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B/E Aerospace, Inc. (NASDAQ: BEAV), the world’s leading manufacturer of aircraft cabin interior products and the world’s leading provider of aerospace fasteners, consumables and logistics services, today announced its first quarter 2014 financial results.
FIRST QUARTER 2014 HIGHLIGHTS, EXCLUDING ACQUISITION COSTS, COMPARED WITH FIRST QUARTER PRIOR YEAR
Revenues of $1.01 billion increased 20 percent.
Operating earnings increased 21 percent.
Earnings before income tax increased 26 percent.
Earnings per diluted share were $1.06, an increase of 22 percent.
Record first quarter bookings of $1.1 billion increased 30 percent.
FIRST QUARTER CONSOLIDATED RESULTS
First quarter 2014 revenues of $1.01 billion increased 20.1 percent as compared with the prior year period.
First quarter 2014 operating earnings, excluding $2.2 million of costs related to first quarter acquisitions, were $185.2 million, an increase of 20.6 percent. Operating margin, adjusted to exclude acquisition costs, was 18.3 percent and increased 10 basis points as compared to the prior year period. On a GAAP basis, operating earnings of $183.0 million increased 19.1 percent.
First quarter 2014 earnings before income tax, excluding first quarter acquisition costs, were $154.6 million, an increase of 25.7 percent. On a GAAP basis, earnings before income tax increased 23.9 percent.
First quarter 2014 net earnings and earnings per diluted share, excluding first quarter acquisition costs, were $110.5 million and $1.06 per share, representing increases of 22.9 percent and 21.8 percent, respectively, as compared with the prior year period. The Company’s effective tax rate of 28.5 percent in the first quarter of 2014 was 160 basis points higher than the first quarter of 2013 due to the expiration of the research and development tax credit in 2014 and the timing of the adoption of the 2012 research and development tax credit in the first quarter of 2013. On a comparable tax rate basis, excluding first quarter acquisition costs, the Company’s earnings would have been $0.02 per diluted share higher for the first quarter of 2014. On a GAAP basis, net earnings and earnings per diluted share were $109.0 million and $1.05 per share, increases of 21.2 percent and 20.7 percent, respectively.