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B/E Aerospace, the manufacturer of aircraft cabin interior products, has been selected by four major global airlines to outfit their new Boeing 787 Dreamliner aircraft with next generation business and coach class seats.
The firm portion of these awards is initially valued at more than $100 million, and will increase to more than $150 million after expected orders for oxygen systems, passenger service units and various food and beverage products are confirmed in the coming weeks.
The seating programs include supplying Continental Airlines, Air China, Japan Airlines and an undisclosed leading carrier in the Asia-Pacific region with new business class seats for their Boeing 787 aircraft. In addition, B/E Aerospace will provide new generation coach class seating for Continental Airlines on their Boeing 787 aircraft.
“”Continental is among the most successful and highly respected global airlines, and is a new customer for our seating products business. As such, our dual class award is particularly gratifying, and validates the investments we have made to develop the most innovative and lightweight seating solutions for each of our customers,”” said Amin J. Khoury, Chairman and Chief Executive Officer of B/E Aerospace, Inc. “”Air China, Japan Airlines and the undisclosed carrier, all current customers on different aircraft types, are leading international carriers in the fast growing Asia-Pacific region. We are very pleased that they have selected us to be an even larger part of their future.”
Mr. Khoury commented, “Today Boeing provided its quarterly update on its Boeing 787 Dreamliner program and indicated that while the test flight for the B787 has been slightly delayed they expect 2008 deliveries of the B787 to remain on schedule. Our previously provided guidance for the full year 2008 contemplated little revenue arising from B787 deliveries in any event. As such, we are confirming our 2008 financial guidance which calls for 2008 revenues to increase by approximately 25 percent to approximately $2.0 billion and for 2008 diluted earnings per share to increase by approximately 45 percent to approximately $2.25 per share.”
In addition to the program awards announced today, B/E Aerospace expects to supply cabin interior products to the vast majority of airlines that have ordered the new Boeing 787 Dreamliner aircraft. These cabin interior products include premium and economy class seating products as well as a wide variety of food preparation and storage equipment, including beverage makers, ovens, refrigeration and other related equipment for their new aircraft. Moreover,
Mr. Khoury continued, “”The Boeing 787 is the most successful new aircraft launch in history, with an expected order book of approximately 1,000 aircraft by the end of this year. Based on the value of our current orders on hand and expected orders we are very pleased with our position on the 787 thus far, and believe that the potential bookings and revenues from these 1,000 Boeing 787 aircraft alone could total approximately $1.5 billion for B/E Aerospace. Further, we expect approximately 1,100 new wide-body and super wide-body aircraft deliveries over the 2008 to 2011 time frame. Unlike most aerospace suppliers, very little of the expected orders associated with these expected deliveries are in our existing backlog. To date, our backlog and revenues have been driven by retrofit programs associated with the existing international wide-body fleet. We expect strong revenue growth in 2008 driven by current backlog exclusive of orders announced today. In addition, we expect continued backlog growth for the next several years as we are awarded programs to outfit the 1,100 new wide-body aircraft expected to be delivered in 2008 to 2011, a small portion of which will be new Boeing 787 aircraft, and as we continue to book retrofit programs over the next several years.”
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