UPDATE 2-B/E Aerospace Q4 profit beats Street; shares jump

* Q4 non-GAAP shr $0.53 vs estimate of $0.46

* Sees Q1 adj shr $0.40 vs estimate of $0.43

* Sees 2009 profit above market view

* Shares up as much as 17 pct (Adds analyst's comments, stock movement)

BANGALORE, Feb 2 (Reuters) - B/E Aerospace Inc (BEAV.O), the world's biggest supplier of plane seats, posted a quarterly profit that beat analysts' average estimate, driven by strong operating margins and a doubling of sales at its distribution unit.

The company also forecast 2009 profit above Wall Street estimates, even as it remained "cautiously optimistic" about the next two years amid a drop in air traffic.

Demand for new airplanes has fallen sharply amid the global recession and this is expected to hurt several suppliers to original equipment manufacturers.

However, B/E Aerospace has not seen any cancellation of orders, it has only seen deferrals, Jesup & Lamont Securities analyst Alex Hamilton said.

Hamilton expects the company's acquisition of Honeywell International Inc's (HON.N) Consumables Solutions (HCS) aerospace fasteners distribution unit to boost 2009 earnings considerably.

"The outlook means that the margins are going to be relatively stronger," the analyst added.

B/E Aerospace fits out commercial and business jets with oxygen masks, food carts and other equipment, and its customers include world's leading plane makers -- Boeing Inc (BA.N) and Airbus that is owned by European aerospace company EADS (EAD.PA).

For 2009, the company forecast earnings of $2.00 a share, excluding HCS integration costs of about 10 cents a share, on revenue of about $2.25 billion.

Analysts on average are expecting a profit of $1.89 a share, before special items, on revenue of $2.46 billion, according to Reuters Estimates. The company, however, forecast a first-quarter profit below market estimates, citing weaker product mix at the commercial aircraft unit, decreased shipments on new aircraft deliveries as a result of the Boeing strike, and lower spares revenue due to airline cash conservation measures.

PROFIT TOPS STREET

For the fourth-quarter, B/E Aerospace reported net profit of $46.4 million, or 47 cents a share.

Excluding charges, it earned $51.9 million, or 53 cents a share, compared with $42.3 million, or 46 cents a share, in the year-ago period.

Revenue rose 14 percent to $526.8 million, driven mainly by the growth in its distribution segment.

Distribution segment revenue more than doubled to $232.5 million, reflecting the acquisition of the Honeywell unit.

Wall Street was expecting 46 cents a share, before special items, on revenue of $596.3 million.

Shares of the company rose $1.43 to $11.10 in midday trade on Nasdaq. It had earlier touched a high of $11.27. (Reporting by Dhanya Ann Thoppil and Bhaswati Mukhopadhyay in Bangalore; Editing by Himani Sarkar)