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Hexcel Corporation has reported results for the fourth quarter and full year of 2007.
Net sales from continuing operations during the quarter were $317.6 million, 20.8% higher than the $262.9 million reported for the fourth quarter of 2006. Related operating income for the fourth quarter was $20.8 million, compared to $17.5 million for the same quarter last year.
Chief Executive Officer Mr. Berges commented, “”This was a very good closing quarter to a successful year of significant transition for Hexcel. Fourth quarter sales were at record levels, led by the extremely strong growth in revenues from aerospace (both commercial and defence) and assisted by strong sales in the wind energy markets. Our diluted earnings per share for the quarter was a solid $0.20 excluding the one-time items, as compared to $0.08 last year.””
“”For the year, we not only met all of our financial targets, we accomplished or made great progress on all of our strategic goals. Our portfolio realignment is now complete and has resulted in a more focused Company with better long term growth prospects. Over 80% of our markets and submarkets delivered double digit growth this year and have the potential to continue doing so for years to come. Our restructuring programs have resulted in a single, lean entity, down from three business units in 2005. Our capacity expansion programs are all on track, new product introductions are being embraced and we are well positioned for the A350XWB.””
“”Despite the distractions presented by the restructuring and business sale transactions, we are pleased with our financial progress, particularly in the second half. Adjusted operating income margin was up for the fourth year in a row, at 11.5% of sales, 40 basis points better than 2006, despite 30 basis points of compression from exchange rates. We have also achieved our longstanding goal of reducing our net debt to EBITDA leverage ratio below two times.””
“”As described in our 2008 Outlook, published in December 2007, we expect the good growth trends to continue through at least the next three years, thanks to sustained increases in wind energy markets and in aircraft production, plus incremental new programs from customers such as at Airbus, Boeing and USEC. We expect continued improvement of our financial performance. While the impact of the recently announced delays of the 787 have not yet been determined, we are targeting to offset any negative effects and do not expect it to cause a change in our 2008 earnings outlook.””
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