WELLINGTON, Fla. — B/E Aerospace, Inc. (NASDAQ: BEAV), a manufacturer of aircraft cabin interior products and the world’s leading provider of aerospace fasteners, consumables and logistics services, announced Wednesday its third quarter 2014 financial results.
Third quarter 2014 revenues of $1.1 billion increased 24.1 percent as compared with the prior year period.
Third quarter 2014 operating earnings were $203.8 million, an increase of 26.0 percent, and operating margin of 18.5 percent increased 30 basis points as compared with the prior year period. On a GAAP basis, operating earnings were $148.5 million.
Third quarter 2014 net earnings and earnings per diluted share were $121.3 and $1.16 per share, representing increases of 29.2 percent and 28.9 percent, respectively, as compared with the prior year period. On a GAAP basis, net earnings and earnings per diluted share were $102.2 million and $0.98 per share.
For the nine months ended Sept. 30, revenues of $3.2 billion increased 24.1 percent as compared with the prior year period.
For the nine months ended Sept. 30, operating earnings were $587.1 million, an increase of 23.8 percent. Operating margin was 18.3 percent. On a GAAP basis, operating earnings were $516.8 million.
Commenting on the Company’s recent performance, Amin J. Khoury, Chairman and Chief Executive Officer of B/E Aerospace said, “Today we reported strong third quarter 2014 operating results, exclusive of the aforementioned charges. In addition, we reported our best ever awards and orders for the nine month year-to-date period for our commercial aircraft and business jet segments. New business awards increased approximately 65 percent for the nine month period as compared with the prior year period. The vast majority of awards and orders won during the nine month year-to-date period are scheduled for delivery in the 2017/2018 period.”
Mr. Khoury continued, “Lastly, we currently estimate that during the second half of 2014 we will incur costs associated with debt redemption, professional fees, business repositioning, separation and international tax initiatives of approximately $439 million (approximately $366 million on an after-tax basis) of which approximately $55 million of pretax charges were reported in the third quarter. The recognition of the charges and the actions which they portend are setting the stage for sustainable earnings growth for each of our two businesses in the coming years as standalone businesses.”