Hexcel Reports Double-Digit 2014 Sales Growth

The high-performance structural materials developer ended the year with record sales, operating income and margin, and net income.

Stamford, CT-based Hexcel Corporation, a developer, manufacturer and marketer of lightweight, high-performance structural materials, reported its 2014 fourth quarter and year-end financial results.

For the quarter, net sales were $471.8 million, an increase of 10.5 percent year-over-year. Operating income was $77.1 million, up from $67 million in Q4 2013. Net income for the quarter was $52.9 million, compared to $47.1 million in Q4 2013.

Hexcel's fourth quarter sales included $64.8 million in its industrial market, up 19.1 percent year-over-year. Commercial Aerospace sales were $307.4 million, up 8.4 percent, while Space & Defense sales rose 12.2 percent to $99.6 million.

Chief Executive Office Nick Stanage commented, “Hexcel delivered another strong quarter to end the year with record sales, operating income and margin, and net income. We achieved record sales in the fourth quarter as a result of solid performance across all of our markets. We are particularly pleased that for the year we met our target adjusted operating income leverage of 23 percent and generated free cash flow of nearly $58 million.”

Looking ahead, Mr. Stanage said, “As outlined in our 2015 guidance and 2020 vision released last week, the company’s focus in 2015 will be driving manufacturing throughput, capacity expansion and superior execution to prepare for the substantial production ramp up that begins this year and accelerates significantly in 2016 and 2017.”

For the year, Hexcel reported sales of $1.8 billion, a 10.6 percent increase over 2013. Profit jumped 11.4 percent to $209.4 million.

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