Composites maker Hexcel Corp. posted higher sales and profit for full-year 2024 as the use of its materials on commercial aircraft increased.
Annual sales at Stamford, Conn.-based Hexcel were up more than 6 percent vs. 2023 to a little more than $1.9 billion as profit jumped 25 percent to just over $132 million. The firm announced full-year results Jan. 23.
In a news release, Chairman, CEO and President Tom Gentile said Hexcel's 2024 sales in commercial aerospace grew 12 percent despite challenges in the OEM supply chain. He added the firm met its latest 2024 guidance and that its 2025 sales guidance includes growth of around 10 percent in commercial aerospace, despite "ongoing rate-ramp challenges" the commercial aircraft industry supply chain is experiencing.
Also in 2025, Hexcel is forecasting increased cash generation of more than $220 million.
"With our multi-year cash generation potential remaining strong, growing the business and returning cash to shareholders remain key areas of focus," Gentile said.
Hexcel's priorities for 2025, according to Gentile, include winning positions for Hexcel lightweight materials on the next generation of aircraft. The firm also expects to grow through build rate increases to meet backlog demand as well as organic growth for existing programs with increased adoption of lightweight advanced composites.
Gentile said Hexcel also "will explore inorganic growth through disciplined strategic deployment of our robust and growing capital resources." He added that innovation "is a core tenet of Hexcel, as we continually work to enhance our leading-edge lightweight materials to enable our customers to design products that are stronger and lighter."
Also in 2025, Hexcel is considering the sale of its plant in Neumarkt, Austria. That plant solely serves Industrial markets. The firm in 2024 saw a pre-tax net gain of $800,000 from the sale of a facility in Colorado.
In 2024, Hexcel saw growth of sales of its materials on Airbus A350, Airbus A320neo and Boeing 787 commercial aircraft. Commercial aerospace was the firm's largest end market in 2024, accounting for 63 percent of sales. In the space and defense market, Hexcel saw 2024 sales growth in Sikorsky CH-53K military helicopters and Lockheed F-35 fighter planes.
Products made by Hexcel include carbon fiber, woven reinforcements, resins, prepregs, honeycomb and additive manufactured parts.