Hexcel Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
January 24, 2024 at 09:30 pm
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Hexcel Corporation reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 457.5 million compared to USD 429.4 million a year ago. Net loss was USD 18.2 million compared to net income of USD 37 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to basic earnings per share from continuing operations of USD 0.44 a year ago. Diluted loss per share from continuing operations was USD 0.21 compared to diluted earnings per share from continuing operations of USD 0.43 a year ago.
For the full year, the company reported sales was USD 1,789 million compared to USD 1,577.7 million a year ago. Net income was USD 105.7 million compared to USD 126.3 million a year ago. Basic earnings per share from continuing operations was USD 1.25 compared to USD 1.5 a year ago. Diluted earnings per share from continuing operations was USD 1.24 compared to USD 1.49 a year ago.
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 is comprised of 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 is comprised 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.