B/E Aerospace returned to profitability in the first quarter, as a rebound in aircraft orders generated new business for the jet interiors supplier.
B/E – the parent company of Flight Structures Inc. of Marysville – reported a profit of $4.1 million for the quarter, compared to a $71 million loss in the first quarter of 2004.
On a per-share basis, the company earned 7 cents, after showing a loss of 21 cents in the same quarter last year.
The company said its first-quarter revenues were up 12 percent, to $196.5 million. It booked $255 million in new business during the quarter, which was up 36 percent from the same quarter in 2004. The orders backlog was at $760 million, up 48 percent to set a new record.
B/E had struggled since the 2001 terror attacks, showing steady losses as the entire industry struggled. The company reported a $53.5 million loss for 2003, and a $22 million loss in 2004.
But the company reported record sales in the fourth quarter of 2004, and in the first months of 2005, it took orders from 10 more airlines for its new aircraft seats, including its MiniPod-brand seats, which lie flat.
The major Asian, Middle Eastern and European airlines are financially healthy, and all of them have fleets of widebody jets for which they’re ordering new seats, the company said.
Company officials told investors they expect to grow revenue by about 10 percent this year, with growth in its commercial jet and business jet segments.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
