B/E Aerospace Q3 Profit Down On Charges, Revenues Up 4%; Reaffirms 2015 Guidance

(RTTNews) - B/E Aerospace, Inc. (BEAV), the world's leading manufacturer of aircraft cabin interior products, reported third-quarter net earnings from continuing operations of $45.8 million or $0.44 per share compared to $49.2 million or $0.47 per share, last year. The company recognized an after-tax charge of $30.5 million, or $0.29 per share, during the quarter, associated with its previously announced cost reduction program. Adjusted earnings from continuing operations was $76.7 million or $0.73 per share, for the quarter.

Third quarter 2015 revenues of $679.8 million increased 4.0 percent as compared with the prior year period. On a constant currency basis revenues increased approximately 4.9 percent.

B/E Aerospace maintained its prior guidance for 2015 and 2016. Exclusive of the third quarter charge, the company maintained its 2015 expectation of approximately $2.8 billion in revenues, operating margin in excess of 18 percent, and net earnings per share of approximately $3.03 per share.

B/E Aerospace continues to expect 2016 revenues to be 1 to 2 percent higher than 2015 revenues. 2016 net earnings per share are expected to increase approximately 5 percent to approximately $3.15 to $3.20 per share. The company also continues to expect to increase dividend by approximately 10 percent in 2016.

For 2017, B/E Aerospace expects to return to a strong revenue growth rate with revenues expected to increase approximately 7.5 percent as compared with 2016. The company expects earnings per share growth in the low to mid-teens as compared with 2016.