Hexcel Corporation reported a decrease in profits for the first quarter, compared to the corresponding time period last year. However, the results outperformed Wall Street predictions.
The company disclosed that its earnings for this quarter were $36.5 million, translating to $0.43 per share. This is less compared to $42.7 million or $0.50 per share which the company reported in the first quarter of the previous year.
When excluding particular items, Hexcel Corporation reported an adjusted earnings of $37.4 million, or $0.44 per share for the period. The average expectation from analysts was earnings of $0.41 per share, as per data compiled by Thomson Reuters. It's important to mention that analysts' estimates typically exclude special items.
Hexcel Corporation’s revenue for the quarter grew by 3.2%, rising to $472.3 million from $457.7 million last year.
A snapshot of Hexcel Corp.'s earnings (in accordance with GAAP) are as follows:
Earnings (Q1): Reduced to $36.5 million from $42.7 million last year.
Earnings per share (Q1): Dropped to $0.43 from $0.50 last year.
Revenue (Q1): Increased to $472.3 million from $457.7 million last year.
Regarding the company’s guidance for the full year, it predicts an earnings per share (EPS) in the range of $2.10 to $2.30. The projected revenue for the year totals to between $1.925 billion and $2.025 billion.
