B/E Aerospace Comments on Impact of A380 Delays; Reaffirms Raised 2006 Guidance, Sees Robust Earnings Growth for 2007 Through 20
September 21 2006 - 11:43AM
Business Wire
B/E Aerospace, Inc. (NASDAQ:BEAV), the world's leading manufacturer
of aircraft cabin interior products and a leading aftermarket
distributor of aerospace fasteners, in response to specific
inquiries that the company has received, today commented on the
impact of delivery schedule changes for Airbus A380 aircraft. B/E
expects A380 delivery delays to negatively impact its revenue and
earnings in 2006, particularly its new Super First Class product
offering. Notwithstanding the impact on this product line,
above-plan performance in several of the company's other product
lines is offsetting underperformance of the Super First Class
product line. Accordingly, the company confirmed its recently
raised 2006 earnings guidance of $1.19 per diluted share (before
debt prepayment costs of approximately $0.16 per diluted share).
Commenting on the company's outlook, Mr. Amin J. Khoury, Chairman
and Chief Executive Officer of B/E Aerospace, Inc. said, "The size
and quality of our backlog and our expanding margins underpin our
expectations for a near tripling of pretax earnings for the full
year 2006. We are, therefore, reaffirming our earnings guidance of
$1.19 per diluted share for 2006, exclusive of the after-tax impact
of debt prepayment costs of approximately $0.16 per diluted share."
"Our record backlog, a protracted new aircraft delivery cycle
particularly with respect to wide-body aircraft and our
expectations for continued margin expansion provide us with
excellent visibility into 2007 and beyond and further bolster our
confidence in the outlook for the next several years. Consequently,
we expect earnings per share to grow at a strong double-digit
annual rate in 2007, 2008 and 2009, driven by strong revenue growth
and continued margin expansion. As stated earlier, the company
plans to provide more specific 2007-2009 financial guidance in late
October consistent with its long-term planning cycle," concluded
Mr. Khoury. This news release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements involve risks and uncertainties. B/E's
actual experience may differ materially from that anticipated in
such statements. Factors that might cause such a difference include
those discussed in B/E's filings with the Securities and Exchange
Commission, including but not limited to its most recent proxy
statement, Form 10-K and Form 10-Q. For more information, see the
section entitled "Forward-Looking Statements" contained in B/E's
Form 10-K and in other filings. The forward-looking statements
included in this news release are made only as of the date of this
news release and, except as required by federal securities laws, we
do not intend to publicly update or revise any forward-looking
statements to reflect subsequent events or circumstances. About B/E
Aerospace, Inc. B/E Aerospace, Inc. is the world's leading
manufacturer of aircraft cabin interior products, and a leading
aftermarket distributor of aerospace fasteners. B/E designs,
develops and manufactures a broad range of products for both
commercial aircraft and business jets. B/E manufactured products
include aircraft cabin seating, lighting, oxygen, and food and
beverage preparation and storage equipment. The company also
provides cabin interior design, reconfiguration and
passenger-to-freighter conversion services. Products for the
existing aircraft fleet - the aftermarket - generate about 60
percent of sales. B/E sells and supports its products through its
own global direct sales and product support organization. For more
information, visit B/E's website at http://www.beaerospace.com.
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