Hexcel reports strong 2013 second quarter results

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Net income for Q2 2013 was $48.5 million, compared to $48.0 million for Q2 2012.

“This was another strong quarter for Hexcel, as solid execution combined with increased sales to yield excellent results," says Hexcel CEO David Berges.

"This quarter also marked the first flight of the A350 XWB, the newest Airbus offering with over 50% composite structure. The A350 XWB will be a key contributor to Hexcel’s future and involves shipments to over 40 customers in 14 different countries.” (See: Hexcel's composites ready to fly on the A350 XWB.)

“Assuming the scheduled ramp-up of the Boeing 787 is sustained, we expect aerospace sales (both Commercial Aerospace and Space & Defense) to continue their steady growth trend," he adds.

"Though seasonal effects typically result in slightly lower margins in the second half, and our industrial markets remain challenged, strong operational performance allows us to reaffirm our 2013 earnings guidance.”

Q2 2013 figures

  • Commercial Aerospace: Sales of $270.0 million, up 15.6% on Q2 2012. Combined revenues attributed to new aircraft programmes (A380, A350, B787, B747-8) up over 20% on Q2 2012 and comprise over 30% of Commercial Aerospace sales;  
  • Space & Defense: Sales of $96.7 million, 9.8% higher than Q2 2012. Growth led by rotorcraft, which accounted for nearly 60% of Space & Defense sales for the quarter;  
  • Industrial: Sales of $55.9 million, 28.0% lower than Q2 2012, but up on Q1 2013. Sales to the wind energy market down over 35% from the record level of Q2 2012.  

2013 Outlook

Hexcel expects sales of $1,640-$1,740 million for the full year, with strong aerospace markets offsetting the weakness in the industrial market.