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Hexcel Corp., Stamford, CT, reported sales for the second quarter of 2009 were $277.3 million, 22.9% lower than second quarter 2008. Profit declined 37.1% to $16.8 million.
Year-to-date, sales were $584.6 million, down 17% from the first half of 2008. Profit was down 19.4% to $40.2 million.
"While we have limited ability to influence short term sales, we are focused on what we can control: our own cost structure, operational efficiency and cash flow," CEO David Berges said. "This quarter we continued to reduce headcount, controllable costs, capital expenditures and inventories."
In the Industrial segment, sales of $64.8 million for the second quarter of 2009 were down 24.5% in actual dollars (15.6% in constant currency) over last year due primarily to wind energy and automotive sub-markets. Industrial sales excluding wind energy and automotive were down slightly for the quarter compared to second quarter 2008.
Hexcel is an advanced structural materials company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications.