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.