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 second quarter 2012 financial results.
SECOND QUARTER 2012 HIGHLIGHTS VERSUS SECOND QUARTER PRIOR YEAR
- Revenues of $768.1 million increased 26.1 percent.
- Operating earnings of $137.8 million increased 29.1 percent and operating margin of 17.9 percent expanded by 40 basis points; exclusive of items (acquisition, integration and transition costs) operating margin was 18.5 percent an increase of 100 basis points.
- Net earnings and earnings per diluted share were $71.2 million and $0.69 per share, increases of 29.9 percent and 27.8 percent, respectively (35.0 percent and 33.3 percent excluding items).
- During the quarter, the Company signed a definitive agreement to acquire Interturbine Aviation Logistics GmbH, Interturbine Logistics Solutions and Interturbine Technologies GmbH (collectively Interturbine), a leading provider of material management logistics services to global airlines and maintenance, repair and overhaul (MRO) providers, in a €200 million all cash transaction.
SECOND QUARTER CONSOLIDATED RESULTS
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.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.