B/E Aerospace Reports Third Quarter Results; Revenues up 37%; Operating Earnings up 60%; EPS of $0.59 Up 23% Exclusive of Items; Updates Financial Outlook
biz.yahoo.com
Monday October 27, 2:00 am ET
WELLINGTON, Fla.--(BUSINESS WIRE)--B/E Aerospace, Inc. (Nasdaq:BEAV), the world’s leading manufacturer of aircraft cabin interior products and the world’s leading distributor of aerospace fasteners and consumables, today announced financial results for the third quarter of 2008.
Third Quarter Highlights
* Net sales of $587.8 million increased 37.3 percent as compared with the third quarter of 2007.
* Operating earnings of $101.3 million increased $38.1 million, or 60.3 percent, as compared with the prior year period. Operating earnings include $3.6 million of acquisition, integration, and transition costs related to the acquisition of Honeywell’s Consumables Solutions distribution business (HCS).
* Adjusted operating earnings (defined below) increased 66.0 percent to $104.9 million as compared with the prior year period. Adjusted operating margin increased by 300 basis points to 17.8 percent. Adjusted operating earnings exclude $3.6 million of acquisition, integration and transition costs.
* Net earnings of $51.8 million and net earnings per diluted share of $0.54, were negatively impacted by the $3.6 million of acquisition, integration and transition costs, and $3.6 million of debt prepayment costs.
* Net earnings and net earnings per diluted share, adjusted to exclude the above mentioned costs were $56.6 million and $0.59 per diluted share, respectively, and increased 27.2 percent and 22.9 percent, respectively, as compared with the third quarter of 2007. |
