2016 was a record year for composites maker Hexcel Corp. — and company officials see that trend continuing into 2017.
Stamford, Conn.-based Hexcel set records for sales, profit, operating income and earnings per share in 2016. Its sales were up almost 8 percent to just over $2 billion, as profit improved more than 5 percent to just under $250 million.
Hexcel generated just over 70 percent of its sales from the commercial aerospace market in 2016. New aerospace program sales grew more than 40 percent for the year, officials said in a Jan. 26 news release. The remainder of Hexcel's 2016 sales came from the space/defense and industrial sectors.
“We expect another record year of sales and earnings [in 2017] with cash flow generation of more than $100 million,” Chairman, President and CEO Nick Stanage said in the release. “We remain fully aligned to deliver the increasing demand for innovative advanced composite products and solutions to support our global customers.”
In June, Hexcel bought a minority stake in Oxford Performance Materials, a 3-D parts maker and specialty compounder in South Windsor, Conn.
On Wall Street, Hexcel's per-share stock price began 2016 near $47 but had improved to $52 by year's end for a gain of almost 11 percent. The price had declined to just under $51 in late trading Jan. 26.