Hexcel Corp., Stamford, CT, reported sales for 2013 of $1.7 billion, up 6 percent year-over-year. Profit increased 14 percent to $187.9 million.
For the fourth quarter, sales were $426.8 million, 10.2 percent higher than the fourth quarter of 2012. Profit grew 27.6 percent to $47.1 million.
Total industrial sales of $54.4 million for the fourth quarter of 2013 were 8.9 percent lower (11.4 percent in constant currency) than the fourth quarter of 2012. Wind sales declined by less than 10 percent in constant currency from the fourth quarter of 2012, and sales for each of the four quarters of 2013 were about the same level. For the year, industrial sales were down nearly 23 percent in constant currency, including the wind submarket which was down over 25 percent from 2012. Wind sales are expected to increase mid-single digits in 2014, which would return sales to 2011 levels.
Commercial aerospace sales of $283.6 million increased 21.1 percent (20.6 percent in constant currency) for the quarter. Revenues attributed to new aircraft programs increased 30 percent over the same period last year. Sales for Airbus and Boeing legacy aircraft were up over 15 percent compared to the fourth quarter of 2012, and were about the same run rate as the first half of 2013.
For the full year 2013, commercial aerospace sales were up 14.5 percent in constant currency, with new program sales up about 25 percent, legacy sales up 12 percent and other commercial aerospace sales about the same as last year.
Fourth quarter space & defense sales of $88.8 million were 4.9 percent lower (6 percent in constant currency) than the fourth quarter of 2012, primarily due to the expected lower V22 production rates and reductions in customers’ inventories at year-end. For the year, space & defense sales were up 4.5 percent in constant currency.