B/E Aerospace Announces Record First Quarter 2014 Bookings; Raises 2014 Financial Guidance

by B/E Aerospace from press release

2014/03/31 | 306 words | AVIATION WORLD NEWS | SPACE

B/E Aerospace, Inc. (Nasdaq:BEAV), the world’s leading manufacturer of aircraft cabin interior products and the world’s leading provider of aerospace fasteners, consumables, and logistics services, today announced that it has won super first class, business class, and main cabin seating awards from 7 major international airlines. The awards are initially valued at approximately $600 million and are for both new-buy and retrofit programs.

The first quarter of 2014 will mark a quarterly bookings record for the Company and a record for the most commercial aircraft seating awards in any one quarter in the Company’s history. The seating programs will outfit B777 and B787, and A350, A380, and A319 aircraft.

Amin J. Khoury, Founder, Chairman and Chief Executive Officer of B/E Aerospace stated, “Today’s record multiple seating awards announcement highlights our continued focus on innovation and further solidifies our position as the market leader for commercial aircraft seating for the airline industry. These seating awards will drive first quarter 2014 bookings to a record level for any quarter.”

Separately, the Company also announced that it has agreed to acquire Vision Oil Tools, LLC (Vision), a provider of oilfield rental equipment and services.

Mr. Khoury stated, “The acquisition of Vision, headquartered in Houston, TX, continues our initiative to expand our consumables management segment into the oilfield rental equipment, logistics and services business. Vision establishes a new geographical base of operations in the North Dakota (Williston/Bakken) and Rocky Mountain regions. The transaction is expected to close during the second quarter of 2014, subject to Hart-Scott-Rodino review. The acquisition purchase price, including expenses, is expected to be approximately $145 million. An additional payment of approximately $35 million may be paid in 2015 subject to Vision achieving certain financial results during 2014.”

Mr. Khoury concluded, “We are today raising our 2014 earnings guidance to approximately $4.30 per diluted share, exclusive of acquisition related expenses.”

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