Hexcel (NYSE: HXL) reports operating income for the 2013 first quarter (Q1) of $63.0 million, compared to $60.6 million in 2012.
Net income for Q1 2013 was $43.6 million, compared to $39.6 million in 2012.
“This was another good start to the year for Hexcel, as solid execution combined with continued strong aerospace sales delivered excellent results," says David Berges, Hexcel CEO.
"Our commercial aerospace and space and defence sales were again up over 10%, and helped offset the nearly 30% decline in industrial sales.”
Commercial Aerospace
Sales for Hexcel's Commercial Aerospace business were $268.9 million for Q1 2013, up 11% (10.8% in constant currency) over Q1 2012.
Revenues attribued to new aircraft programmes (the A380, A350, B787, and B747-8) were up nearly 20% over the same period of last year. Hexcel says its Boeing 787 shipments continued to show strong growth in support of production rate increases, while Airbus and Boeing legacy aircraft related sales for 2013 Q1 were up over 10% compard to 2012.
Sales to the 'Other Commercial Aerospace' segment, which includes regional and business aircraft customers, was down slightly on the 2012 first quarter.
Space and Defence
Hexcel's Space & Defense business sales of $96 million for Q1 20013 were 13.1% higher (12.9% in constant currency) than Q1 2012. Growth came from both rotorcraft and military fixed wind aircraft programmes.
Industrial
Hexcel's total sales for its Industrial business segment were $51.6 million for Q1 2013, 29.2% lower (29.5% in constant currency) than Q1 2012.
Sales to the wind energy industry were down over 30% from the record levels in the first half of 2012 and about 9% down on the fourth quarter of 2012.
2013 outlook
Hexcel maintains a sales outlook of $1,640-1,740 million for the year, with strong aerospace markets offsetting the weakness in the industrial market.
Hexcel, headquartered in Stamford, Connecticut, USA, develops, manufactures and markets advanced composite materials such as carbon fibres, prepregs, honeycomb, matrix systems, adhesives and composite structures.
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