B/E Aerospace revenue down 11.5% in 1Q2010, raises FY2010 guidance

B/E Aerospace revenue down 11.5% - financial highlights for the three months ended 31-Mar-2010:

• Total revenue: USD463.5 million, -11.5% year-on-year;
  • Commercial aircraft: USD230.1 million, +1.9%;
• Cost of sales: USD295.7 million, -14.8%;
• Operating profit: USD72.0 million, -10.8%;
  • Commercial aircraft: USD33.8 million, +18.6%;
• Profit before tax: USD51.2 million, -12.0%;
• Net profit: USD33.8 million, -10.8%;
• Order backlog: USD2,700 million, +2% when compared to period ended 31-Dec-2009;
• 2010 Outlook:
  • Revenue: -2% year-on-year. [more]

B/E Aerospace: "As a result of improving global air traffic and airline yields, and better than expected performance during the first quarter of 2010, we are raising our 2010 full year earnings per share guidance by USD0.05 per diluted share to approximately USD1.45 per diluted share. Second quarter 2010 earnings per diluted share are expected to be approximately USD0.36 … our expectation for a higher level of demand for commercial aircraft segment spares and consumables should contribute toward favourable year-over-year quarterly operating earnings comparisons at the commercial aircraft and consumables management segments beginning in the second quarter of 2010. Importantly, based upon our expectation of an expansion in orders and backlog and a recovery in our commercial aircraft segment spares and consumables businesses during 2010, we expect a significant increase in revenues, earnings and cash flows beginning in 2011," Amin Khoury, Chairman and CEO. Source: B/E Aerospace, 27-Apr-2010.