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B/E Aerospace Reports Third Quarter 2012 Financial Results; EPS $0.74 Excluding Debt Prepayment Costs; Raises 2012 Guidance And Provides 2013 Guidance

Stocks in this article: BEAV

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 third quarter 2012 financial results.

THIRD QUARTER 2012 HIGHLIGHTS VERSUS THIRD QUARTER PRIOR YEAR

  • Revenues of $766.7 million increased 20.6 percent.
  • Operating earnings, adjusted to exclude acquisition, integration and transition (AIT) costs, were $138.9 million, an increase of 23.9 percent, and adjusted operating margin of 18.1 percent increased 50 basis points. Operating earnings, on a GAAP basis to include AIT costs, were $134.3 million.
  • During the quarter, the Company strengthened its balance sheet by issuing $800 million of senior unsecured notes due 2022, priced to yield 4.9 percent, and redeemed its $600 million issue of 8.5 percent senior unsecured notes due 2018. In connection with the third quarter notes redemption, the Company recorded debt prepayment costs of $82.1 million or $0.56 per diluted share.
  • Net earnings and earnings per diluted share, adjusted to exclude both one-time debt prepayment costs and AIT costs, were $79.2 million and $0.77 per diluted share, increases of 21.1 percent and 20.3 percent, respectively.
  • Net earnings and earnings per diluted share, on a GAAP basis to include one-time debt prepayment costs and AIT costs, were $18.5 million and $0.18 per share, respectively.
  • The Company expects full-year 2012 EPS of approximately $2.82 per diluted share, inclusive of AIT costs but exclusive of debt prepayment costs, representing a year-over-year increase of approximately 26 percent.
  • The Company established its full-year 2013 guidance of approximately $3.38 per diluted share, representing a year-over-year increase of 20 percent.

THIRD QUARTER CONSOLIDATED RESULTS

Third quarter 2012 revenues of $766.7 million increased $130.7 million, or 20.6 percent, as compared with the same period of the prior year. Organic revenue growth, excluding 2012 acquisitions, was 10.5 percent.

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