WELLINGTON, Fla.--(BUSINESS WIRE)-- <\/p>\n
B\/E Aerospace, Inc. (BEAV), the worlds leading manufacturer of aircraft cabin interior products and the worlds leading distributor of aerospace fasteners and consumables, today announced first quarter 2013 financial results. <\/p>\n
FIRST QUARTER 2013 HIGHLIGHTS VERSUS FIRST QUARTER PRIOR YEAR <\/p>\n
FIRST QUARTER CONSOLIDATED RESULTS <\/p>\n
First quarter 2013 revenues of $842.2 million increased $94.9 million, or 12.7 percent, as compared with the prior year period. <\/p>\n
First quarter 2013 operating earnings were $153.6 million, an increase of 18.3 percent, and operating margin of 18.2 percent increased 80 basis points as compared to the prior year period. The growth in operating earnings and the improvement in operating margin occurred primarily as a result of operating leverage at the higher revenue level and ongoing operational efficiency initiatives. Operating earnings and operating margin, both adjusted to exclude acquisition, integration and transition (AIT) costs, were $157.7 million and 18.7 percent. <\/p>\n
First quarter 2013 net earnings and earnings per diluted share were $89.9 million and $0.87 per share, increases of 30.7 percent and 29.9 percent, respectively, as compared with the prior year period. <\/p>\n
Commenting on the Companys first quarter 2013 performance, Amin J. Khoury, Chairman and Chief Executive Officer of B\/E Aerospace said, Today we reported a strong start to 2013. Our first quarter 2013 results included record quarterly revenues, bookings, operating earnings, operating margin, net earnings, and EPS. Our revenue growth continues to be driven primarily by the robust new aircraft delivery cycle. Approximately 61 percent of first quarter revenues was driven by demand for products for new-buy aircraft reflecting both robust new aircraft deliveries and continued softness in aftermarket demand. <\/p>\n
FIRST QUARTER SEGMENT RESULTS <\/p>\n
The following is a tabular summary and commentary of revenues and operating earnings by segment: <\/p>\n
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B\/E Aerospace First Quarter 2013 Results Exceed Expectations; Revenues up 13%, Operating Earnings up 18%, EPS up 30%<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" WELLINGTON, Fla.--(BUSINESS WIRE)-- B\/E Aerospace, Inc. (BEAV), the worlds leading manufacturer of aircraft cabin interior products and the worlds leading distributor of aerospace fasteners and consumables, today announced first quarter 2013 financial results Continue reading