B/E Aerospace Q4 Earnings Grow, Yet Miss Estimates; Guides 2014 EPS Below Street

(RTTNews) - B/E Aerospace, Inc. (BEAV), a manufacturer of aircraft cabin interior products and provider of aerospace fasteners, consumables, and logistic services, Thursday reported a rise in fourth-quarter earnings primarily due to a strong commercial aircraft delivery cycle, growth in wide-body aircraft deliveries, and higher shipments of supplier furnished equipment products from backlog. However, the earnings missed analysts' estimates by a penny. In addition, the company issued guidance for 2014 earnings per share, which were below Street view.

The company reported net earnings of $90.6 million, or $0.87 per share, compared with $75.2 million, or $0.73 per share, a year ago.

Excluding certain items, earnings for the quarter totaled $94.3 million or $0.90 per share. On average, 19 analysts polled by Thomson-Reuters had estimated the company's earnings to be $0.91 for the quarter. Analysts' estimates typically exclude one-time items.

B/E Aerospace's revenues increased 12.4 percent to $903.1 million from $803.2 million a year ago. Analysts had expected the company to report revenue of $890.94 million. Commercial aircraft revenues rose by 19.6 percent to $476.9 million from $398.6 million a year ago.

Looking ahead, the company expects earning per share for the the year 2014 to be $4.25, reflecting around 21 percent increase over 2013. Analysts expect earnings per share of $4.36 for the year.

CEO Amin Khouri said, "Our total backlog, both booked and awarded but unbooked, of approximately $8.8 billion, our expectation for robust wide-body aircraft deliveries, our expectation of strong revenue growth from our SFE program deliveries, and the expectation for continued growth in global passenger travel, all provide a basis for our expectation of continued strong revenue growth."