B/E Aerospace Sales Down
B/E Aerospace Sales Down
Jason Sandefur
B/E Aerospace Inc. reported net sales for the 10-month period ended Dec. 31, 2002, fell 22% to $503.6 million. Starting this year, the company will report on a calendar-year schedule.
Fastener sales for the company�s M&M Aerospace Hardware division, based in Miami, fell 11.8% to $78 million.
For the period, B/E Aerospace reported a net loss of $70.8 million, which included $39.5 million in restructuring costs. B/E Aerospace closed four plants during the period, eliminating about 1,000 jobs. A fifth plant is expected to close by mid-2003, cutting 400 more jobs and completing a 30% overall reduction in manufacturing facilities and positions.
The period net loss represents a 21% improvement over the $90 million net loss for the comparable period ended Dec. 31, 2001.
CEO Robert Khoury predicted war worries concerning Iraq will continue to depress the aerospace industry.
Welllington, FL-based B/E Aerospace manufactures commercial and business aircraft cabin interior products and distributes aftermarket aerospace fasteners. Web: beaerospace.com �2003 FastenerNews.com
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