Hexcel Q1 sales rises 4.1%

Operating income for the period was $63.0 million, compared to $60.6 million last year. Net income for the first quarter of 2013 was $43.6 million, or $0.43 per diluted share, compared to $39.6 million or $0.39 per diluted share in 2012.

Highlights:

- Sales of $416.5 million were 4.1% higher than last year (3.9% in constant currency) driven by Commercial Aerospace (up 10.8% in constant currency).

- Net income up 10.1% to $43.6 million, $0.43 per diluted share, versus $39.6 million, $0.39 per diluted share last year.

-  FY 2013 adjusted diluted EPS guidance increased to a range of $1.73 to $1.83 (from $1.66 to $1.78).

Chief Executive Officer Comments

Mr. Berges commented, “This was another good start to the year for Hexcel, as solid execution combined with continued strong aerospace sales delivered excellent results.

For the quarter, our adjusted diluted EPS of $0.43 was 10.3% higher than last year, on a 3.9% increase in constant currency sales. Our commercial aerospace and space and defense sales were again up over 10%, and helped offset the nearly 30% decline in industrial sales.”

Looking ahead, Mr. Berges said, “While we expect continued weakness in industrial markets, our growth and operational performance in the rest of our business, combined with an improved tax outlook, give us the confidence to increase our 2013 adjusted diluted EPS guidance to $1.73 - $1.83 (from $1.66 - $1.78). Our sales outlook in total remains at $1,640 million to $1,740 million.”

Hexcel