2/2/2010
NEWS BRIEFS
B/E Aerospace Fastener Segment Sales Approach $800m
Sales at B/E Aerospace’s fastener business, Consumables Management, dropped 23.5% to $798.1 million on a proforma basis during 2009. The company said the decline “reflects reduced activity at airline and MRO maintenance facilities, reduced aircraft capacity, a decrease in revenue passenger miles flown, and substantially reduced activity at business jet manufacturers.”
Fastener segment operating earnings fell 21% to $170.8 million, excluding AIT costs.
Fourth-quarter fastener revenue slipped 22% to $181.1 million, while operating earnings shrank 30% to $34.3 million.
Overall B/E Aerospace sales dipped 21% to $1.94 billion, with earnings down 25% to $296.1 million.
B/E Aerospace said it expects to finish 2010 with lower sales and profit, while in 2011 the company expects a “significant increase in revenues, earnings and cash flows.” ©2010 GlobalFastenerNews.com
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