Hexcel Corp posts 11.2% rise in Q2 sales

Operating income for the quarter includes a $6 million charge to increase environmental reserves related to a manufacturing facility sold in 1986. Net income for the second quarter of 2014 was $50.6 million, or $0.51 per diluted share ($0.55 per share as adjusted, see Table C), compared to $48.5 million or $0.48 per diluted share in 2013.

Chief Executive Officer Mr. Stanage commented, “This was another strong quarter for Hexcel, as solid execution combined with continued strong Commercial Aerospace sales enabled us to deliver excellent results. For the quarter, our adjusted diluted EPS of $0.55 was 15% higher than last year, on a 10% increase in constant currency sales. Our Commercial Aerospace sales were up nearly 14% in constant currency and our Industrial sales increased 21% in constant currency sales as compared to the second quarter of 2013.”

Looking ahead, Mr. Stanage said, “We continue to deliver strong year-over-year quarterly performance as we build for the future. Based on our customers’ forecasted build rates, we remain on-track to achieve our mid-term goal of $2.5 billion in sales by the end of 2017. Consequently, we continue to support our customers by investing in technology, capacity expansion, manufacturing innovations and our people, while staying focused on delivering our 23% operating income leverage target.”

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Hexcel Corp