Hexcel Corp. (NYSE: HXL), Stamford, CT, reported fourth quarter sales were $266.6 million, down 7.9% from fourth quarter 2008. Profit declined 80% to $5.7 million.
For 2009, sales were $1.11 billion, down 16.3% from the prior year. Profit was down 49% to $56.3 million.
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Commercial Aerospace sales for the quarter of $137.1 million declined 4.3% versus last year, the smallest decline in five quarters. Sales to regional and business aircraft customers were down more than 40% from the fourth quarter 2008 as a result of announced production cut-backs. This sub-segment totaled almost $200 million of sales in 2008, and beginning in the second quarter of 2009, dropped to a run-rate of about $100 million per year. For the full year, sales to Commercial Aerospace declined by $154.1 million or 21.7%.
Space & Defense sales of $73.0 million for the quarter were 7.2% lower on a constant currency basis compared to the fourth quarter of 2008. Full year 2009 Space & Defense constant currency sales were just above 2008.
Industrial sales of $56.5 million for the fourth quarter of 2009 were down 25.6% on a constant currency basis. For the full year, Industrial sales were $252.7 million, down 15.4% adjusted for currency changes despite particularly strong wind energy revenues in the first quarter of 2009.
Hexcel Corp. manufactures 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 such as wind turbine blades.