Leading aircraft cabin interior component maker BE Aerospace (Nasdaq: BEAV) seems to be flying high. While the company is focused on broadening its product offerings, it is also making an all-out effort to win more contracts. These complementary moves are certainly worth checking out.

So what's the deal?
BE Aerospace recently bagged a large contract from defense-biggie Boeing (NYSE: BA), which makes it the exclusive manufacturer of modular lavatory system (MLS) -- technical jargon for aircraft toilets -- for Boeing's 737 Next-Generation and 737 MAX aircrafts. The system fully utilizes the aircraft's floor space, allowing it to accommodate up to six extra seats. Valued at a considerable $800 million, the deal could actually mean much more if we take into account the supplementary orders involved.

BE's diversified client portfolio is certainly an area of strength. With customer relationships spanning over 200 airline companies, BE's risk concentration is much more spread out.  In fact, in 2010, Boeing and Airbus together accounted for merely 9% of the company's sales.

At the same time, this Boeing contract assumes massive significance, as it alone has the capacity to generate almost 30% of what the company earned in 2011.

Aiming to acquire
But that's not all. BE is also strengthening its facilities and broadening its portfolio rapidly. The company has since acquired aerospace supply chain manager UFC for $400 million. UFC distributes over 150,000 stock-keeping units (SKUs) such as fasteners, chemicals, paints, and tooling to over 1,000 customers. This translates into a broader clientele for BE. More importantly, acquiring UFC will benefit BE's inventory logistics services, consumable product offerings, and customized kitting solutions. With a diversified and flexible product offering, the company will be better prepared to quickly respond to any changes in aerospace customer trends.

This acquisition is expected to add to BE's bottom line soon. The company has raised its earnings outlook for fiscal 2012 by $0.10 to $2.75 per share. But that does not mean BE's numbers were not shining before. The company put up a good show in the first three quarters of 2011. In each of these three quarters, BE recorded over 25% year-over-year revenue growth, while their earnings growth, at over 45%, was even more impressive.

If that's not enough, the company's net income margin was at a record high of 10.3% in the third quarter. BE's higher-than-industry margins have been expanding quickly.

The Foolish bottom line
The Boeing deal certainly makes BE's revenue prospects much better in the long run. Plus, thanks to the UFC acquisition, BE is already expecting higher earnings. The company has had a robust performance in 2011 and its fourth-quarter results are due soon. Time to keep an eye on this one.

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