B/E Aerospace Sees Record Fastener Sales
B/E Aerospace Sees Record Fastener Sales
Jason Sandefur
B/E Aerospace reported its distribution segment, including fasteners, generated an 83% jump in sales to a record $78.5 million during the fourth quarter of 2006. Segment operating earnings soared 65.5% to $13.9 million despite the “temporary drag on margins” caused by the third quarter acquisition of New York Fasteners Corp. for about $66.5 million in cash.
“The distribution segment operating margin is expected to gradually recover during the course of the year as the integration of NYF is completed,” the company stated.
Full-year distribution sales grew 44.6% to $251.5 million, while operating income gained 44.4% to $50.4 million, “reflecting further operating efficiencies at the higher sales level.”
Overall revenue during 2006 improved 33.7% to $1.1 billion, which included organic growth of 27.5%. Operating earnings rose 58.4% to $148.3 million. Web: beaerospace.com �2007 FastenerNews.com
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