B/E Aerospace reports record first quarter 2014 financial results

B/E Aerospace’s first quarter 2014 revenues of $1.01bn increased 20.1% as compared with the prior year period. First quarter 2014 operating earnings, excluding $2.2m of costs related to first quarter acquisitions, were $185.2m, an increase of 20.6%. Operating margin, adjusted to exclude acquisition costs, was 18.3% and increased 10 basis points as compared to the prior year period. On a GAAP basis, operating earnings of $183.0m increased 19.1%. First quarter 2014 earnings before income tax, excluding first quarter acquisition costs, were $154.6m, an increase of 25.7%. On a GAAP basis, earnings before income tax increased 23.9%. First quarter 2014 net earnings and earnings per diluted share, excluding first quarter acquisition costs, were $110.5m and $1.06 per share, representing increases of 22.9% and 21.8%, respectively, as compared with the prior year period. First quarter 2014 commercial aircraft segment (CAS) revenues increased 24.6% while operating earnings of $93.1m increased 25.5% as compared with the prior year period. Operating margin of 17.8% increased 10 basis points. First quarter 2014 business jet segment (BJS) revenues increased 26.9% while operating earnings of $21.1m increased 44.5% as compared with the prior year period. Operating margin of 17.4% expanded 210 basis points as compared with the prior year period, reflecting an improved mix of revenues and ongoing operational efficiency initiatives.