3-Feb-2010 11:48 AM

B/E Aerospace 4Q2009 revenue down 9%, expects revenue to bounce back in 2011

B/E Aerospace revenue down 9% - financial highlights:

  • Three months ended 31-Dec-2009:
    • Total revenue: USD479.4 million, -9.0% year-on-year;
      • Commercial aircraft: USd239.0 million, +2.5%;
    • Operating profit: USD71.9 million, -20.8%;
      • Commercial aircraft: USD31.1 million, -7.2%;
  • 12 months ended 31-Dec-2009:
    • Total revenue: USD1,938 million, -21.1%;
      • Commercial aircraft: USD911.3 million, -20.0%;
    • Operating profit: USD296.1 million, -24.8%;
      • Commercial aircraft: USD121.0 million, -23.4%;
  • 2010 Forecast:
    • Revenue: USD1,850 million, -4.5%. [more]

BE Aerospace: "Looking forward, we expect first quarter and full year 2010 earnings per diluted share of approximately USD0.32 and USD1.40, respectively. In addition, we expect favorable quarterly earnings comparisons to 2009 beginning in the second quarter of 2010 and to generate free cash flow in excess of 100 percent of net earnings for the full year 2010. Importantly, based upon discussions with a number of our major customers relative to their planned commercial aircraft spares purchases, along with a marked pick-up in request for quote activity (RFQ), as well as the conversion of a portion of the supplier furnished equipment (SFE) programs awards, which we have already won to purchase orders, we expect a book-to-bill ratio for the full year in excess of 1 to 1 which we believe will drive a significant increase in revenues, earnings and cash flows beginning in 2011,” Amin J. Khoury, Chairman and Chief Executive Officer. Source: BE Aerospace, 02-Feb-2010.

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