Sales to the commercial aerospace market fell, but Hexcel's other two core markets – space and defense, and wind energy – delivered some growth.
Operating income for the 2009 first quarter $39.9 million, compared to $36.4 million last year. Net income for the quarter was $23.4 million, compared to $23.2 million in 2008.
Sales by market sector are detailed below.
Commercial Aerospace
- Hexcel reports sales to the Commercial Aerospace sector reached $153.8 million in the 2009 first quarter, down 19.9% (16.4% in constant currency) from the 2008 first quarter. Both Airbus and Boeing related revenues fell. The company estimates that the effects of the Boeing strike have caused about a $10 million sales decline.
- Revenues attributed to new aircraft programmes (A380, A350, B787, B747-8) were about 10% of the company's Commercial Aerospace sales, down from the first half of last year mainly as a result of delays to the B787.
Space & Defense
- Sales to the Space & Defense sector were $77.3 million for the 2009 first quarter, up 4% (7.8% in constant currency) on the first quarter of 2008. Hexcel notes that rotorcraft accounted for over half of the Space & Defense sales for the 2009 quarter.
Industrial
- Sales to the Industrial sector were $76.2 million for the first quarter of 2009, down 2.7% in actual dollars, but up nearly 10% on a constant currency basis, over last year. This increase was led by growth in the wind energy sector.
- Industrial sales excluding wind energy were essentially flat for the 2009 quarter compared to first quarter 2008 in constant currency. Sharp year-over-year declines in automotive and recreation markets were offset by sales to the American Centrifuge Project and the company's new HexTOOL® composite tooling product range.
Hexcel, headquartered in Stamford, Connecticut, USA, supplies high-performance composite materials including carbon fibres, reinforcements, prepregs, honeycomb, matrix systems and adhesives.
