April 27, 2009 / 9:48 PM / 9 years ago

UPDATE 1-Hexcel Q1 profit beats Street view

* Q1 EPS $0.24 vs est $0.19

* Revenue of $307.3 mln lags Street

* Reaffirms 2009 capex of less than $100 mln

* Sees 2010 capex of no more than $125 mln

April 27 (Reuters) - Hexcel Corp (HXL.N), a maker of structural materials for the aerospace industry, posted quarterly profit above market estimates, helped by sales growth at its space and defense and wind energy markets.

For the first quarter, net income was $23.4 million, or 24 cents a share, compared with $23.2 million, or 24 cents a share, a year ago.

Net sales fell 11 percent to $307.3 million.

Analysts on average expected the company to earn 19 cents a share, before special items, on revenue of $334.5 million, according to Reuters Estimates.

Hexcel, which supplies composite materials for Boeing’s (BA.N) 787 Dreamliner plane, said its previous forecast for flat to modest revenue growth in 2009 seemed “too optimistic.”

The company said its second half sales trend is still too difficult to project due to the lack of 2010 visibility from its major customers.

“Based on the first quarter, we can still achieve a modest adjusted earnings-per-share year-over-year gain if our revenues for the year decline 5 percent on a constant currency basis,” the company said in a statement.

Shares of the company closed at $8.50 Monday on the New York Sock Exchange.

For the alerts, double click on [ID:nWNAB8758] (Reporting by Mary Meyase in Bangalore; Editing by Anne Pallivathuckal)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below