The 2020 Mid-Year Economic Update_long

First Quarter Sales for Hexcel Down 3.8%

Total industrial sales dropped 19.4 percent year-over-year.

Hexcel Corp. (NYSE: HXL), Stamford, CT, reported sales for the first quarter of $478.8 million, a decrease of 3.8 percent compared to the same period a year ago. Profit increased 14.3 percent to $64.6 million.

Commercial aerospace sales of $347.2 million decreased 0.9 percent as compared to the first quarter of 2016. Space & defense sales of $76.7 million decreased 3.2 percent from the first quarter of 2016. Total industrial sales of $54.9 million for the first quarter were 19.4 percent lower than the first quarter of 2016.

Sales growth of the A350 and the new narrowbodies was offset by declines in certain legacy widebody sales (A380, B777 and B747). Sales of other commercial aerospace, including regional and business aircraft customers, were down modestly from the first quarter of 2016 and just above the fourth quarter of 2016.

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