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.