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Hexcel Corp. (NYSE: HXL), Stamford, CT, reported sales for the third quarter were $294.5 million, an increase of 14.5 percent over the third quarter of 2009. Profit increased 50 percent to $15.6 million.
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For the first nine months, sales were $862.6 million, up 2.5 percent over the prior year period. Profit increased 7.7 percent to $54.5 million.
Mr. Berges commented, "We are pleased with the sales trends from the last two quarters, which are in line with our June 2nd outlook of a return to growth," CEO David E. Berges said. "While we may see some moderation of our growth rate in the fourth quarter due to year-end inventory corrections or program delays, recent order announcements by our major aerospace and wind customers allow us to reaffirm our outlook for double digit growth trends in the mid-term."
Commercial Aerospace sales of $157.6 million increased 23.6 percent (26.4 percent in constant currency) for the quarter as compared to the third quarter 2009.
Space & Defense sales of $74.4 million were flat (increased 1.8 percent in constant currency) compared to the third quarter of 2009.
Total Industrial sales of $62.5 million for the third quarter of 2010 were up 13.4 percent (21.8 percent higher in constant currency) with good year-over-year growth from all sub-markets. Wind sales were up over 20 percent on a constant currency basis over last year's low third quarter, but about the same as the second quarter of 2010.
Hexcel Corporation is a manufacturer of advanced composites used in commercial aerospace, space and defense and industrial applications such as wind turbine blades.