B/E Aerospace reports full year and 2014 financial results

B/E Aerospace reported 2014 revenues of US$2.6bn increased 18.0% as compared with the prior year.  Adjusted operating earnings were US$466.4m, an increase of 19.8% and adjusted operating margin of 17.9% increased 20 basis points as compared with the prior year. On a GAAP basis, operating earnings were US$384.0m. 2014 adjusted EBITDA of US$571.1m increased 21.1% as compared with the prior year. Adjusted net earnings and adjusted net earnings per diluted share were US$261.9 million and US$2.51 per share, representing increases of 26.3% and 25.5%, respectively, as compared with the prior year. On a GAAP basis, net earnings and net earnings per diluted share were US$57.7m and US$0.55 per share. Record bookings for 2014 were more than US$2.7bn and increased 21% as compared to the prior year. Backlog as of December 31st, 2014 was approximately US$3.0bn, while awarded but unbooked backlog was approximately US$5.0bn, bringing total backlog, both booked and awarded but unbooked, to approximately US$8.0bn. Commercial aircraft segment (“CAS”) revenues of US$2.06bn increased 15.4%, adjusted operating earnings of US$375.1m increased 17.1% and adjusted operating margin of 18.2% increased 30 basis points, as compared with the prior year. On a GAAP basis, CAS operating earnings were US$356.3 million. Business jet segment (“BJS”) revenues of US$540.1m increased 29.0%. Adjusted operating earnings were US$91.3m, an increase of 32.1%, and adjusted operating margin of 16.9% increased 40 basis points, as compared with the prior year. On a GAAP basis, BJS operating earnings were US$50.0m.