Hexcel Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reaffirms Earnings Guidance for Fiscal 2015
January 22, 2015 at 04:25 pm
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Hexcel Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income $52.9 million, or $0.54 per diluted share, compared with the prior-year period's $47.1 million or $0.46 per diluted share. Revenue was $471.8 million, up 10.5% from $426.8 million in the same quarter last year. Operating income was $77.1 million against $67.0 million a year ago. Income before income taxes and equity in earnings from affiliated companies was $75.0 million against $65.4 million a year ago. Adjusted EBITDA was $98.9 million against $87.8 million a year ago. Adjusted net income was $52.9 million or $0.54 earnings per share against $47.1 million or $0.46 earnings per share a year ago.
For the year, net sales were $1,855.5 million against $1,678.2 million a year ago. Operating income was $305.8 million against $270.9 million a year ago. Income before income taxes and equity in earnings from affiliated companies was $297.3 million against $262.6 million a year ago. Net income was $209.4 million or $2.12 earnings per diluted share against $187.9 million or $1.84 earnings per diluted share a year ago. Adjusted EBITDA was $400.2 million against $349.2 million a year ago. Adjusted net income was $213.6 million or $2.16 earnings per share against $188.5 million or $1.85 earnings per share a year ago. Net cash provided by operating activities was $318.0 million against $272.9 million a year ago. Capital expenditures were $260.1 million against $194.9 million a year ago. Total debt, net of cash $345.4 million against $229.5 million a year ago.
The company reaffirmed earnings guidance for fiscal 2015. The company expects adjusted EPS of $2.26 - $2.38, excluding non-recurring items, on revenue of $1.9 billion - $2 billion, free cash flow of $10-$60 million, with the typical use of cash in the first quarter, and accrual basis capital expenditures of $260 million - $290 million.
Hexcel Corporation is engaged in providing advanced lightweight composites technology. The Company's product range includes carbon fiber, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core and composite structures for use in commercial aerospace, space and defense, and industrial applications. The Company operates through two segments: Composite Materials and Engineered Products. The Composite Materials segment comprises its carbon fiber, specialty reinforcements, resin systems, prepregs and other fiber-reinforced matrix materials, and honeycomb core product lines and pultruded profiles. The Engineered Products segment consists of lightweight high strength composite structures, radio frequency/electromagnetic interference (RF/EMI) and microwave absorbing materials, engineered core and specialty machined honeycomb products with added functionality and thermoplastic additive manufacturing.
Hexcel Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reaffirms Earnings Guidance for Fiscal 2015