Delaware
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0-18348
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06-1209796
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(State or other
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(Commission File Number)
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(I.R.S. Employer
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jurisdiction of incorporation)
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Identification No.)
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1400 Corporate Center Way, Wellington, Florida
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33414-2105
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(Address of principal executive offices)
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(Zip Code)
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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99.1
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Press Release, dated April 26, 2016, issued by B/E Aerospace, Inc. announcing financial results for the quarter ended March 31, 2016.
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B/E AEROSPACE, INC. | ||||
By: | /s/ JOSEPH T. LOWER | |||
Name: | Joseph T. Lower | |||
Title: | Vice President and Chief Financial Officer | |||
Exhibit No.
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Description of Exhibits
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99.1
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Press Release, dated April 26, 2016, issued by B/E Aerospace, Inc. announcing financial results for the quarter ended March 31, 2016.
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News Release
|
|
CONTACT:
|
|
Greg Powell
|
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Vice President, Investor Relations
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B/E Aerospace, Inc.
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(561) 791-5000 ext. 1450
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·
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Revenues of $717 million increased 4 percent as compared with prior year period
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·
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Operating earnings of $129 million or 18.1 percent of revenues
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·
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Net earnings of $82.6 million increased 6 percent as compared with the prior year period
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·
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Net earnings per diluted share of $0.81 increased 10 percent as compared with prior year period
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·
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The Company repurchased $45 million of its shares
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·
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Increased quarterly dividend 10 percent to $0.21 per share
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REVENUES
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||||||||||||
($ in millions)
|
||||||||||||
Segment
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2016
|
2015
|
% Change
|
|||||||||
Commercial aircraft
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$ | 557.0 | $ | 526.1 | 5.9 | % | ||||||
Business jet
|
159.7 | 163.9 | -2.6 | % | ||||||||
Total
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$ | 716.7 | $ | 690.0 | 3.9 | % | ||||||
OPERATING EARNINGS
|
||||||||||||
($ in millions)
|
||||||||||||
Segment
|
2016 | 2015 |
% Change
|
|||||||||
Commercial aircraft
|
$ | 104.7 | $ | 98.4 | 6.4 | % | ||||||
Business jet
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24.7 | 27.3 | -9.5 | % | ||||||||
Total
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$ | 129.4 | $ | 125.7 | 2.9 | % |
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·
|
Revenues are expected to be approximately 4 percent higher than 2015 revenues,
|
|
·
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Operating margin is expected to be in excess of 18 percent,
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|
·
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Interest expense is expected to be approximately $92 million,
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|
·
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Net earnings per share are expected to be approximately $3.20 to $3.25 per diluted share, and
|
|
·
|
Free cash flow conversion ratio is expected to be approximately 75 percent of net earnings.
|
THREE MONTHS ENDED
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Revenues
|
$ | 716.7 | $ | 690.0 | ||||
Cost of sales
|
436.6 | 401.6 | ||||||
Selling, general and administrative
|
83.8 | 87.1 | ||||||
Research, development and engineering
|
66.9 | 75.6 | ||||||
Operating earnings
|
129.4 | 125.7 | ||||||
Operating earnings, as a percentage
of revenues |
18.1 | % | 18.2 | % | ||||
Interest expense, net
|
23.1 | 24.3 | ||||||
Earnings before income taxes
|
106.3 | 101.4 | ||||||
Income tax expense
|
23.7 | 23.8 | ||||||
Net earnings
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$ | 82.6 | $ | 77.6 | ||||
Net earnings per common share:
|
||||||||
Basic
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$ | 0.82 | $ | 0.74 | ||||
Diluted
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$ | 0.81 | $ | 0.74 | ||||
Weighted average common shares:
|
||||||||
Basic
|
101.1 | 104.5 | ||||||
Diluted
|
101.4 | 104.9 |
|
March 31,
|
December 31,
|
||||||
2016
|
2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 105.0 | $ | 154.1 | ||||
Accounts receivable
|
418.7 | 354.6 | ||||||
Inventories
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1,152.1 | 1,091.9 | ||||||
Other current assets
|
53.8 | 57.8 | ||||||
Total current assets
|
1,729.6 | 1,658.4 | ||||||
Long-term assets
|
1,489.5 | 1,482.5 | ||||||
$ | 3,219.1 | $ | 3,140.9 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Total current liabilities
|
$ | 831.7 | $ | 822.2 | ||||
Total long-term liabilities
|
2,294.0 | 2,263.2 | ||||||
Total stockholders’ equity
|
93.4 | 55.5 | ||||||
$ | 3,219.1 | $ | 3,140.9 |
Three Months Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
||||||
Net earnings
|
$ | 82.6 | $ | 77.6 | ||||
Adjustments to reconcile net earnings to net cash flows provided by
operating activities, net of effects from acquisitions: |
||||||||
Depreciation and amortization
|
21.4 | 20.4 | ||||||
Deferred income taxes
|
0.7 | 2.7 | ||||||
Non-cash compensation
|
8.3 | 6.8 | ||||||
Provision for doubtful accounts
|
0.5 | - | ||||||
Tax benefits realized from prior exercises of restricted stock
|
(0.2 | ) | (1.2 | ) | ||||
(Gain) loss on disposal of property and equipment
|
(0.2 | ) | 0.2 | |||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(62.3 | ) | (75.1 | ) | ||||
Inventories
|
(59.3 | ) | (61.2 | ) | ||||
Other current and non-current assets
|
6.0 | 40.3 | ||||||
Accounts payable and accrued liabilities
|
14.6 | 26.9 | ||||||
Net cash flows provided by operating activities
|
12.1 | 37.4 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Capital expenditures
|
(17.6 | ) | (25.3 | ) | ||||
Acquisitions, net of cash acquired
|
- | 4.0 | ||||||
Other
|
(0.9 | ) | (3.8 | ) | ||||
Net cash flows used in investing activities
|
(18.5 | ) | (25.1 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Purchase of treasury stock, including share repurchases
|
(46.7 | ) | (0.4 | ) | ||||
Tax benefits realized from prior exercises of restricted stock
|
0.2 | 1.2 | ||||||
Borrowings on line of credit
|
100.0 | - | ||||||
Repayments on line of credit
|
(75.0 | ) | - | |||||
Principal payments on long-term debt
|
- | (5.5 | ) | |||||
Dividends
|
(21.2 | ) | - | |||||
Net cash used in financing activities
|
(42.7 | ) | (4.7 | ) | ||||
Effect of foreign exchange rate changes on cash and
cash equivalents |
- | (4.7 | ) | |||||
Net (decrease) increase in cash and cash equivalents
|
(49.1 | ) | 2.9 | |||||
Cash and cash equivalents, beginning of period
|
154.1 | 292.5 | ||||||
Cash and cash equivalents, end of period
|
$ | 105.0 | $ | 295.4 |
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