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Hexcel Reports 2011 Fourth Quarter And Full Year Results

Hexcel will host a conference call at 11:00 A.M. ET, tomorrow, January 26, 2012 to discuss the fourth quarter results and respond to analyst questions. The telephone number for the conference call is (719) 325-4816 and the confirmation code is 9180149. The call will be simultaneously hosted on Hexcel’s web site at www.hexcel.com/investors/index.html. Replays of the call will be available on the web site for approximately three days.

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Hexcel Corporation is a leading advanced composites company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications such as wind turbine blades.

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Disclaimer on Forward Looking Statements

This press release contains statements that are forward looking, including statements relating to anticipated trends in constant currency for the market segments we serve (including changes in commercial aerospace revenues, the estimates and expectations based on aircraft production rates made publicly available by Airbus and Boeing, the revenues we may generate from an aircraft model or program, the impact of delays in new aircraft programs, the outlook for space & defense revenues and the trend in wind energy and other industrial applications); our ability to maintain and improve margins in light of the changes in product mix, efficiency improvements, continued cost reduction efforts and the current economic environment; outcome of legal matters; the magnitude and timing of capital expenditures in relation to market demand; and the impact of the above factors on our expectations of 2012 financial results. Actual results may differ materially from the results anticipated in the forward looking statements due to a variety of factors, including but not limited to changing market conditions, increased raw material costs, competition, product mix, inability to achieve planned manufacturing improvements and cost reductions, supply chain disruptions, conditions in the financial markets and changes in currency exchange rates, interest rates, governmental and environmental regulations and tax codes. Additional risk factors are described in our filings with the SEC. We do not undertake an obligation to update our forward-looking statements to reflect future events.

Hexcel Corporation and Subsidiaries

Condensed Consolidated Statements of Operations
  Unaudited

Quarter Ended December 31,

 

Year Ended December 31,

(In millions, except per share data)     2011     2010     2011     2010
Net sales $ 355.3   $ 311.0 $ 1,392.4   $ 1,173.6
Cost of sales     269.7       243.4       1,050.3       891.0  
 
Gross margin 85.6 67.6 342.1 282.6
% Gross margin 24.1 % 21.7 % 24.6 % 24.1 %
 
Selling, general and administrative expenses 28.0 28.8 120.5 118.5
Research and technology expenses 8.2 7.8 32.6 30.8
Other operating (income) expense (a)                 (3.0 )     3.5  
 
Operating income 49.4 31.0 192.0 129.8
 
Interest expense, net 2.3 4.2 11.6 23.2
Non-operating expense (b)                 4.9       6.8  
 
Income before income taxes and equity in earnings from affiliated companies 47.1 26.8 175.5 99.8
Provision for income taxes (c)     8.1       4.0       41.6       22.9  
 
Income before equity in earnings from affiliated companies 39.0 22.8 133.9 76.9
Equity in earnings from affiliated companies     0.5       0.1       1.6       0.5  
 
Net income   $ 39.5     $ 22.9     $ 135.5     $ 77.4  
 
 
 
Basic net income per common share: $ 0.40   $ 0.23   $ 1.37   $ 0.79  
 
Diluted net income per common share: $ 0.39   $ 0.23   $ 1.35   $ 0.77  
 
 
Weighted-average common shares:
 
Basic 99.2 97.7 98.8 97.6
Diluted     101.3       100.1       100.7       99.9  

(a) Other operating (income) expense for the year ended December 31, 2011 includes a $5.7 million benefit from the curtailment of a pension plan. Other operating (income) expense for the full years 2011 and 2010 also includes $2.7 million and $3.5 million, respectively, for charges to the environmental reserves primarily for remediation at a manufacturing facility sold in 1986.

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