WASHINGTON (dpa-AFX) - Hexcel Corp. (HXL) Wednesday reported fourth-quarter net income of $39.5 million or $0.39 per share, compared to $22.9 million or $0.23 per share last year. Excluding special items, non-GAAP net income for the quarter was $33.7 million or $0.33 per share, compared to $20 million or $0.20 per share a year ago. The company reported revenues of $355 million, up 14.2% from $311 million in the prior year. Street analysts expected the company to earn $0.30 per share and revenues of $360.19 million for the quarter. Analysts' estimates typically excludes special items.
Looking ahead to 2012,the company reaffirmed its outlook, expecting adjusted earnings of $1.33 to $1.45 per share and revenues of $1.5 billion to $1.6 billion. Analysts currently expect earnings of $1.39 per share and revenues of $1.55 billion. The company said, 'Despite concerns about the global economy, the large backlogs of orders at our major customers suggest we are well positioned for 2012 and beyond. As previously disclosed, we are accelerating our capital spending plans to expand our capacity in line with our outlook...' Connecticut-based Hexcel Corp. engages in the manufacture of lightweight and high-performance composites for use in commercial aerospace, space and defense, and industrial applications.
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