Hexcel Reports Strong 2014 Second Quarter Results And Raises FY2014 Guidance

Regulatory News:
 
  Quarter Ended

June 30,
    Six Months Ended

June 30,
 
(In millions, except per share data)       2014       2013  

%Change
      2014       2013  

%Change
           
Net Sales $ 470.1 $ 422.6 11.2% $ 931.8 $ 839.1 11.0%
Net sales change in constant currency 10.2% 10.0%
Operating Income 75.1 71.9 4.5% 149.7 134.9 11.0%
Net Income 50.6 48.5 4.3% 100.7 92.1 9.3%
Diluted net income per common share $ 0.51 $ 0.48 6.3% $ 1.01 $ 0.90 12.2%
 
Non-GAAP Measures for y-o-y comparisons:
Adjusted Operating Income (Table C) $ 81.1 $ 71.9 12.8% $ 155.7 $ 134.9 15.4%
As a % of sales 17.3% 17.0% 16.7% 16.1%
Adjusted Net Income (Table C) 54.5 49.1 11.0% 104.6 92.7 12.8%
Adjusted diluted net income per share   $   0.55   $   0.48   14.6%   $   1.05   $   0.91   15.4%
 

Hexcel Corporation (NYSE:HXL)(Paris:HXL), today reported results for the second quarter of 2014. Net sales during the quarter were $470.1 million, 11.2% higher than the $422.6 million reported for the second quarter of 2013. Operating income for the period was $75.1 million ($81.1 million adjusted operating income, see Table C), compared to $71.9 million last year. Operating income for the quarter includes a $6 million charge to increase environmental reserves related to a manufacturing facility sold in 1986. Net income for the second quarter of 2014 was $50.6 million, or $0.51 per diluted share ($0.55 per share as adjusted, see Table C), compared to $48.5 million or $0.48 per diluted share in 2013.

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