B/E Aerospace 1Q2011 results exceed expectations
B/E Aerospace stated (25-Apr-2011) its 1Q2011 financial results "exceeded expectations". The company's revenues of USD600.2 million increased 29.5% year-on-year. Operating profits increased 39.0% to USD100.1 million for an operating margin of 16.7% which expanded by 120 basis points. Net profit was USD50.3 million in the quarter. First quarter bookings of approximately USD756 million were a record for any quarter and were approximately 48% greater than the same period of the prior year. First quarter orders included double digit increases for both commercial aircraft spares and consumables. Meanwhile, teh company has raised its full year 2011 earnings per share guidance by USD0.05 per share to approximately USD2.00 per diluted share. [more]
B/E Aerosapce: "Our first quarter results included record quarterly bookings, up 48%, revenues up 30%, operating earnings up 39% and earnings per share up 44%. The record bookings performance was driven by strong orders for a broad range of aircraft interior equipment for both new buy and aftermarket retrofit programs and a double-digit growth rate in consumables orders. The 30% revenue growth was driven by 35% revenue growth for the commercial aircraft segment and 24% revenue growth for the consumables management segment. The 120 basis point expansion in operating margin was driven by significant margin improvements in both the commercial aircraft and business jet segments, and the better than expected margin performance for our consumables management segment which reported only a 50 basis point decline in spite of the margin drag from the Satair acquisition. Based on our record backlog, both booked and awarded but unbooked, of approximately USD6.0 billion, our expectation for continued growth in passenger travel and attendant increases in capacity, and on our expectation of higher levels of wide-body aircraft deliveries in 2011, today we have raised our full year 2011 guidance to approximately USD2.00 per diluted share," Amin J Khoury, Chairman and Chief Executive Officer. Source: Company Statement, 25-Apr-2011.