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Hexcel Issues 2010 Second Quarter Results

0 Comments | Wireless News, Jul 29, 2010

Hexcel Corp. has reported results for the second quarter of 2010.

In a release on July 26, the Company noted that net sales during the quarter were $305.1 million, 10.0 percent higher than the $277.3 million reported for the second quarter of 2009. Operating income for the second quarter was $40.5 million, compared to $29.7 million for the same quarter last year. The 2009 results include $1.7 million of additional environmental reserves related to previously sold facilities. Net income for the second quarter of 2010 was $23.1 million, or $0.23 per diluted share, compared to $16.8 million or $0.17 per diluted share in 2009. Excluding the after tax impact of the 2009 environmental charges, adjusted net income for the second quarter of 2009 was $0.18 per share (see Table D).

Chief Executive Officer Comments

Berges commented, “We are pleased with the recent sales trends, which are in line with our June 2nd revised outlook. Commercial aerospace sales were up 18 percent in constant currency over the prior year but still well below the peak second quarter of 2008, with particular strength from new aircraft programs. Space & Defense sales continue steady and strong, as they were up nearly 8 percent in constant currency as rotorcraft sales offset the F22 decline. Wind energy sales recovered after a significant customer-led inventory correction during the first quarter; up over $20 million compared to the first quarter and just higher than the run rate of the last three quarters of 2009.”

Berges continued, “This was our second straight quarter with 25 percent gross margin reflecting favorable product mix on top of the efficiency improvement and cost reduction efforts initiated in 2009. We expect much of this momentum to continue, though our second half gross margins have historically been about two points below the first half for seasonal reasons. We are focused on achieving greater returns on invested capital. “

As for the future, Berges said, “As we summarized in our June outlook release, we expect continued double digit sales growth through the rest of this year. Each of our key new large commercial aircraft programs grew both sequentially and year-over-year this quarter
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 July 29th, 2010  admin   No comments