Hexcel Corporation has published its Q3 and year-to-date (YTD) financial results.
- Sales for Q3 2017 were 1.8% lower (2.4% less in constant currency) than Q3 of 2016, while Commercial Aerospace sales of US$352.6 million were 2.2% lower (2.5% in constant currency) for the quarter as compared to Q3 of 2016.
- Space & Defense sales of US$82.7 million increased 1.5% (0.7% in constant currency) for the quarter as compared to Q3 of 2016, while Total Industrial sales of US$56.2 million for Q3 of 2017 were 3.8% lower (6.5% in constant currency) than Q3 of 2016.
- Wind energy sales (the largest submarket in Industrial) experienced a challenging transition year according to Hexcel and were more than 25% down for the quarter as compared to last year.
- YTD sales for 2017 were 3.5% less in constant currency than the same period in 2016, and Commercial Aerospace sales for the first nine months of 2017 were 2.7% lower in constant currency than the same period in 2016.
- Space & Defense sales for the first nine months of US$247.3 million were 2.6% higher in constant currency than the first nine months of 2016 sales while Total Industrial sales for the first nine months of 2017 were US$165.6 million, or 15.4% lower in constant currency, than the first nine months of 2016 sales.
‘Despite the short-term softness in our top line, we remained diligent in executing our operational excellence and cost-cutting initiatives, which drove solid operating and net income,’ said chairman, CEO and president Nick Stanage. ‘Our cash performance continues to be robust, and we remain confident in meeting our goal to generate free cash flow of more than US$100 million in 2017. We have a clear vision for the future centered on extending our leadership in advanced composites technology, which is supported by our continued investment in innovation and disciplined capital allocation strategies. We remain positive about the outlook for 2018 growth through aerospace, wind and automotive opportunities, and – as we near the end of our current investment phase – we expect to enter a period of record cash generation.’
This story is reprinted from material from Hexcel with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
