Net income for the third quarter (Q3) of 2013 was $48.7 million, up 22% on last year.
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This was another strong quarter for Hexcel, as solid execution combined with increased sales to yield excellent results... ... While there is some concern that our customers will reduce year-end inventories, we expect aerospace sales (both Commercial Aerospace and Space & Defense) to continue their steady growth trend. |
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Nick Stanage, CEO, Hexcel |
Hexcel (NYSE:HXL, Paris:HXL), headquartered in Stamford, Connecticut, USA, develops lightweight, high-performance structural materials, including carbon fibres, reinforcements, prepregs, matrix systems, adhesives and composite structures, used in aerospace and industrial applications.
Commercial Aerospace
Hexcel's Commercial Aerospace business reports sales of $262 million for Q3 2013, up 11.9% on the third quarter of 2012.
Combined revenues attributed to new aircraft programmes (Airbus A380, Airbus A350, Boeing B787, Boeing B747-8) increased over 20% versus the same period last year.
New aircraft now represent about 30% of Hexcel's Commercial Aerospace sales (see chart). Hexcel estimates that over $4 million worth of its materials will be on board each AIrbus A350 aircraft, which took its maiden flight this June.
Sales to other programmes, which include regional and business aircraft customers, were up about 7% compared to the same period last year.
Space & Defense
Sales in Hexcel's Space & Defense business reached $94.4 million in Q3 2013, 4.2% higher than the third quarter of 2012.
Rotorcraft sales comprising about 60% of Space & Defense sales for the quarter.
Industrial
Hexcel's Industrial business acheived sales of $55.9 million for Q3 2013, 16.4% down from Q3 2012 and just above the second quarter of 2013.
Sales to the wind energy market were down about 25% in constant currency from the third quarter of 2012.
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