B/E Aerospace Reports Record First Quarter 2012 Results; Revenues Up 25%, EPS Up 37%; Company Guides To Stronger Outlook

B/E Aerospace (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 record first quarter 2012 financial results. Revenues, operating earnings, net earnings, net earnings per diluted share, bookings and backlog were all records for any quarter.

FIRST QUARTER 2012 HIGHLIGHTS VERSUS FIRST QUARTER PRIOR YEAR

• Revenues of $747.3 million increased 24.5 percent.
• Operating earnings of $129.8 million increased 29.7 percent and operating margin of 17.4 percent expanded by 70 basis points.
• Net earnings and earnings per diluted share were $68.8 million and $0.67 per share, respectively, increases of 36.8 percent and 36.7 percent, respectively.
• Record bookings were approximately $850 million (book-to-bill ratio of 1.1 to 1). Record backlog increased approximately 16 percent and record total backlog, including both booked and awarded but unbooked, increased 35 percent as compared to March 31, 2011.
• The Company is guiding to a substantially improved 2012 earnings outlook of approximately $2.75 per diluted share including approximately $0.13 per share interest expense drag on earnings from undeployed capital due to the Company’s recent issuance of $500 million of 5.25 percent senior unsecured notes due 2022.

FIRST QUARTER CONSOLIDATED RESULTS

First quarter 2012 revenues of $747.3 million were a record for any quarter, and increased $147.1 million, or 24.5 percent, as compared with the same period of the prior year. Pro forma revenue growth, giving effect to all 2011 and 2012 acquisitions as if they had occurred on January 1, 2011, was 16.9 percent.

First quarter 2012 operating earnings of $129.8 million were also a record and increased 29.7 percent on the aforementioned 24.5 percent increase in revenues. Operating margin was 17.4 percent and expanded 70 basis points as compared with the prior year period. Operating earnings, adjusted to exclude acquisition, integration and transition (AIT) costs, were $134.1 million, an increase of 34.0 percent, and adjusted operating margin of 17.9 percent expanded 120 basis points. Operating earnings growth and operating margin expansion were driven by the higher sales volume, improved revenue mix and ongoing operational efficiency initiatives.

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