Hexcel Corp. reported record second quarter results with diluted earnings per share (EPS) of $.70 on net sales of $522.6 million – an 11 percent improvement over last year’s $.63. The materials company, headquartered in Stamford, manufactures composite materials and structural parts.
Commercial aerospace sales, which account for 70 percent of total sales, drove the quarter’s results, coming in 14.3 percent higher in constant currency than in the second quarter of 2015. Space and defense sales were 7.6 percent lower in constant currency than last year, while industrial sales were 14.4 percent higher in constant currency than last year, reflecting the acquisition of Formax, a British manufacturer of composite reinforcements.
Hexcel chairman, CEO and president Nick Stanage said the company has reaffirmed its 2016 guidance, with its range for adjusted diluted EPS now $2.48 to $2.56 (from the previous $2.44 to $2.56) on sales of $1.99 to $2.05 billion (from the previous $1.97 to $2.07 billion).
“The company’s focus remains driving manufacturing throughput, capacity expansion and superior execution to prepare for the substantial production ramp up of new programs, led by commercial aerospace,” Stanage added.