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Hexcel Corporation today reported net income for the first quarter of 2000 of $2.6 million. This compares with net income of $5.2 million for the first quarter of 1999, and a net loss of $2.7 million for the fourth quarter of 1999. Planned deliveries of commercial aircraft by The Boeing Company declined from 620 aircraft in 1999, to 490 aircraft in 2000. The company’s first quarter 1999 net sales reflected the peak of Boeing’s commercial aircraft production. However, as Hexcel delivers its products on average six to nine months ahead of the delivery of an aircraft, it began to see the impact of reduced Boeing production rates by the end of the second quarter of 1999. The impact was further amplified as Boeing and its subcontractors adjusted inventory in their supply chain. As a result, the company’s performance in the second half of 1999 was distinctly lower than that seen in the first half of the year. Consequently, comparisons of the company’s quarterly performance to the fourth quarter of 1999 provide a more insightful analysis of the company’s improved underlying performance trend than comparisons with the first quarter of 1999. Commenting on Hexcel’s first quarter 2000 results, Mr. John J. Lee, Chairman and CEO said, “The commercial aerospace market appears to have flattened out and the impact of customer inventory reductions appears to be behind us. While we don’t expect any significant improvement in sales of our carbon fiber products in 2000, performance has stabilized. The outlook for our industrial markets remains one of growth — particularly in automotive and wind energy applications. Demand for lightweight electronic fabrics continues to grow”. Hexcel Corporation is the world’s leading advanced structural materials company. It develops, manufactures and markets lightweight, high-performance reinforcement products, composite materials and engineered products for use in commercial aerospace, space and defense, electronics, and industrial applications.
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