Second-quarter earnings and revenue at Hexcel Corp. both declined on a year-over-year basis. The Stamford company said its earnings fell from $66.4 million to $61.6 million, while revenue for the quarter dropped from $522.6 million to $491.3 million.
Sales for the second quarter of 2017 were 5.4 percent less in constant currency than the second quarter of 2016, while sales for the first half of this year were 4 percent less in constant currency than in the first half of 2016.
“Although reductions in certain build rates and customer inventory adjustments lowered sales for the quarter, we delivered a solid gross margin of 28.2 percent in the first half of 2017, while executing the startup of several new production lines for additional capacity to support our forecasted growth,” said Hexcel Chairman, CEO and President Nick Stanage.
Hexcel develops, manufactures and markets lightweight, high-performance structural materials including carbon fibers and specialty reinforcements for use in commercial aerospace, space and defense and industrial applications.