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The Hexcel Corporation reported strong results for the second quarter of 2005, with net sales of $311.3 million, 14.4 percent higher than the same period last year.
Operating income for the second quarter of 2005 was $36.9 million compared to $25.9 million for the same quarter last year, a 42.5% increase.
“”This quarter represents Hexcel’s strongest financial performance since 1998. At 11.9% operating margin, it was our sixth consecutive quarter of year on year growth in both operating income and operating margin.”” said Chairman, President and CEO, Mr. David E. Berges. “”Further, with good overhead control and the benefit of our recent debt refinancing, we nearly tripled our net income this quarter compared to a year ago.””
Mr. Berges concluded: “”We continue to see positive developments in the commercial aerospace market. Boeing and Airbus continue to report increased new aircraft orders compared to last year. Reports from the Paris air show indicated the rapidly growing demand for the Boeing 787 and Airbus A350 aircraft, two aircraft that symbolize the step change in composite usage within the commercial aerospace market. These planes will enter into production later in the decade. The significantly greater composite content on these aircraft offers the potential that our commercial aerospace sales will continue to grow even if growth in aircraft deliveries slows down. In the nearer term, we believe we will continue to see the positive benefits in our results from the growth in production of the current generation of commercial aircraft and the introduction of the Airbus A380.””
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