Hexcel Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reaffirms Earnings Guidance for the Fiscal Year 2012
January 25, 2012 at 09:05 pm
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Hexcel Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, net sales were $355.3 million compared to $311.0 million for the same period a year ago. Operating income was $49.4 million compared to $31.0 million for the same period a year ago. Income before income taxes and equity in earnings from affiliated companies was $47.1 million compared to $26.8 million for the same period a year ago. Net income was $39.5 million compared to $22.9 million for the same period a year ago. Diluted net income per common share was $0.39 compared to $0.23 for the same period a year ago. Adjusted operating income was $49.4 million compared to $31.0 million for the same period a year ago. Adjusted EBITDA was $65.7 million compared to $46.8 million for the same period a year ago. Adjusted net income was $33.7 million or $0.33 per share compared to $20.0 million or $0.20 per share for the same period a year ago.
For the fully year, net sales were $1,392.4 million compared to $1,173.6 million for the same period a year ago. Operating income was $192.0 million compared to $129.8 million for the same period a year ago. Income before income taxes and equity in earnings from affiliated companies was $175.5 million compared to $99.8 million for the same period a year ago. Net income was $135.5 million compared to $77.4 million for the same period a year ago. Diluted net income per common share was $1.35 compared to $0.77 for the same period a year ago. Net cash provided by operating activities was $170.5 million compared to $126.5 million for the same period a year ago. Capital expenditures and deposits for capital purchases were $158.0 million compared to $48.8 million for the same period a year ago. Adjusted operating income was $189.0 million compared to $133.3 million for the same period a year ago. Adjusted EBITDA was $258.2 million compared to $198.9 million for the same period a year ago. Adjusted net income was $124.9 million or $1.24 per share compared to $77.5 million or $0.78 per share for the same period a year ago. Total debt, net of cash was $201.4 million compared to $215.0 million for the same period a year ago. Free cash flow was $12.5 million versus $77.7 million in 2010, as higher earnings were more than offset by increased capital spending. Accrual basis capital expenditures were $184.5 million.
The company reaffirmed 2012 earnings outlook. 2012 outlook includes: Sales to be in the range of $1,500 million to $1,600 million; Adjusted diluted earnings per share to be in the range of $1.33 to $1.45; Accrual basis capital expenditures to be in the range of $250 million to $275 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, 2011; Reaffirms Earnings Guidance for the Fiscal Year 2012