Fastener Sales Increase for B/E Aerospace
Fastener Sales Increase for B/E Aerospace
Jason Sandefur
Fastener sales for B/E Aerospace Inc. rose 11% to $26.3 million during the third quarter of 2003 due primarily to market share gain. Q3 operating earnings for fasteners reported a $300,000 loss. CEO Robert Khoury said the outlook for fastener distribution continues to improve.
Overall, B/E Aerospace recorded a Q3 net loss of $9.1 million, while sales rose 1% to $154.5 million.
For the first nine months of 2003, net sales grew 3% to $461 million, but profit dropped to a $34 million loss. Khoury said a steep decline in business jet sales affected overall results.B/E Aerospace will eliminate another 100 positions in its business jet segment as part of a consolidation effort begun in 2001.
Khoury summoned optimism for the next year.
“Recent trends seem to indicate that the airline industry may be
poised for recovery in 2004,” Khoury stated. “Time will tell the
extent to which the airlines will sustain and grow their recovery.
Nevertheless, B/E expects sequential improvements in margins and
bottom-line results for the fourth quarter and beyond.” Web: beaerospace.com �2003 FastenerNews.com
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