B/E Aerospace announces 4Q results
B/E Aerospace, a leading manufacturer of aircraft cabin interior products and distributor of aerospace fasteners and consumables, has announced fourth quarter financial results.
Fourth quarter 2009 revenues of $479.4m declined by $47.4m, or nine per cent, compared with fourth quarter 2008 revenues of $526.8m. The decrease was primarily due to a lower level of demand for consumables products and commercial aircraft spares as a result of reduced activity at maintenance facilities, reduced aircraft capacity, and a decrease in revenue passenger miles flown. Fourth quarter 2009 operating earnings of $71.9m declined 20.8 per cent, compared with fourth quarter 2008 operating earnings of $90.8m. Adjusting both periods to exclude foreign exchange effects and AIT costs, fourth quarter 2009 adjusted operating earnings of $77.1m declined 9.4 per cent and the adjusted operating margin of 16.1 per cent was essentially flat as compared with the prior year period.
