B/E Aerospace, the Florida-headquartered interiors maker and fasteners and consumables distributor, posted a 53% rise in full-year pre-tax profit to $323 million on sales up 26% to nearly $2.5 billion, ending 2011 with a record backlog and expectations for continued double-digit sales growth.
Commercial airliner cabin interiors led the growth, with sales up 31% to more than $1.3 billion and operating profit up 45% to $216 million. The fourth quarter was marked by "what might well have been our most important award ever" said chief executive Amin Khoury - Boeing's selection of B/E as its exclusive maker of modular lavatory systems for the Boeing 737 NG family and 737 Max, with an estimated value in excess of $800 million, exclusive of retrofit orders.
B/E's most profitable segment in 2011 was its fasteners and consumables management business, which returned a 19% operating margin. Profit was up nearly 20% to $183.1 million as sales, driven partly by acquisitions, gained 23% to $943.5 million.
In business jet interiors, profit more than doubled to $28.9 million as sales gained 19% to $254.3 million.
B/E's booked and awarded but unbooked backlog stands at $7.9 billion. Based on assumptions of rising widebody deliveries and solid aftermarket demand for retrofit, refurbishment and spares, management expects 2012 revenue growth of 18%, to $2.95 billion.
Source: Air Transport Intelligence news
