2/3/2011 12:42:00 AM
NEWS BRIEFS
Strong Fastener Margin Expansion Boosts B/E Aerospace Profit
B/E Aerospace reported sales in its Consumables Management segment climbed 10.8% to $200.6 million during the fourth quarter of 2010.
Fourth quarter orders at CMS, exclusive of Satair, grew at a double-digit rate versus the fourth quarter of the prior year. Fourth quarter 2010 CMS adjusted operating earnings of $42.1 million increased 22.7% and adjusted operating margin of 21% increased by 210 basis points.
CMS operating earnings (on a GAAP basis) for the fourth quarter of 2010 were $37.7 million an increase of 9.9 percent as compared to the prior year period.
Full-year CMS revenues declined 3.2% to $772.9 million, “primarily as a result of lower revenues in the first quarter of 2010 as compared with the first quarter of 2009.”
CMS adjusted operating earnings and adjusted operating margin of $157.6 million and 20.4%, respectively, increased by $6.6 million and 150 basis points, respectively, as compared with the prior year.
Full year 2010 CMS operating earnings, as reported on a GAAP basis, were $153.2 million, up 1.5% as compared with 2009.
B/E Aerospace reported fourth quarter revenues grew 13% to $541.8 million due to a higher level of revenues reported by the consumables management segment (CMS) and by the commercial aircraft segment (CAS). The total reflects the recent acquisitions of TSI Group and Satair A/S’s aerospace fastener distribution business during the fourth quarter of 2010.
“Our fourth quarter adjusted operating earnings growth of 26.6% was driven by strong margin expansion by our consumables management segment (CMS) and by our commercial aircraft segment (CAS),” stated CEO Amin Khoury. ©2011 GlobalFastenerNews.com
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