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Hexcel Corp posts higher net sales in Q2
Jul '08
Hexcel Corporation reported results for the second quarter of 2008. Net sales from continuing operations during the quarter were $359.5 million, 24.1% higher than the $289.8 million reported for the second quarter of 2007.

Operating income for the second quarter was $29.3 million, compared to $34.0 million for the same quarter last year.

The 2008 operating income included $7.6 million of additional environmental reserves for remediation of a manufacturing facility sold in 1986.

Net income from continuing operations for the second quarter of 2008 was $26.7 million, or $0.27 per diluted share, compared to $17.5 million or $0.18 per diluted share in 2007, aided by an $11.1 million net tax benefit primarily from the reinstatement of previously written off U.S. deferred tax assets.

Excluding the environmental charge and the tax benefit, adjusted net income from continuing operations for the second quarter of 2008 was $0.21 per share.

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