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

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 fourth quarter and full year 2012 financial results.

FOURTH QUARTER 2012 HIGHLIGHTS VERSUS FOURTH QUARTER PRIOR YEAR
  • Revenues of $803.2 million increased 22.7 percent.
  • Operating earnings were $138.1 million, an increase of 26.6 percent, and operating margin of 17.2 percent increased 50 basis points.
  • Net earnings and earnings per diluted share were $75.2 million and $0.73 per share, increases of 31.2 percent and 30.4 percent, respectively.

FULL YEAR 2012 HIGHLIGHTS VERSUS FULL YEAR 2011
  • Revenues of $3.085 billion increased 23.4 percent.
  • Operating earnings were $540.0 million, an increase of 26.2 percent, and operating margin of 17.5 percent increased 40 basis points.
  • Net earnings and earnings per diluted share, adjusted to exclude debt prepayment costs, were $291.3 million and $2.83 per share, reflecting increases of 27.9 percent and 26.3 percent, respectively.
  • Net earnings and earnings per diluted share, on a GAAP basis to include debt prepayment costs, were $233.7 million and $2.27 per share.

2013 FINANCIAL GUIDANCE
  • The Company is increasing its 2013 earnings per share (EPS) guidance by $0.07 per share to approximately $3.45 per diluted share, representing an increase in EPS of approximately 22 percent as compared to 2012 EPS (2012 EPS adjusted to exclude debt prepayment costs).

FOURTH QUARTER CONSOLIDATED RESULTS

Fourth quarter 2012 revenues of $803.2 million increased $148.5 million, or 22.7 percent, as compared with the prior year period.

Operating earnings were $138.1 million, an increase of 26.6 percent, and operating margin of 17.2 percent increased 50 basis points. The growth in operating earnings and the improvement in operating margin occurred primarily as a result of operating leverage at the higher sales volume and ongoing operational efficiency initiatives. Operating earnings and operating margin, adjusted to exclude acquisition, integration and transition (AIT) costs, were $142.2 million and 17.7 percent.

If you liked this article you might like

EU Expected to Approve Rockwell Collins Bid for B/E Aerospace

5 Things You Must Know Before the Market Opens Thursday

Here's Who Killed It in October Dealmaking Advice

Rockwell Collins Gambles on B/E at Top of Cycle

Jim Cramer's 'Mad Money' Recap: The Three Faces of the Stock Market