Hexcel releases 2011 outlook

"In 2011, we expect good growth in each of our three markets based on increases in aircraft build rates, new composite rich aircraft programmes, growth in rotorcraft products, and a recovery from 2010's depressed industrial markets," reports David Berges, Hexcel CEO.

"Though there is less certainty with revenues related to the B787, A380 and wind energy than we'd like for 2011, when combined with the rest of our projections we anticipate our sales will be in the range of $1225 to $1300 million at today's exchange rates."

"We are pleased with the operational improvements we achieved in 2010 and expect that with the increased revenues, 2011 diluted earnings per share (excluding one-time items) will be in the $0.90 to $0.98 range," he continues. "Capital expenditures for 2011 to support projected revenue growth are planned to be $150 to $175 million, and we target free cash flow to be break-even by the end of the year. Recently announced changes to our debt structure will reduce interest expense by about $5 million, matching the expected increase in 2011 depreciation versus 2010. Improved profitability in high tax countries will likely cause our tax run rate to increase to 32% for the year."

Hexcel Corporation, headquartered in Stamford, Connecticut, USA, manufactures high-performance structural materials, including carbon fibres, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defence and industrial applications such as wind turbine blades.