Composites maker Hexcel Corp. had an outstanding financial year in 2022, with big gains in both sales and profit.
Full-year sales at Stamford, Conn.-based Hexcel were up 19 percent to almost $1.6 billion, with profit up more than tenfold to $126.3 million. Hexcel's Composite Materials unit accounted for more than 80 percent of the firm's 2022 sales with a total of almost $1.35 billion.
In a news release, Chairman, CEO and President Nick Stanage said that in the fourth quarter, Hexcel "managed to drive higher production levels to support continuing robust recovery in commercial aerospace, and as our business benefits from broad global strength in space and defense markets."
He added that, based on Hexcel's growth outlook, the firm has restarted construction on a new carbon fiber line at its Decatur, Ala., plant. The new line should be aerospace qualified in 2025 and will provide needed capacity based on growth forecasts.
"Our markets are recovering strongly, and we are gaining new business as demand grows for lightweight composites that support enhanced performance while improving fuel efficiency and reducing emissions," Stanage said. As a result, Hexcel's 2023 financial guidance forecasts double-digit growth in both sales and adjusted earnings per share.
On Wall Street, Hexcel's per-share stock price was up 8.5 percent to $67.40 in late trading Jan. 26. The price is up almost 13 percent since Jan. 1.
Hexcel employs more than 7,000 worldwide. The firm's products include carbon fiber, woven reinforcements, resins, pre-pregs, honeycomb and additive manufactured parts.