B/E Aerospace Q1 Profit Increases, Results Top Estimates; Updates 2014 Outlook

(RTTNews) - B/E Aerospace, Inc. (BEAV), a manufacturer of aircraft cabin interior products and provider of aerospace fasteners, consumables and logistics services, reported that net earnings for the first quarter of 2014 increased to $109.0 million from the prior year's $89.9 million, with earnings per share improving to $1.05 from $0.87 last year.

Quarterly net earnings, excluding acquisition costs, for the latest-quarter were $110.5 million or $1.06 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose to $1.011 billion from $842.2 million last year. Wall Street expected revenues of $960.25 million.

Looking ahead for fiscal 2014, the company now expects 2014 earnings per share of approximately $4.30 per share, exclusive of acquisition related costs, representing an increase of approximately 22 percent as compared to 2013 earnings per share. The company said in January that it expected earnings per share for the year 2014 to be $4.25, reflecting around 21 percent increase over 2013.

Annual revenues are now expected to be in excess of $4.0 billion.

Street currently is looking for fiscal year 2014 earnings of $4.36 per share on annual revenues of $4.03 billion.

The company expects continued strong bookings in 2014 driven by the Company's record backlog, the robust wide-body aircraft delivery outlook, bookings from prior SFE awarded programs, and a recovery in aftermarket demand.