WELLINGTON, Fla.--(BUSINESS WIRE)-- <\/p>\n
B\/E Aerospace (BEAV), the world's leading manufacturer of aircraft cabin interior products and the world's leading distributor of aerospace fasteners and consumables, today announced second quarter 2012 financial results. <\/p>\n
SECOND QUARTER 2012 HIGHLIGHTS VERSUS SECOND QUARTER PRIOR YEAR <\/p>\n
SECOND QUARTER CONSOLIDATED RESULTS <\/p>\n
Second quarter 2012 revenues of $768.1 million were a record for any quarter, and increased $159.2 million, or 26.1 percent, as compared with the same period of the prior year. Pro forma revenue growth, giving effect to all acquisitions completed during 2011 and 2012 as if they had occurred on January 1, 2011, was 17.6 percent. <\/p>\n
Exclusive of items, second quarter 2012 operating earnings of $142.0 million increased 33.1 percent on the aforementioned 26.1 percent increase in revenues and operating margin of 18.5 percent expanded 100 basis points as compared with the prior year period, while net earnings and net earnings per diluted share were $74.0 million and $0.72 per share, respectively, increases of 35.0 percent and 33.3 percent, respectively, as compared with the second quarter of 2011. <\/p>\n
Operating earnings growth and operating margin expansion were driven by the higher sales volume, improved revenue mix and ongoing operational efficiency initiatives. <\/p>\n
Second quarter 2012 bookings were strong at approximately $770 million, and the book to bill ratio was 1 to 1. Backlog at June 30, 2012 was approximately $3.7 billion and total backlog, both booked and awarded but unbooked, was approximately $8.1 billion, an increase of approximately 25 percent versus June 30, 2011. <\/p>\n
Commenting on the Company's second quarter 2012 performance, Amin J. Khoury, Chairman and Chief Executive Officer of B\/E Aerospace said, \"Our strong revenue growth is being driven primarily by the robust new aircraft delivery cycle. Approximately 65 percent of second quarter bookings were driven by demand for products for new-buy aircraft, offsetting weaker aftermarket demand. Over the past three years the Company has been booking orders well in excess of the market growth rate and is now recording significant market share gains while delivering at a rate well above the market growth rate. Our record second quarter results included an operating margin of 18.5 percent, excluding items, an increase of 100 basis points as compared with the prior year period. The substantial margin expansion was driven by the 20 percent revenue growth in our higher margin distribution business and by margin improvements in our commercial aircraft and business jet segments which more than offset the margin drag from recent consumables management segment acquisitions and related integration costs.\" <\/p>\n
SECOND QUARTER SEGMENT RESULTS <\/p>\n<\/p>\n
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B\/E Aerospace Reports Record Second Quarter 2012 Results; Revenues, Operating Earnings, Net Earnings and EPS Were All ...<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" WELLINGTON, Fla.--(BUSINESS WIRE)-- B\/E Aerospace (BEAV), the world's leading manufacturer of aircraft cabin interior products and the world's leading distributor of aerospace fasteners and consumables, today announced second quarter 2012 financial results. Continue reading