Hexcel Q2 Profit Tops View; Backs FY13 Outlook - Quick Facts

(RTTNews) - Hexcel Corp. (HXL) Monday reported second-quarter net income of $48.5 million or $0.48 per share, compared to $48.0 million or $0.47 per share in the prior-year quarter.

Adjusted net income for the quarter were $49.1 million or $0.48 per share, up from $42.7 million or $0.42 per share in the comparable quarter last year. On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Second-quarter revenues totaled $422.6 million, up 5.9 percent from $399.2 million last year, while fourteen analysts expected revenues of $423.82 million.

Looking ahead to the fiscal year 2013, the company continues to expects adjusted earnings to be in the range of $1.73 to $1.83 per share and revenues in the range of $1.64 billion to $1.74 billion. Analysts currently expect earnings of $1.81 per share on revenues of $1.71 billion for fiscal 2013.

On July 22, 2013, the company's Board of Directors authorized the repurchase of an additional $150 million of the company's common stock. The repurchases will be funded from cash from operating activities and, if needed, the existing credit facilities.

Separately, Hexcel announced the appointment of Nick Stanage as President & Chief Executive Officer or CEO of Hexcel Corporation, effective August 1, 2013. Stanage will also join the Board of Directors.

David Berges is appointed Executive Chairman of the Board until his retirement on December 31, 2013, and then will provide advisory services for one year, the company stated.