B/E Aerospace 1Q net income rises 31 percent
B/E Aerospace 1st-quarter income grew 31 percent on stronger demand for new planes
WELLINGTON, Fla. (AP) -- B/E Aerospace Inc., which makes products for aircraft cabins, said Monday that its net income rose 31 percent in the first quarter on improved demand for new planes.
The Wellington, Fla., company's profit grew to $89.9 million, or 87 cents per share, from $68.8 million, or 67 cents per share. Revenue rose 13 percent, to $842.2 million from $747.3 million.
Analysts were expecting net income of 73 cents per share and $803.1 million in revenue, according to FactSet.
The company's commercial aircraft revenue rose 12 percent, to $420 million. Business jet revenue rose 11 percent, to $95.5 million. Revenue in an airplane parts division rose 14 percent, to $326.7 million.
"Our revenue growth continues to be driven primarily by the robust new aircraft delivery cycle," said CEO Amin Khoury. He said demand for new planes drove 61 percent of revenue in the first quarter, while the market for replacement parts remained weak.
The company is still expecting net income of $3.45 per share and $3.35 billion in revenue in 2013. Analysts are forecasting $3.46 per share and $3.39 billion in revenue on average.
B/E Aerospace shares rose 85 cents, or 1.4 percent, to $59.73 in morning trading.
