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Hexcel reports 2007 Q4 and year-end results
24 Jan '08
3 min read
Hexcel Corporation reported results for the fourth quarter and full year of 2007. Net sales from continuing operations during the quarter were $317.6 million, 20.8% higher than the $262.9 million reported for the fourth quarter of 2006. Related operating income for the fourth quarter was $20.8 million, compared to $17.5 million for the same quarter last year.
Included within the 2007 operating income figure is $9.4 million of pension settlement expense associated with the termination of Hexcel's U.S. defined benefit pension plan and $3.2 million of impairment costs on certain purchased technology and fixed assets, incurred as part of our portfolio realignment.
Net income from continuing operations for the fourth quarter of 2007 was $13.0 million, or $0.13 per diluted share, compared to $17.7 million or $0.19 per diluted share in 2006. Net income from continuing operations for the fourth quarter of 2007 was $0.20 per share excluding one-time items of the termination of Hexcel's U.S. defined pension plan, the impairment costs and favorable tax adjustments.
Net income for the fourth quarter of 2006 included the benefit from an after-tax gain of $9.6 million, or $0.10 per diluted share, on the sale of a joint venture interest. Adjusted net income in the fourth quarter of 2006 was $6.9 million, or $0.08 per diluted share.
Chief Executive Officer Comments:
Mr. Berges commented, "This was a very good closing quarter to a successful year of significant transition for Hexcel. Fourth quarter sales were at record levels, led by the extremely strong growth in revenues from aerospace (both commercial and defense) and assisted by strong sales in the wind energy markets. Our diluted earnings per share for the quarter was a solid $0.20 excluding the one-time items, as compared to $0.08 last year."
Included within the 2007 operating income figure is $9.4 million of pension settlement expense associated with the termination of Hexcel's U.S. defined benefit pension plan and $3.2 million of impairment costs on certain purchased technology and fixed assets, incurred as part of our portfolio realignment.
Net income from continuing operations for the fourth quarter of 2007 was $13.0 million, or $0.13 per diluted share, compared to $17.7 million or $0.19 per diluted share in 2006. Net income from continuing operations for the fourth quarter of 2007 was $0.20 per share excluding one-time items of the termination of Hexcel's U.S. defined pension plan, the impairment costs and favorable tax adjustments.
Net income for the fourth quarter of 2006 included the benefit from an after-tax gain of $9.6 million, or $0.10 per diluted share, on the sale of a joint venture interest. Adjusted net income in the fourth quarter of 2006 was $6.9 million, or $0.08 per diluted share.
Chief Executive Officer Comments:
Mr. Berges commented, "This was a very good closing quarter to a successful year of significant transition for Hexcel. Fourth quarter sales were at record levels, led by the extremely strong growth in revenues from aerospace (both commercial and defense) and assisted by strong sales in the wind energy markets. Our diluted earnings per share for the quarter was a solid $0.20 excluding the one-time items, as compared to $0.08 last year."
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