Oct 24, 2016: B/E Aerospace, Inc. (the “Company”) (NASDAQ: BEAV), the world’s leading manufacturer of aircraft cabin interior products, has announced its third quarter 2016 financial results and raised its full year guidance for 2016.
On a consolidated GAAP basis, third quarter 2016 revenue organic growth was 8 percent, operating earnings increased 76 percent, operating margin was 18.0 percent and net earnings and net earnings per diluted share increased 82 percent and 89 percent, respectively, as compared with the third quarter of 2015.
The Company’s prior year third quarter results included after-tax charges totaling $30.5 million, or $0.29 per share, related to its 2015 cost reduction program.
The third quarter 2016 performance in comparison to the prior year period highlights revenues of $733 million reflecting organic revenue growth of 8 percent; strong bookings and program awards of approximately $1.4 billion; book-to-bill of 1.15 to 1; operating earnings of $132 million increased 6 percent and operating margin was 18.0 percent; net earnings per diluted share were $0.83 and increased 14 percent.
The Company now expects a full year 2016 revenue growth rate of approximately 6 percent and has raised its 2016 full year net earnings and net earnings per diluted share guidance to approximately $330 million and approximately $3.28 per share, respectively.
“I am pleased to report our strong third quarter results, as we continue to execute on our plan to deliver sustained revenue growth, with earnings per share growth that exceeds revenue growth. Third quarter revenues increased 8 percent driven by double-digit organic revenue growth at our commercial aircraft segment. Third quarter earnings per share increased 14 percent reflecting robust organic revenue growth and the ongoing benefits from our capital allocation program. We are today increasing our 2016 financial guidance,” stated Amin J. Khoury, Executive Chairman of B/E Aerospace.