Hexcel revenues rise 10%
STAMFORD — Composite-materials manufacturer Hexcel reported this week rising revenues and profits, driven by across-the-board growth.
Fourth-quarter sales for the Stamford company totaled approximately $561 million, up about 10 percent year-over-year. Quarterly profits came to about $66 million, down 25 percent from a year ago. The fourth quarter of 2017 included some $22 million of benefits tied to U.S. tax reform.
For all of 2018, revenues totaled about $2.2 billion, up 11 percent from 2017. Full-year profits dropped about 3 percent, to $277 million.
“Our markets continue to strengthen in all areas,” Nick Stanage, Hexcel’s chairman, CEO and president, said in a statement. “Importantly, our team delivered productivity and efficiency improvements across the business, which mitigated some of the unexpected headwinds we encountered throughout the year.”
Commercial aerospace sales totaled about $385 million, up 7 percent. New commercial aircraft programs, including business for the Airbus A320neo and Boeing 737 Max, underpinned the growth.
Space and defense sales totaled about $98 million, a roughly 1 percent increase that reflected growing military and civil rotorcraft programs.
Industrial sales reached about $78 million, a 44 percent jump that pointed to growing wind-energy business.
Hexcel shares closed Thursday at about $66, up around 8 percent from its Wednesday finish.
The company is headquartered in downtown Stamford, with about 45 employees based at offices at 281 Tresser Blvd.
email@example.com; 203-964-2236; twitter: @paulschott