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Hexcel Q1'14 diluted EPS augments 16%
22
Apr '14
Hexcel Corporation, reported results for the first quarter of 2014. Net sales during the quarter were $461.7 million, 10.9% higher than the $416.5 million reported for the first quarter of 2013. Operating income for the period was $74.6 million, compared to $63.0 million last year. Net income for the first quarter of 2014 was $50.1 million, or $0.50 per diluted share, compared to $43.6 million or $0.43 per diluted share in 2013.
 
Highlights: 
-First quarter diluted EPS of $0.50 was 16% higher than prior year of $0.43.
-Sales of $461.7 million were 10.9% higher than last year (9.7% in -constant currency) driven by commercial aerospace (up 12.0% in constant currency).
-Operating income was $74.6 million, 16.2% of sales, as compared to $63 million, 15.1% of sales in 2013.
 
Chief Executive Officer Mr. Stanage commented, “This was a great start to the year for Hexcel, as solid execution combined with continued strong Commercial Aerospace sales enabled us to deliver excellent results. For the quarter, our diluted EPS of $0.50 was 16% higher than last year, on a 9.7% increase in constant currency sales. Our Commercial Aerospace sales were again up over 10% and we were also helped this quarter by a nearly 19% increase in Industrial sales as compared to the weak first quarter of 2013. Our Space & Defense sales were about 1% lower than last year.”
 
Looking ahead, Mr. Stanage said, “We remain encouraged by the increasing backlog in large commercial aircraft which suggests we are well positioned for the future as we expect to benefit from both increasing composite-intensive aircraft and production rates. We continue to focus on delivering earnings leverage and cash on the anticipated higher sales in the coming years, as well as investing in new technology and processes for new programs.”
 
Markets
Commercial Aerospace
Commercial aerospace sales of $303.2 million increased 12.8% (12.0% in constant currency) for the quarter as compared to the first quarter of 2013. Revenues attributed to new aircraft programs (a380, b747-8, b787, a350, a320neo and b737 max) increased over 25% versus the same period last year, with the a350 and b787 shipments leading the growth. Airbus and Boeing legacy aircraft related sales for the quarter were up about 4% compared to 2013.
 
Sales to “other commercial aerospace,” which include regional and business aircraft customers, were over 10% higher compared to the first quarter of 2013, and about the same level as the fourth quarter of 2013.


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