Hexcel reported third-quarter net income up 197.8% year-on-year (YOY), to USD26.8 million, on net sales up 9.3%, to USD364.7 million, said the company.
Adjusted earnings totaled 33 cents/share, matching analysts’ consensus estimate, as reported by S&P Global Capital IQ. Composites demand remains solid, as aerospace builds recover from the COVID-19 pandemic, the company says.
Commercial aerospace segment sales grew 25.1% YOY, to USD209.1 million, as commercial aircraft build programs continued to ramp up. Space and defense segment sales decreased 1.6% YOY, to USD108.6 million, due to negative currency impacts. Industrial segment sales fell 16.4% YOY, due to negative currency impacts and lower sales in the wind energy market.
Hexcel is also narrowing its full-year guidance on the higher end of its previously announced range. Full-year 2022 sales are expected to total USD1.53-1.60 billion, compared with a forecast of USD1.50-1.60 billion previously. Full-year 2022 adjusted earnings are expected to total USD1.12-1.24/share, compared with a forecast of USD1.00-1.24/share previously.
As MRC informed earlier, Hexcel and Arkema have signed a strategic alliance to develop thermoplastic composite solutions for the aerospace sector combining the expertise of Hexcel in carbon fiber and that of Arkema in PEKK. The partnership announced today aims to develop carbon fiber-reinforced thermoplastic tapes to produce lightweight parts for future generations of aircraft. In addition to lightweighting, these new composites will provide lower cost and faster production speeds for customers in the aerospace and the space and defense sectors.
Hexcel Corporation is a leading advanced composites company. It develops, manufactures and markets lightweight, high-performance structural materials including carbon fibers, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, adhesives, engineered core and composite structures for use in commercial aerospace, space and defense and industrial applications.
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