Composites maker Hexcel Corp. had a solid financial year in 2017, with profit increasing even as sales slightly declined.
Stamford, Conn.-based Hexcel rang up sales of $1.97 billion for the year, down 1.5 percent vs. 2016. Profit, however, grew almost 14 percent to $284 million.
Hexcel generated more than 71 percent of its sales from the commercial aerospace market in 2017. The remainder of Hexcel's 2016 sales came from the space/defense and industrial sectors.
In a June 24 news release, Chairman, CEO and President Nick Stanage said that 2017 for Hexcel “was a strong year.”
“Our results reflect disciplined execution to drive operational excellence, new product developments and new process innovations,” he added. “As we enter 2018, we remain focused on driving increased shareholder value by executing our strategic priorities to partner with our customers on next-generation solutions.”
In June, Hexcel acquired Structil SA, a smaller composites maker based near Paris. Structil employs 70 at a 68,000-square-foot plant in Vert-le-Petit, France, making high-performance composites for the aerospace, defense and industrial markets.
On Wall Street, Hexcel's per-share stock price began 2017 near $51 but had improved to $65 by year's end for a gain of more than 27 percent. The price was near $66 in late trading Jan. 25.