Net income for the third quarter of 2011 was $32.2 million, compared with $15.6 million in 2010.
“This was another strong quarter that exceeded our expectations," says Hexcel CEO David Berges. "For the quarter, we had a 31.6% increase in commercial aerospace sales, driven by increased airplane build rates, the ramp-up of new programmes and restocking by our customers."
“With year to date commercial aerospace sales up 29%, our outlook for this market has strengthened significantly in recent quarters," he continues. "The A380, B787 and B747-8 are each now ramping up simultaneously and legacy aircraft build rate increases have been announced by Boeing and Airbus. In addition, two re-engined narrow-body programmes (A320neo and B737 MAX) will increase Hexcel content on the highest volume aircraft sooner than an all-new aircraft would have. As a result, we are working to pull forward our capital investments to support higher demand."
Commercial Aerospace
The Hexcel Commercial Aerospace business saw sales of $207.4 million, up 31.6% (31.2% in constant currency) from the third quarter 2010.
Revenues attributed to new aircraft programmes (A380, A350, B787, B747-8) were up more than 35% on the same period last year and comprise more than 25% of Hexcel's total Commercial Aerospace sales.
Airbus and Boeing legacy aircraft related sales for the quarter were up over 25% compared to the third quarter of 2010.
Sales to other aircraft, including regional and business aircraft, were up over 30% for both the quarter and year to date compared to the same periods last year.
Space & Defense
Third quarter sales in the Hexcel Space & Defense business of $80.9 million were 8.7% higher (7.4% in constant currency) than the third quarter of 2010.
The company says it continues to benefit from rotorcraft related growth as new programmes and blade retrofit programmes are increasingly composites based.
Industrial
Hexcel reports Industrial business sales of $63.5 million for the third quarter of 2011, 1.6% higher (4.5% lower in constant currency) than the third quarter of 2010.
Sales to the wind energy market were down modestly in constant currency from the third quarter of 2010, but up more than 10% from the second quarter of 2011. This was the third quarter of sequential growth for wind energy sales.
Hexcel Corporation (NYSE: HXL) develops, manufactures and markets high-performance structural materials, including carbon fibres, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures.
