April 23, 2012

B/E Aerospace reports record first quarter 2012 results

B/E Aerospace reported first quarter 2012 revenues of $747.3m, an increase of $147.1m as compared with the same period of the prior year. Pro forma revenue growth, giving effect to all 2011 and 2012 acquisitions as if they had occurred on January 1, 2011, was 16.9%. First quarter 2012 operating earnings increased 29.7% on the aforementioned 24.5% increase in revenues. Operating margin was 17.4% and expanded 70 basis points as compared with the prior year period. Operating earnings, adjusted to exclude acquisition, integration and transition (AIT) costs, were $134.1m, an increase of 34.0%, and adjusted operating margin of 17.9% expanded 120 basis points. Operating earnings growth and operating margin expansion were driven by the higher sales volume, improved revenue mix and ongoing operational efficiency initiatives. First quarter 2012 net earnings were $68.8m an increases of 36.8%, as compared with the first quarter of 2011. First quarter 2012 free cash flow of $24.4m reflects a $66.7m investment in inventories, exclusive of acquired inventories, to support the Company’s expected revenue growth. Full year 2012 free cash flow conversion ratio is expected to be approximately 80 to 85% of net earnings.

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