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Hexcel plans to make first fiber on new Spanish line
22
Apr '08
Hexcel Corporation reported results for the first quarter of 2008. Net sales from continuing operations during the quarter were $344.5 million, 21.9% higher than the $282.6 million reported for the first quarter of 2007.

Operating income for the first quarter was $36.4 million, compared to $29.9 million for the same quarter last year. The 2008 operating income included $2.7 million of pension settlement expense associated with the termination of Hexcel's U.S. defined benefit pension plan.

Net income from continuing operations for the first quarter of 2008 was $23.2 million, or $0.24 per diluted share, compared to $14.8 million or $0.15 per diluted share in 2007.

Adjusted net income from continuing operations for the first quarter of 2008 was $0.23 per share, which excludes the one-time items of the termination of Hexcel's U.S. defined pension plan and the $2.5 million reversal of valuation allowances against U.S. deferred tax assets (see table D).

Chief Executive Officer Comments:
Mr. Berges commented, "This was a strong start for 2008 and continues the momentum from the second half of 2007. Sales and adjusted operating income for the quarter were again at record levels, and we're well on our way to hitting our full year guidance as our adjusted diluted earnings per share (excluding the one-time items) for the quarter was a solid $0.23, as compared to $0.15 last year."

"Sales for commercial aerospace were up sharply across the board, a total of 29.6% in constant currency over the first quarter of 2007; limiting our ability to serve other industrial markets for the third quarter in a row.

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