7/27/2010
NEWS BRIEFS
B/E Aerospace Fastener Profit Rises
Six-month revenue had double-digit drop
B/E Aerospace’s fastener business, Consumables Management, improved its earnings during the second quarter, boosted by “significant margin expansion.” Operating earnings gained 6.7% to $38.2 million despite a 1.8% drop in sales during Q2. Sequentially, second quarter 2010 CMS revenues increased 3.8% as compared with the previous quarter.
Six-month CMS revenues dropped 13% to $379.2 million, but bookings in the first half of 2010 increased more than 10% sequentially. First half operating earnings declined 9.9%, though earnings increased 10.6% on a 4.7% increase in revenues sequentially.
Overall Q2 revenue dropped 5.1% to $947.4 million, with earnings slipping 2.5% to $150.8 million.
“Based upon our expectation of a continued expansion in orders and backlog and a continued recovery in our commercial aircraft segment spares and consumables businesses during 2010 as well as higher levels of wide-body aircraft deliveries in 2011, we expect a significant increase in revenues, earnings and cash flows beginning in 2011,” stated CEO Amin Khoury.
During 2009 B/E Aerospace sales dipped 21% to $1.94 billion, with earnings down 25% to $296.1 million. ©2010 GlobalFastenerNews.com
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