia's SYPAQ to support future intelligence, surveillance and reconnaissance (ISR) systems in Australia.

The teaming makes Melbourne-based SYPAQ the prime contractor for Goodrich's civil as well as defense ISR campaigns within Australia. The deal is expected to enhance capabilities for future Australian defense and civil programs.

SYPAQ's management believes that Goodrich's ISR technology is well suited to current Australian ISR requirements in defense as well as civil security and emergency services domains.

With leading-edge ISR capabilities, Goodrich and SYPAQ intend to provide integrated ISR solutions for the Australian Defense Forces.

Under the deal, Goodrich proposes to focus on a 'system of systems' approach for future battlespace challenges, force protection solutions, and civil emergency service applications such as bushfire monitoring.

Charlotte, North Carolina-based Goodrich Corp. is expected to report its second quarter 2010 operating results on July 29, 2010. Goodrich is a global supplier of systems and services to aerospace, defense and homeland security markets.

During the first-quarter earnings call, Goodrich retained its fiscal-year 2010 total sales expectation of $7.1 billion, which reflects a 6% growth over 2009. Earnings per share for the year are anticipated to range between $4.15 and $4.40. The Zacks Consensus Estimates for years 2010 and 2011 are $4.36 per share and $5.14 per share, respectively.

The bullish factors going for Goodrich Corporation are its geographically-diverse customer mix, divergent presence in both commercial and business jets, AIS acquisition, robust balance sheet, incremental dividend, ongoing share repurchase program and relatively cheap earnings-based valuation.

Despite all this, a dwindling commercial aerospace market, dependence on international sales, high research and development overhead and regulatory risks keep us Neutral on Goodrich.

Goodrich-SYPAQ Strike ISR Deal

By: Abhishek

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