10/23/2013 10:24:00 AM
NEWS BRIEFS
B/E Aerospace Fastener Segment Sales Rise
B/E Aerospace reported revenues in its Consumables Management segment (CMS), primarily fasteners, increased 7.3% to $317.4 million in the third quarter of 2013, while operating earnings, adjusted to exclude AIT costs of $6.9 million, rose 11% to $65.7. Q3 adjusted operating margin was 20.7%, an increase of 70 basis points as compared with the prior year period.
“CMS pro forma aftermarket revenues and bookings, giving effect to acquisitions as if they occurred on January 1, 2012, increased at a double-digit rate during the quarter. CMS pro forma revenues increased 5.3% exclusive of sales to its defense and business jet customers,” the company stated.
On a GAAP basis, operating earnings, including AIT costs of $6.9 million, were $58.8 million and increased 7.7% and were 18.5% of sales.
During Q3 B/E Aerospace initiated an expansion of its consumables management segment into the oil and gas services industry via the $75 million acquisition of Blue Dot, a provider of parts distribution, rental equipment, and on-site services. The company plans to provide products and services to remote drilling sites.
Nine-month CMS revenue gained 10.1% to $956.8 million, with operating earnings up 14.2% to $184.9 million. Operating margin of 19.3% expanded 70 basis points.
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