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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

For the nine months ended September 30, 2012, CMS operating earnings, adjusted to exclude AIT costs, were $175.0 million an increase of 24.6 percent as compared with the prior year period and adjusted operating margin was 20.1 percent, an increase of 30 basis points. On a GAAP basis, to include AIT costs of $13.1 million, operating earnings were $161.9 million.

For the nine months ended September 30, 2012, BJS operating earnings of $37.3 million increased 81.1 percent as compared with the prior year period. Operating margin of 14.3 percent expanded 310 basis points, reflecting the 41.6 percent increase in revenues, an improved mix of revenues and ongoing operational improvements.

LIQUIDITY AND BALANCE SHEET METRICS

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.

Free cash flow of $48.1 million in the current quarter reflects capital expenditures of $29.9 million and an approximate 19 percent increase in working capital to support the approximately 21 percent third quarter increase in revenues and the Company’s expectation for double-digit revenue growth over the next several years including deliveries of Boeing 737 modular lavatories, A350 galley systems and certain other supplier furnished equipment. As of September 30, 2012, cash was $395 million, net debt, which represents total long term debt of $1.96 billion less cash, was $1.566 billion and the Company’s net debt-to-net capital ratio was 43 percent.

BOOKINGS/BACKLOG

Bookings during the third quarter of 2012 were approximately $800 million, an increase of approximately 21 percent as compared with the third quarter of 2011, and reflect a book-to-bill ratio of approximately 1.05 to 1. Approximately 65 percent of bookings in the current quarter were driven by a higher level of demand for products to outfit new-buy aircraft. Backlog at the end of the quarter was approximately $3.75 billion, while total backlog, both booked and awarded but unbooked, was approximately $8.25 billion, an increase of approximately 19 percent as compared with September 30, 2011.

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