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Home » Hexcel Sales Fall 22.4% in the Third Quarter

Hexcel Sales Fall 22.4% in the Third Quarter

By    MDM  Staff 
October 27, 2009
More about:  Industrial
Sales in the industrial market fell 30.5% for the manfucturer of advanced composites.
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Stamford, CT-based Hexcel Corp. (NYSE: HXL), a manufacturer of advanced composites, sales during the third quarter were $257.1 million, 22.4% lower than third quarter of 2008. Profit declined 68.5% to $10.4 million.

Year to date, sales were $841.7 million, down 18.7% from the prior year period. Profit decreased 39% to $50.6 million.

Industrial segment sales of $55.1 million for the third quarter of 2009 were down 30.5% in actual dollars (27.9% in constant currency) from last year. Wind energy sales, which have historically been primarily European based, were down more than 25% in constant currency.

In the Commercial Aerospace market, sales declined 27.8% (27% in constant currency) to $127.5 million. Customer inventory adjustments begun earlier in the year continued in full force resulting in exaggerated sales declines, particularly for Airbus programs.

Space & Defense sales of $74.5 million were essentially flat in constant currency as compared to the third quarter of 2008.

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