Operating income for the period was $69.0 million compared to $60.0 million last year. Net income for the third quarter of 2013 was $48.7 million or $0.48 per diluted share, compared to $39.8 million or $0.39 per diluted share in 2012.
- Sales of $412.3 million were 5.3% higher than last year (4.2% in constant currency) driven by Commercial Aerospace (up 11.5% in constant currency).
- Net income of $48.7 million was up 22%, resulting in $0.48 per diluted share, versus $39.8 million and $0.39 last year, respectively.
- Operating income was $69.0 million, 16.7% of sales, as compared to $60.0 million, 15.3% of sales in 2012.
- 2013 adjusted EPS guidance increased to $1.80 to $1.86 (previously $1.73 to $1.83)
Chief Executive Officer Comments
Mr. Stanage commented, “This was another strong quarter for Hexcel, as solid execution combined with increased sales to yield excellent results. For the quarter, our adjusted diluted EPS of $0.48 was 23% higher than last year on a 4% increase in constant currency sales. We are also particularly pleased that our adjusted operating income was 16.7% of net sales for the quarter, 140 basis points better than last year.”
Looking ahead, Mr. Stanage said, “While there is some concern that our customers will reduce year-end inventories, we expect aerospace sales (both Commercial Aerospace and Space & Defense) to continue their steady growth trend. Though challenging Industrial sales have limited our top line growth, strong operational performance allows us to raise our 2013 earnings guidance.”
Commercial Aerospace sales of $262.0 million increased 11.9% (11.5% in constant currency) for the quarter as compared to the third quarter of 2012. Combined revenues attributed to new aircraft programs (A380, A350, B787, B747-8) increased over 20% versus the same period last year. Sales for Airbus and Boeing legacy aircraft were up 5% compared to the third quarter of 2012.
Sales to “Other Commercial Aerospace,” which include regional and business aircraft customers, were up about 7% compared to the same period last year, and sales for the first nine months are about 2% lower than the same period last year.
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