B/E Aerospace BEAV today announced third quarter 2010 financial results.
THIRD QUARTER 2010 HIGHLIGHTS VERSUS THIRD QUARTER PRIOR YEAR
- Revenues of $495.0 million increased 7.7 percent.
- Operating earnings of $83.4 million increased 19.8 percent. Operating margin of 16.8 percent expanded 170 basis points.
- Earnings before income taxes increased 32.0 percent.
- Net earnings and earnings per diluted share were $41.0 million and $0.41 per share, up 13.6 percent and 13.9 percent, respectively.
- Free cash flow was $62.8 million and represented a free cash flow conversion ratio of 153 percent.
- The third quarter book to bill ratio was 1.1 to 1 and was in excess of one for the fourth consecutive quarter.
- The company issued $650 million of 6 7/8 percent senior unsecured notes due 2020 on September 16, 2010.
- The company signed definitive agreements to acquire the TSI Group, Inc. (TSI) on October 4, 2010 and Satair's aerospace fastener distribution business on October 25, 2010.
- The company raises 2010 full-year adjusted operational net earnings per diluted share guidance to approximately $1.56 per share (see outlook section of news release).
- The company issues full-year 2011 net earnings per diluted share guidance of approximately $1.90 - $1.95, an increase of approximately 25 percent as compared with expected 2010 adjusted net earnings per share.
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