B/E Aerospace reported Wednesday that it narrowed its losses for the third quarter and is on track to turn a profit in 2005.
Florida-based B/E, parent company of Flight Structures Inc. of Marysville, reported a net loss of $2.7 million for the quarter, down from a loss of $9.1 million in the same period of 2003. On a per-share basis, the loss was 7 cents, down from 25 cents.
Sales for the year grew 19 percent to $183.5 million, up from $154.5 million, the company said.
The company, which has facilities in Europe, said it was hurt by the weak U.S. dollar. B/E makes sales in dollars but pays its workers and many other bills in euros or British pounds. B/E also diverted money to pay off debts during the quarter.
However, the company’s order backlog is increasing, growing 23 percent over the past year, said Robert Khoury, B/E’s president and chief executive.
Given that, he believes “we are on target to deliver an increase in revenues and strong growth in profitability in 2005, with an acceleration of revenue and earnings growth in 2006,” Khoury said in a statement.
B/E projects earnings of about 50 cents a share for 2005, and about $1 a share in 2006, the company said.
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