B/E Aerospace To Record Q3 Charges On Cost Reduction Initiatives - Quick Facts

(RTTNews) - B/E Aerospace, Inc. (BEAV), the world's leading manufacturer of aircraft cabin interior products, announced it expects to recognize charges during the third quarter associated with its cost reduction program. The company plans to close several facilities, consolidate certain product lines and reduce headcount by approximately 450 employees. Total after-tax charges for the associated activities are expected to be approximately $30 million.

"These initiatives are expected to reduce costs and improve efficiencies which are necessary due to the slower revenue growth expected in 2015 and 2016," said Amin Khoury, Executive Chairman of B/E Aerospace.

The company continues to expect 2015 revenues and net earnings per share to be approximately $2.8 billion and approximately $3.03 respectively, exclusive of the charges associated with the initiatives. The company continues to expect 2016 revenues to be one to two percent higher as compared with 2015 followed by a strong acceleration in the 2017 revenue growth rate.