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 second quarter 2013 financial results.
SECOND QUARTER 2013 HIGHLIGHTS VERSUS SECOND QUARTER PRIOR YEAR
- Revenues increased 11 percent.
- Operating earnings increased 15 percent, and operating margin of 18.7 percent increased 80 basis points.
- Earnings per diluted share increased 29 percent.
- The Company raised its full-year 2013 guidance by $0.05 per share to $3.50 per diluted share.
SECOND QUARTER CONSOLIDATED RESULTS
Second quarter 2013 revenues of $850.3 million increased $82.2 million, or 10.7 percent, as compared with the prior year period.Second quarter 2013 operating earnings were $158.7 million, an increase of 15.2 percent, and operating margin of 18.7 percent increased 80 basis points as compared to the prior year period. The growth in operating earnings and the improvement in operating margin occurred primarily as a result of operating leverage at the higher revenue level and ongoing operational efficiency initiatives. Second quarter 2013 net earnings and earnings per diluted share were $92.4 million and $0.89 per share, increases of 29.8 percent and 29.0 percent, respectively, as compared with the prior year period. Commenting on the Company's second quarter 2013 performance, Amin J. Khoury, Chairman and Chief Executive Officer of B/E Aerospace said, "Today we reported second quarter 2013 results which included record quarterly revenues, bookings, operating earnings, operating margin, net earnings, and EPS. Our revenue growth continues to be driven primarily by the strong new aircraft delivery cycle. Approximately 60 percent of second quarter revenues was driven by demand for products for new-buy aircraft. Demand for premium seating products and food and beverage preparation and storage equipment associated with robust wide body aircraft deliveries was particularly strong. In addition, orders at our consumables management segment and in our commercial aircraft spares business marked a solid upturn during the quarter as compared with the prior year period."