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Hexcel’s Chief Executive Officer, Mr. David Berges has outlined Hexcel’s guidance for 2008 and outlook for the future.
Summarizing Hexcel’s prospects, he commented, “”For 2008 we see the continuation of growth in all of our core markets and an increasing significance of Airbus A380 and Boeing 787 sales. We expect our fifth year in a row of double digit sales growth led by commercial aerospace and wind energy markets. Global demand is lifting build rates for aircraft and wind turbines and we believe that this trend will continue for the foreseeable future. In addition, the ramp-ups for the Airbus A380 and Boeing 787 programs accelerate the secular penetration story for composites in commercial aerospace.””
“”We expect that we will achieve our margin targets for 2007 and the sales growth will lead to an increased rate of operating margin and earnings expansion in 2008. Our expectations are for improvement of about 100 basis points in operating margin in 2008 despite continued cost pressures from high oil costs and unfavorable foreign exchange rates.””
“”Our 2007 sale of non-core reinforcements businesses both improved our prospects for consistent growth and helped put our balance sheet in the best shape it has been in for years. Entering 2008, we expect debt to be less than two times EBITDA and we expect our capital investment program to be funded from operations.””
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