July 25, 2011
B/E Aerospace second quarter 2011 results exceed expectations
B/E Aerospace reported that second quarter 2011 revenues of $608.9 million increased $125.0 million as compared with the same period of the prior year. Second quarter 2011 results reflect the acquisitions of TSI Group, Satair A/S’s aerospace fastener distribution business and LaSalle Lighting (recent acquisitions). Revenue growth for the second quarter of 2011, excluding recent acquisitions from both periods, was approximately 12.8%. Second quarter 2011 operating earnings of $106.7 million increased 35.4% on the aforementioned 25.8% increase in revenues. Operating margin was 17.5% and expanded 120 basis points as compared with the prior year period. Operating earnings growth and operating margin expansion were driven by the higher sales volume, improved revenue mix and ongoing operational efficiency initiatives. Second quarter 2011 net earnings were $54.8 million.