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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

During the quarter, the Company was awarded four major aircraft cabin interior programs. The awards include: the Company’s first Boeing 777 LED lighting retrofit program for a major global airline; in an additional market share gain, a Pinnacle ® main cabin seating program for a successful narrow-body airline to outfit its approximately 30 new-buy aircraft and to retrofit approximately 70 aircraft; a super first class cabin program to outfit a major international Asian airline’s new-buy wide-body fleet; and a long-term agreement to manufacture cabin interior equipment for the new Bombardier Global 7000 and Global 8000 business jets. These awards are initially valued at approximately $400 million.

OUTLOOK

Commenting on the Company’s outlook, Mr. Khoury stated, “We are raising our 2012 full year guidance to $2.82 per diluted share inclusive of AIT costs but exclusive of debt prepayment costs. In addition, we have issued our full-year 2013 guidance of approximately $3.38 per diluted share, representing a year-over-year increase of approximately 20 percent. Our total backlog, both booked and awarded but unbooked, of approximately $8.25 billion, our expectation for a 14 percent CAGR in wide-body aircraft deliveries over the next three years, our expectation of rapidly growing revenues from our supplier furnished equipment program deliveries, the expectation for continued growth in global passenger travel, and the attendant increases in capacity all provide a solid foundation for double-digit revenue growth for the next several years.”

The Company’s 2013 financial guidance is as follows:

  • The Company expects continued strong bookings in 2013 driven by the robust wide-body aircraft delivery outlook and bookings from prior SFE awarded programs, and expects to end the year with a book-to-bill ratio in excess of 1 to 1.
  • 2013 revenues are expected to be approximately $3.35 billion or approximately 10 percent higher than expected 2012 revenues.
  • The Company expects 2013 earnings of approximately $3.38 per diluted share. The EPS guidance of $3.38 per diluted share represents an increase of approximately 20 percent as compared with expected 2012 EPS of $2.82 per diluted share (2012 EPS of $2.82 adjusted to exclude debt prepayment costs). The Company’s 2013 earnings per share guidance is inclusive of approximately $20 million of expected 2013 AIT costs.
  • 2013 free cash flow conversion ratio is expected to be approximately 70 percent of net earnings.

Adjusted operating earnings, adjusted operating margin, CMS adjusted operating earnings, CMS adjusted operating margin, adjusted net earnings, adjusted net earnings per diluted share, free cash flow and free cash flow conversion ratio are presented in this press release; these are non-GAAP financial measures. For more information see "Reconciliation of Non-GAAP Financial Measures."

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