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B/E Aerospace Reports Fourth Quarter And Full Year 2012 Financial Results; Fourth Quarter 2012 EPS Up 30%; Full Year 2012 EPS Up 26% Excluding Debt Prepayment Costs; Raises 2013 Guidance

Fourth quarter 2012 commercial aircraft segment (CAS) revenues increased 13.9 percent while operating earnings of $68.6 million increased 17.9 percent as compared with the prior year period, and operating margin of 17.2 percent expanded 60 basis points, due to operating leverage at the higher revenue level and ongoing operational efficiency initiatives.

Fourth quarter 2012 consumables management segment (CMS) operating earnings were $54.8 million, an increase of 28.6 percent, and operating margin of 18.2 percent was flat as compared with the prior year period. Operating margin, adjusted to exclude AIT costs, was 19.5 percent.

Fourth quarter 2012 business jet segment (BJS) operating earnings of $14.7 million increased 77.1 percent as compared with the prior year period. Operating margin of 14.3 percent expanded 250 basis points as compared with the prior year period, reflecting the 45.8 percent increase in revenues, an improved mix of revenues and ongoing operational improvements.

FULL YEAR CONSOLIDATED RESULTS

For the year ended December 31, 2012, revenues of $3.085 billion increased 23.4 percent as compared with the prior year period.

Operating earnings were $540.0 million, an increase of 26.2 percent, and operating margin of 17.5 percent increased 40 basis points as compared with the prior year. Operating earnings and operating margin, adjusted to exclude AIT costs, were $557.2 million and 18.1 percent, increases of 28.8 percent and 80 basis points, respectively, as compared with the prior year.

Net earnings and earnings per diluted share for the year ended December 31, 2012, adjusted to exclude debt prepayment costs of $82.1 million, were $291.3 million and $2.83 per share, increases of 27.9 percent and 26.3 percent, respectively.

FULL YEAR SEGMENT RESULTS

The following is a tabular summary and commentary of revenues and operating earnings by segment:

  REVENUES  
Year Ended December 31,
    ($ in millions)    
Segment 2012   2011 % Change  
Commercial aircraft $ 1,551.2 $ 1,302.0 19.1 %
Consumables management 1,171.0 943.5 24.1 %
Business jet   363.1   254.3 42.8 %
Total $ 3,085.3 $ 2,499.8 23.4 %
 
OPERATING EARNINGS
Year Ended December 31,
    ($ in millions)    
Segment 2012 2011 % Change  
Commercial aircraft $ 271.3 $ 216.0 25.6 %
Consumables management 216.7 183.1 18.4 %
Business jet   52.0   28.9 79.9 %
Total $ 540.0 $ 428.0 26.2 %




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