B/E Aerospace 3Q profit falls on costs, revenue up
WELLINGTON, Fla. -- B/E Aerospace Inc., which makes products for aircraft cabins, said Tuesday that third-quarter income fell 72 percent on acquisition and debt-prepayment costs.
Revenue rose 21 percent as the company benefited from a glut of orders for new aircraft from airlines.
The company raised its forecast for full-year earnings, excluding debt-prepayment costs, to $2.82 per share from $2.65 per share. Analysts expected $2.76 per share.
Second-quarter net income was $18.5 million, or 18 cents per share, compared with $65.4 million, or 64 cents per share, a year earlier.
The company said that excluding acquisition costs and other items it would have earned 77 cents per share. Analysts, who usually exclude items, expected 70 cents per share, according to FactSet.
Revenue rose to $766.7 million from $636 million. Analysts forecast $765.2 million. About half the increase came from acquisitions.
Sales on the commercial aircraft segment rose almost 16 percent to $385.6 million. Business jet segment sales were up 33 percent at $85.3 million.
B/E Aerospace shares rose 15 cents to $43.69 in morning trading.