B/E Aerospace 3Q2009 revenue down 21.8%

B/E Aerospace revenue down 21.8% - consolidated financial highlights for the three months ended 30-Sep-2009:

• Revenue: USD459.8 million, -21.8% year-on-year;
  • Commercial aircraft: USD222.5 million, -26.0%;
• Cost of sales: USD297.7 million, -24.5%;
• Operating profit: USD69.6 million, -31.3%;
  • Commercial aircraft: USD29.8 million, -39.7%;
• Net profit: USD36.1 million, -30.3%;
• Order backlog: USD2,650 million, -9%. [more]

B/E Aerospace: "The global economic crisis appears to be abating; however, our global airline customers continue to suffer from high fuel costs, weak demand for passenger travel and significantly lower ticket prices, all of which have resulted in sharply lower yields. As we reported earlier, the airline industry's lower yields are forcing airlines and MROs to continue their stringent cash conservation measures, including retrofit program pushouts and aircraft refurbishment deferrals, which together with a significant decrease in revenue passenger miles (RPMs) and a significant reduction in aircraft capacity have caused the 26.9% decline in B/E Aerospace revenues during the third quarter…the company believes that the third quarter of 2009 represents the trough quarter for B/E Aerospace orders and backlog during this aerospace cycle downturn. However, we do not expect favorable quarterly earnings comparisons to the prior year periods to begin until the second quarter of 2010. And while the company expects relatively flat revenues and earnings in 2010 versus 2009, the company expects a substantial increase in both revenues and earnings in 2011," Amin Khoury, Chairman & CEO. Source: B/E Aerospace, 27-Oct-2009.