Hexcel Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reaffirms Earnings Guidance for the Fiscal Year 2013
January 23, 2013 at 04:05 pm
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Hexcel Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net sales of $387.3 million against $355.3 million a year ago. Operating income was $54.3 million against $49.4 million a year ago. Income before income taxes and equity in earnings from affiliated companies was $52.5 million against $47.1 million a year ago. Income before equity in earnings from affiliated companies was $36.9 million against $39.0 million a year ago. Net income was $36.9 million or $0.36 per diluted share against $39.5 million or $0.39 per diluted share a year ago. Adjusted operating income was $54.3 million against $49.4 million a year ago. Adjusted EBITDA was $71.2 million against $65.7 million a year ago. Adjusted net income was $36.9 million or $0.36 per diluted share against $33.7 million or $0.33 per diluted share a year ago.
For the year, the company reported net sales of $1,578.2 million against $1,392.4 million a year ago. Operating income was $248.8 million against $192.0 million a year ago. Income before income taxes and equity in earnings from affiliated companies was $237.7 million against $175.5 million a year ago. Income before equity in earnings from affiliated companies was $163.6 million against $133.9 million a year ago. Net income was $164.3 million or $1.61 per diluted share against $135.5 million or $1.35 per diluted share a year ago. Net cash provided by operating activities was $232.4 million against $170.5 million a year ago. Capital expenditures and deposits for capital purchases was $263.7 million against $158.0 million a year ago. Adjusted operating income was $239.3 million against $189.0 million a year ago. Adjusted EBITDA was $312.3 million against $258.2 million a year ago. Adjusted net income was $159.0 million or $1.56 per diluted share against $124.9 million or $1.24 per diluted share a year ago. Net debt at the end of the year was $224 million, which is a decrease of $29 million from the end of September.
The company reaffirmed 2013 outlook of sales of $1,640 million to $1,740 million, adjusted diluted earnings per share of $1.66 to $1.78, free cash flow of $20 million to $60 million, with the typical use of cash in the first quarter and accrual basis capital expenditures of $180 million to $200 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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reaffirms Earnings Guidance for the Fiscal Year 2013
HEXCEL CORPORATION 
