This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Hexcel Reports 2011 Fourth Quarter And Full Year Results

Stocks in this article: HXL

(b) The full year 2011 Composite Materials operating income includes a $5.7 million benefit from the curtailment of a pension plan. The full years 2011 and 2010 Corporate and Other 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.

Hexcel Corporation and Subsidiaries
Reconciliation of GAAP and Non-GAAP Operating Income and Net Income   Table C
  Unaudited
Quarter Ended

December 31,

  Year Ended

December 31,

(In millions)     2011   2010     2011     2010
   
GAAP operating income $ 49.4 31.0 $ 192.0 $ 129.8
- Other operating (income) expense (b)               (3.0 )     3.5  
Adjusted Operating Income $ 49.4 31.0 $ 189.0 $ 133.3
% of Net Sales 13.9 % 10.0 % 13.6 % 11.4 %
- Stock Compensation Expense $ 2.6 1.9 $ 13.9 $ 12.4
- Depreciation and Amortization     13.7     13.9       55.3       53.2  
Adjusted EBITDA   $ 65.7     46.8     $ 258.2     $ 198.9  
     
  Unaudited
Quarter Ended December 31,
2011   2010
(In millions, except per diluted share data)   As Reported   EPS   As Reported   EPS
     
GAAP net income $ 39.5 $ 0.39 $ 22.9 $ 0.23
- Benefit from tax adjustments (a)     (5.8 )   (0.06 )     (2.9 )   (0.03 )
Adjusted net income   $ 33.7     $ 0.33     $ 20.0     $ 0.20  
Unaudited
Year Ended December 31,
2011   2010
(In millions, except per diluted share data)   As Reported   EPS   As Reported   EPS
 
GAAP net income $ 135.5 $ 1.35 $ 77.4 $ 0.77
- Other operating (income) expense (net of tax) (b) (2.3 ) (0.02 ) 2.2 0.02
- Non-operating expense (net of tax) (c) 3.0 0.03 4.3 0.04
- Benefit from tax audit settlement and other tax adjustments (a)     (11.3 )   (0.11 )     (6.4 )   (0.06 )
Adjusted net income   $ 124.9     $ 1.24     $ 77.5     $ 0.78  

(a) The quarter ended December 31, 2011 includes a $5.8 million benefit primarily from the reversal of valuation allowances against net operating loss and foreign tax credit carryforwards. The year ended December 31, 2011 also includes a tax benefit from the release of $5.5 million of reserves primarily for uncertain tax positions as a result of an audit settlement. The quarter ended December 31, 2010 includes a $2.9 million benefit from the reversal of valuation allowances against U.S. deferred tax assets. The year ended December 31, 2010 also includes a $3.5 million benefit from New Clean Energy Manufacturing Tax Credits awarded in January 2010 for qualifying capital investments made in our U.S. wind energy facility in 2009.

6 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs