B/E Aerospace Reports Third Quarter 2012 Financial Results; EPS $0.74 Excluding Debt Prepayment Costs; Raises 2012 Guidance and

  B/E Aerospace Reports Third Quarter 2012 Financial Results; EPS $0.74
  Excluding Debt Prepayment Costs; Raises 2012 Guidance and Provides 2013
  Guidance

Business Wire

WELLINGTON, Fla. -- October 23, 2012

B/E Aerospace, Inc. (Nasdaq: BEAV), the world’s leading manufacturer of
aircraft cabin interior products and the world’s leading distributor of
aerospace fasteners and consumables, today announced third quarter 2012
financial results.

THIRD QUARTER 2012 HIGHLIGHTS VERSUS THIRD QUARTER PRIOR YEAR

  *Revenues of $766.7 million increased 20.6 percent.
  *Operating earnings, adjusted to exclude acquisition, integration and
    transition (AIT) costs, were $138.9 million, an increase of 23.9 percent,
    and adjusted operating margin of 18.1 percent increased 50 basis points.
    Operating earnings, on a GAAP basis to include AIT costs, were $134.3
    million.
  *During the quarter, the Company strengthened its balance sheet by issuing
    $800 million of senior unsecured notes due 2022, priced to yield 4.9
    percent, and redeemed its $600 million issue of 8.5 percent senior
    unsecured notes due 2018. In connection with the third quarter notes
    redemption, the Company recorded debt prepayment costs of $82.1 million or
    $0.56 per diluted share.
  *Net earnings and earnings per diluted share, adjusted to exclude both
    one-time debt prepayment costs and AIT costs, were $79.2 million and $0.77
    per diluted share, increases of 21.1 percent and 20.3 percent,
    respectively.
  *Net earnings and earnings per diluted share, on a GAAP basis to include
    one-time debt prepayment costs and AIT costs, were $18.5 million and $0.18
    per share, respectively.
  *The Company expects full-year 2012 EPS of approximately $2.82 per diluted
    share, inclusive of AIT costs but exclusive of debt prepayment costs,
    representing a year-over-year increase of approximately 26 percent.
  *The Company established its full-year 2013 guidance of approximately $3.38
    per diluted share, representing a year-over-year increase of 20 percent.

THIRD QUARTER CONSOLIDATED RESULTS

Third quarter 2012 revenues of $766.7 million increased $130.7 million, or
20.6 percent, as compared with the same period of the prior year. Organic
revenue growth, excluding 2012 acquisitions, was 10.5 percent.

Operating earnings, adjusted to exclude $4.6 million of AIT costs, were $138.9
million, an increase of 23.9 percent, and operating margin of 18.1 percent
increased 50 basis points as compared to the prior year period. The growth in
operating earnings and the improvement in operating margin occurred primarily
as a result of operating leverage at the higher sales volume and ongoing
operational efficiency initiatives. Operating earnings, on a GAAP basis to
include AIT costs, were $134.3 million or 17.5 percent of sales.

Net earnings and earnings per diluted share, adjusted to exclude both one-time
debt prepayment costs and AIT costs, were $79.2 million and $0.77 per diluted
share, increases of 21.1 percent and 20.3 percent, respectively, as compared
to the prior year period. Net earnings and net earnings per diluted share,
adjusted to exclude the one-time debt prepayment costs, were $76.0 million and
$0.74 per diluted share.

Commenting on the Company’s third quarter 2012 performance, Amin J. Khoury,
Chairman and Chief Executive Officer of B/E Aerospace said, “Our revenue
growth continues to be driven primarily by the robust new aircraft delivery
cycle. Approximately 61 percent of third quarter revenues were driven by
demand for products for new-buy aircraft reflecting both robust new aircraft
deliveries and weaker aftermarket demand. In addition, as a result of our
operational outperformance which has resulted in record operating earnings for
the nine-month year-to-date period, and successfully executed tax planning
initiatives we have been able to raise our 2012 earnings guidance to $2.82 per
share. The $2.82 per share guidance represents a $0.17 per share increase as
compared to our original guidance of $2.65 per share.”

“For 2013, we are expecting top line growth of approximately 10 percent driven
primarily by the demand for our products for new-buy aircraft. Our initial
2013 guidance of approximately 10 percent revenue growth and approximately 20
percent earnings per share growth is based primarily on our high quality
backlog and the expectation of strong wide-body deliveries that are expected
to continue for the next several years. We believe we are well positioned to
generate double-digit revenue growth for the next several years, based on our
total backlog of $8.25 billion, both booked and awarded but unbooked, rapidly
growing revenues from our supplier furnished equipment (SFE) program
deliveries, our expectation for a 14 percent CAGR in wide-body aircraft
deliveries over the next three years, the expectation for continued growth in
global passenger travel, and the attendant increases in capacity.”

THIRD QUARTER SEGMENT RESULTS

The following is a tabular summary and commentary of revenues and operating
earnings by segment:

                                                          
                           REVENUES
                           Three Months Ended September 30,
                         ($ in millions)
Segment                    2012               2011               % Change
Commercial aircraft        $    385.6         $    333.1         15.8     %
Consumables                     295.8              238.7         23.9     %
management
Business jet                   85.3              64.2          32.9     %
Total                      $    766.7         $    636.0         20.6     %
                                                                 
                           OPERATING EARNINGS
                           Three Months Ended September 30,
                         ($ in millions)
Segment                    2012               2011               % Change
Commercial aircraft        $    67.3          $    56.6          18.9     %
Consumables                     59.2               47.6          24.4     %
management *
Business jet                   12.4              7.9           57.0     %
Total                      $    138.9         $    112.1         23.9     %
                                                                 
* 2012 consumables management operating earnings adjusted to exclude AIT costs
of $4.6 million


Third quarter 2012 commercial aircraft segment (CAS) operating earnings of
$67.3 million increased 18.9 percent as compared with the prior year period.
Operating margin of 17.5 percent expanded 50 basis points, due to leverage at
the higher revenue level and ongoing operational efficiency initiatives.

Third quarter 2012 consumables management segment (CMS) operating earnings,
adjusted to exclude AIT costs, were $59.2 million an increase of 24.4 percent
as compared with the prior year period. Operating margin, adjusted to exclude
AIT costs, was 20.0 percent and expanded 10 basis points. On a GAAP basis, to
include AIT costs of $4.6 million, operating earnings were $54.6 million.

Third quarter 2012 business jet segment (BJS) operating earnings of $12.4
million increased 57.0 percent as compared with the prior year period.
Operating margin of 14.5 percent expanded 220 basis points as compared with
the prior year period, reflecting the 32.9 percent increase in revenues, an
improved mix of revenues and ongoing operational improvements.

NINE MONTH CONSOLIDATED RESULTS

For the nine months ended September 30, 2012, revenues of $2.28 billion
increased 23.7 percent as compared with the prior year period while operating
earnings, adjusted to exclude AIT costs, were $415.0 million, and increased
30.1 percent. Operating margin, adjusted to exclude AIT costs, was 18.2
percent and expanded 90 basis points as compared with the prior year period.
Operating earnings, on a GAAP basis to include AIT costs, were $401.9 million
or 17.6 percent of sales.

Net earnings and earnings per diluted share for the nine months ended
September 30, 2012, adjusted to exclude both debt prepayment costs and AIT
costs, were $225.2 million and $2.19 per share, increases of 32.1 percent and
31.1 percent, respectively, as compared to the prior year period. Net earnings
and earnings per diluted share for the nine months ended September 30, 2012,
adjusted to exclude debt prepayment costs, were $216.0 million and $2.10 per
share.

On a GAAP basis to include debt prepayment and AIT costs, for the nine months
ended September 30, 2012, net earnings and earnings per diluted share, were
$158.5 million and $1.54 per share.

NINE MONTH SEGMENT RESULTS

The following is a tabular summary and commentary of revenues and operating
earnings by segment:

                                                          
                       REVENUES
                       Nine Months Ended September 30,
                     ($ in millions)
Segment                2012                 2011                 % Change
Commercial             $    1,152.6         $    951.9           21.1     %
aircraft
Consumables                 869.2                709.4           22.5     %
management
Business jet               260.3               183.8           41.6     %
Total                  $    2,282.1         $    1,845.1         23.7     %
                                                                 
                       OPERATING EARNINGS
                       Nine Months Ended September 30,
                     ($ in millions)
Segment                2012                 2011                 % Change
Commercial             $    202.7           $    157.8           28.5     %
aircraft
Consumables                 175.0                140.5           24.6     %
management *
Business jet               37.3                20.6            81.1     %
Total                  $    415.0           $    318.9           30.1     %
                                                                 
* 2012 consumables management operating earnings adjusted to exclude AIT costs
of $13.1 million


For the nine months ended September 30, 2012, CAS operating earnings of $202.7
million increased 28.5 percent as compared with the prior year period.
Operating margin of 17.6 percent expanded 100 basis points as compared with
the prior year period due to leverage at the higher revenue level and ongoing
operational efficiency initiatives.

For the nine months ended September 30, 2012, CMS operating earnings, adjusted
to exclude AIT costs, were $175.0 million an increase of 24.6 percent as
compared with the prior year period and adjusted operating margin was 20.1
percent, an increase of 30 basis points. On a GAAP basis, to include AIT costs
of $13.1 million, operating earnings were $161.9 million.

For the nine months ended September 30, 2012, BJS operating earnings of $37.3
million increased 81.1 percent as compared with the prior year period.
Operating margin of 14.3 percent expanded 310 basis points, reflecting the
41.6 percent increase in revenues, an improved mix of revenues and ongoing
operational improvements.

LIQUIDITY AND BALANCE SHEET METRICS

During the quarter the Company strengthened its balance sheet by issuing $800
million of senior unsecured notes due 2022, priced to yield 4.9 percent, and
redeemed its $600 million issue of 8.5 percent senior unsecured notes due
2018. In connection with the third quarter notes redemption, the Company
recorded debt prepayment costs of $82.1 million or $0.56 per diluted share.

Free cash flow of $48.1 million in the current quarter reflects capital
expenditures of $29.9 million and an approximate 19 percent increase in
working capital to support the approximately 21 percent third quarter increase
in revenues and the Company’s expectation for double-digit revenue growth over
the next several years including deliveries of Boeing 737 modular lavatories,
A350 galley systems and certain other supplier furnished equipment. As of
September 30, 2012, cash was $395 million, net debt, which represents total
long term debt of $1.96 billion less cash, was $1.566 billion and the
Company’s net debt-to-net capital ratio was 43 percent.

BOOKINGS/BACKLOG

Bookings during the third quarter of 2012 were approximately $800 million, an
increase of approximately 21 percent as compared with the third quarter of
2011, and reflect a book-to-bill ratio of approximately 1.05 to 1.
Approximately 65 percent of bookings in the current quarter were driven by a
higher level of demand for products to outfit new-buy aircraft. Backlog at the
end of the quarter was approximately $3.75 billion, while total backlog, both
booked and awarded but unbooked, was approximately $8.25 billion, an increase
of approximately 19 percent as compared with September 30, 2011.

During the quarter, the Company was awarded four major aircraft cabin interior
programs. The awards include: the Company’s first Boeing 777 LED lighting
retrofit program for a major global airline; in an additional market share
gain, a Pinnacle^® main cabin seating program for a successful narrow-body
airline to outfit its approximately 30 new-buy aircraft and to retrofit
approximately 70 aircraft; a super first class cabin program to outfit a major
international Asian airline’s new-buy wide-body fleet; and a long-term
agreement to manufacture cabin interior equipment for the new Bombardier
Global 7000 and Global 8000 business jets. These awards are initially valued
at approximately $400 million.

OUTLOOK

Commenting on the Company’s outlook, Mr. Khoury stated, “We are raising our
2012 full year guidance to $2.82 per diluted share inclusive of AIT costs but
exclusive of debt prepayment costs. In addition, we have issued our full-year
2013 guidance of approximately $3.38 per diluted share, representing a
year-over-year increase of approximately 20 percent. Our total backlog, both
booked and awarded but unbooked, of approximately $8.25 billion, our
expectation for a 14 percent CAGR in wide-body aircraft deliveries over the
next three years, our expectation of rapidly growing revenues from our
supplier furnished equipment program deliveries, the expectation for continued
growth in global passenger travel, and the attendant increases in capacity all
provide a solid foundation for double-digit revenue growth for the next
several years.”

The Company’s 2013 financial guidance is as follows:

  *The Company expects continued strong bookings in 2013 driven by the robust
    wide-body aircraft delivery outlook and bookings from prior SFE awarded
    programs, and expects to end the year with a book-to-bill ratio in excess
    of 1 to 1.
  *2013 revenues are expected to be approximately $3.35 billion or
    approximately 10 percent higher than expected 2012 revenues.
  *The Company expects 2013 earnings of approximately $3.38 per diluted
    share. The EPS guidance of $3.38 per diluted share represents an increase
    of approximately 20 percent as compared with expected 2012 EPS of $2.82
    per diluted share (2012 EPS of $2.82 adjusted to exclude debt prepayment
    costs). The Company’s 2013 earnings per share guidance is inclusive of
    approximately $20 million of expected 2013 AIT costs.
  *2013 free cash flow conversion ratio is expected to be approximately 70
    percent of net earnings.

Adjusted operating earnings, adjusted operating margin, CMS adjusted operating
earnings, CMS adjusted operating margin, adjusted net earnings, adjusted net
earnings per diluted share, free cash flow and free cash flow conversion ratio
are presented in this press release; these are non-GAAP financial measures.
For more information see "Reconciliation of Non-GAAP Financial Measures."

This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking statements
involve risks and uncertainties. The Company’s actual experience and results
may differ materially from the experience and results anticipated in such
statements. Factors that might cause such a difference include those discussed
in the Company’s filings with the Securities and Exchange Commission (SEC),
which include its Proxy Statement, Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. For more information,
see the section entitled "Forward-Looking Statements" contained in the
Company’s Annual Report on Form 10-K and in other filings. The forward-looking
statements included in this news release are made only as of the date of this
news release and, except as required by federal securities laws and rules and
regulations of the SEC, the Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

About B/E Aerospace, Inc.

B/E Aerospace is the world’s leading manufacturer of aircraft cabin interior
products and the world’s leading distributor of aerospace fasteners and
consumables. B/E Aerospace designs, develops and manufactures a broad range of
products for both commercial aircraft and business jets. B/E Aerospace
manufactured products include aircraft cabin seating, lighting, oxygen
systems, food and beverage preparation and storage equipment, galley systems,
and modular lavatory systems. The Company also provides cabin interior
reconfiguration, program management and certification services. B/E Aerospace
sells and supports its products through its own global direct sales and
product support organization. For more information, visit the B/E Aerospace
website at www.beaerospace.com.

                                                            
B/E AEROSPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(In Millions, Except Per Share Data)
                                                                 
                   THREE MONTHS ENDED            NINE MONTHS ENDED
                   September      September      September 30,   September 30,
                   30,            30,
                   2012           2011           2012            2011
                                                                 
Revenues           $  766.7       $  636.0       $  2,282.1      $  1,845.1
Cost of sales         478.4          398.0          1,417.0         1,151.3
Selling, general
and                   106.2          86.9           323.3           261.6
administrative
Research,
development and      47.8         39.0         139.9         113.3    
engineering
                                                                 
Operating             134.3          112.1          401.9           318.9
earnings
                                                                 
Operating
earnings, as
percentage of         17.5   %       17.6   %       17.6     %      17.3     %
revenues
                                                                 
Interest expense      31.8           26.2           93.4            78.4
                                                                 
Debt prepayment      82.1         -            82.1          -        
costs
                                                                 
Earnings before       20.4           85.9           226.4           240.5
income taxes
                                                                 
Income taxes         1.9          20.5         67.9          70.0     
                                                                 
Net earnings       $  18.5       $  65.4       $  158.5       $  170.5    
                                                                 
Net earnings per
common share:
Basic              $  0.18       $  0.65       $  1.55        $  1.69     
Diluted            $  0.18       $  0.64       $  1.54        $  1.67     
                                                                 
Weighted average
common shares:
Basic                 102.1          101.0          102.0           100.9
Diluted               103.1          102.0          102.8           101.8
                                                                             

                                                    
B/E AEROSPACE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In Millions)
                                                       
                                       September 30,   December 31,
                                       2012            2011
                                                       
ASSETS
                                                       
Current assets:
Cash and cash equivalents              $   395.2       $   303.5
Accounts receivable                        453.8           333.2
Inventories                                1,775.8         1,480.4
Deferred income taxes                      19.0            37.2
Other current assets                      60.4           30.6
Total current assets                       2,704.2         2,184.9
Long-term assets                          2,293.4        1,652.4
                                       $   4,997.6     $   3,837.3
                                                       
LIABILITIES AND STOCKHOLDERS’ EQUITY
                                                       
Total current liabilities              $   793.1       $   580.0
Total long-term liabilities                2,129.6         1,384.7
Total stockholders' equity                2,074.9        1,872.6
                                       $   4,997.6     $   3,837.3
                                                       

                                               
B/E AEROSPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In Millions)
                                                 
                                                 NINE MONTHS ENDED
                                                 September 30,  September 30,
                                                 2012            2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings                                     $  158.5        $  170.5
Adjustments to reconcile net earnings to net
cash flows provided by operating activities,                     
net of effects from acquisitions:
Depreciation and amortization                       54.1            45.9
Deferred income taxes                               41.9            43.7
Non-cash compensation                               18.8            19.4
Debt prepayment costs                               82.1            -
Provision for doubtful accounts                     2.9             1.1
Loss on disposal of property and equipment          1.5             0.5
Tax benefits realized from prior exercises of
employee stock options and restricted stock         (3.0     )      (23.5   )
Changes in operating assets and liabilities:
Accounts receivable                                 (81.8    )      (75.7   )
Inventories                                         (195.1   )      (101.2  )
Other current assets and other assets               (28.0    )      2.8
Accounts payable and accrued liabilities           151.0         140.5   
Net cash provided by operating activities          202.9         224.0   
                                                                 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures                                (83.3    )      (45.5   )
Acquisitions, net of cash acquired                  (651.9   )      (17.0   )
Other                                              1.8           -       
Net cash used in investing activities              (733.4   )     (62.5   )
                                                                 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock issued                   2.8             1.8
Purchase of treasury stock                          (0.3     )      -
Tax benefits realized from prior exercises of
employee stock options and restricted stock         3.0             23.5
Borrowings on line of credit                        215.0           30.0
Repayments on line of credit                        (215.0   )      (30.0   )
Proceeds from long-term debt, inclusive of          1,316.0         -
original issue premium
Debt prepayment costs                               (71.7    )      -
Debt origination costs                              (30.1    )      -
Principal payments on long-term debt               (600.4   )     (0.5    )
Net cash provided by financing activities          619.3         24.8    
                                                                 
Effect of exchange rate changes on cash and        2.9           (0.1    )
cash equivalents
                                                                 
Net increase in cash and cash equivalents           91.7            186.2
Cash and cash equivalents, beginning of period     303.5         78.7    
Cash and cash equivalents, end of period         $  395.2       $  264.9   
                                                                            

                             B/E AEROSPACE, INC.

                RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

This release includes “adjusted operating earnings,” “adjusted operating
margin,” “CMS adjusted operating earnings,” “CMS adjusted operating margin,”
“adjusted net earnings," “adjusted net earnings per diluted share,” “free cash
flow,” and "free cash flow conversion ratio," each of which are “non-GAAP
financial measures” as defined in Regulation G of the Securities Exchange Act
of 1934, as amended (Exchange Act).

We define “adjusted net earnings” as net earnings as reported under GAAP
before debt prepayment costs and AIT costs. We define “adjusted net earnings
per diluted share” as net earnings per diluted share as reported under GAAP
before debt prepayment costs and AIT costs. Also, we adjusted our 2012
earnings per share guidance to exclude debt prepayment costs.

We define “adjusted operating earnings” as operating earnings as reported
under GAAP before AIT costs. “Adjusted operating margin” is adjusted operating
earnings reflected as a percentage of revenue for the relevant period on a
consolidated or segment basis.

We define “CMS adjusted operating earnings” as operating earnings before AIT
costs. “CMS adjusted operating margin” is adjusted operating earnings
reflected as a percentage of revenue for the relevant period on a segment
basis.

We use adjusted operating earnings, adjusted operating margin, CMS adjusted
operating earnings, CMS adjusted operating margin and adjusted earnings per
diluted share to evaluate and assess the operational strength and performance
of our business and of particular segments of our business. We believe these
financial measures are relevant and useful for investors because it allows
investors to have a better understanding of the Company’s actual operating
performance unaffected by the AIT costs associated with recent acquisitions
and by the costs associated with our recent debt refinancing. These financial
measures should not be viewed as a substitute for, or superior to, operating
earnings, in the case of adjusted operating earnings, or net earnings, the
most directly comparable GAAP measures, as a measure of the Company’s
operating performance.

The Company defines “free cash flow” as net cash flows provided by operating
activities less capital expenditures. The Company uses free cash flow to
provide investors with an additional perspective on the Company’s cash flow
provided by operating activities after taking into account reinvestments. Free
cash flow does not take into account debt service requirements and therefore
does not reflect an amount available for discretionary purposes. The Company
defines "free cash flow conversion ratio" as free cash flow expressed as a
percentage of the Company's net earnings. The Company uses free cash flow
conversion ratio to provide investors with a measurement of its ability to
convert earnings into free cash flow. These financial measures should not be
viewed as a substitute for, or superior to, net cash flows provided by
operating activities, the most directly comparable GAAP measure, as a measure
of the Company’s liquidity or operating performance.

Pursuant to the requirements of Regulation G of the Exchange Act, we are
providing the following tables that reconcile adjusted net earnings, adjusted
operating earnings, CMS adjusted operating earnings, and free cash flow to the
most directly comparable GAAP financial measures:

                                                      
RECONCILIATION OF NET EARNINGS PER DILUTED SHARE
TO ADJUSTED NET EARNINGS PER DILUTED SHARE
Excluding Debt Prepayment Costs
(In Millions, Except Per Share Data)
                                Three                     Nine
                                 Months Ended              Months Ended
                                 September 30,             September 30,
                                 2012                      2012
Net earnings, as reported        $      18.5               $      158.5
Debt prepayment costs                   82.1                      82.1
Adjustment to income taxes             (24.6    )               (24.6    )
for debt prepayment costs *
Adjusted net earnings            $      76.0              $      216.0    
Adjusted diluted net
earnings per common share        $      0.74              $      2.10     
                                                           
Diluted weighted average                103.1                     102.8
common shares

                                                           
*Adjustments to income taxes on debt prepayment costs based on 2012 expected
effective tax rate of ~30%
                                                           
RECONCILIATION OF NET EARNINGS PER DILUTED SHARE
TO ADJUSTED NET EARNINGS PER DILUTED SHARE
Excluding Debt Prepayment Costs and AIT Costs
(In Millions, Except Per Share Data)
                                 Three                     Nine
                                 Months Ended              Months Ended
                                 September 30,             September 30,
                                 2012                      2012
Net earnings, as reported        $      18.5               $      158.5
Debt prepayment costs                   82.1                      82.1
Adjustment to income taxes              (24.6    )                (24.6    )
for debt prepayment costs *
AIT costs                               4.6                       13.1
Adjustment to income taxes             (1.4     )               (3.9     )
for AIT costs *
Adjusted net earnings            $      79.2              $      225.2    
Adjusted diluted net
earnings per common share        $      0.77              $      2.19     
                                                           
Diluted weighted average                103.1                     102.8
common shares

                                                           
*Adjustments to income taxes on debt prepayment costs and AIT costs based on
2012 expected effective tax rate of ~30%
                                                           
RECONCILIATION OF OPERATING EARNINGS
TO ADJUSTED OPERATING EARNINGS
(In Millions)
                                 Three                     Nine
                                 Months Ended              Months Ended
                                 September 30,             September 30,
                                 2012                      2012
Operating earnings               $      134.3              $      401.9
AIT costs                              4.6                     13.1     
Adjusted operating earnings      $      138.9             $      415.0    
                                                           
                                                           
RECONCILIATION OF CONSUMABLES MANAGEMENT SEGMENT
OPERATING EARNINGS TO ADJUSTED OPERATING EARNINGS
(In Millions)
                                 Three                     Nine
                                 Months Ended              Months Ended
                                 September 30,             September 30,
                                 2012                      2012
Operating earnings               $      54.6               $      161.9
AIT costs                              4.6                     13.1     
Adjusted operating earnings      $      59.2              $      175.0    
                                                           
                                                           
RECONCILIATION OF NET CASH FLOW PROVIDED BY
OPERATING ACTIVITIES TO FREE CASH FLOW
(In Millions)
                                 Three                     Nine
                                 Months Ended              Months Ended
                                 September 30,             September 30,
                                 2012                      2012
Net cash flow provided by
operating activities             $      78.0               $      202.9
Capital expenditures                   (29.9    )               (83.3    )
Free cash flow                   $      48.1              $      119.6    
                                                           

Contact:

B/E Aerospace
Greg Powell, 561-791-5000 ext. 1450
Vice President, Investor Relations
 
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