20 April 2001
20 April 2001
Net income for the 2001 first quarter was $5.5 million, compared with net income of $2.6 million for the first quarter of 2000.
Commenting on Hexcel's first quarter 2001 results, Mr. John J. Lee, Chairman and CEO, said, ""The first quarter evidenced the moderate growth we anticipated in many of our business segments despite the changing macro economic environment. Revenue from the commercial aerospace segment grew due to higher Airbus, Boeing and regional aircraft build rates. We also saw higher revenues from space & defense and from our industrial markets.""
Revenue increases were achieved in the commercial aerospace market as a result of higher build rates for Airbus, Boeing and several regional aircraft manufacturers. In the space and defense market, sales reflected increased production related to several programs, including the F/A-18 and Eurofighter as well as Delta launchers. Offsetting these increases were lower sales volumes in the electronics market.
Mr. Lee noted, ""Although sales to the aerospace markets remain robust, lower sales to the electronics market will impact earnings for the quarter.""
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