WASHINGTON (dpa-AFX) - Hexcel Corp. (HXL) Monday said its first-quarter profit increased 50 percent to $39.6 million or $0.39 per share from $26.4 million or $0.26 per share in the same quarter last year, mainly on higher revenues. Both earnings and revenues for the quarter came in above analysts' expectations.
First-quarter adjusted earnings were $39.6 million or $0.39 per share, up 57 percent from $25.3 million or $0.25 per share last year.
On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.33 per share for the quarter. Analysts' estimates typically exclude special items.
First quarter revenues totaled $400.1 million, up 20.7 percent from $331.6 million last year. Analysts' expected revenues of $371.81 million.
Looking ahead, the aircraft parts maker also raised its fiscal year 2012 guidance in light of the current market outlook. The company now expects 2012 adjusted earnings in the range of $1.45 per share to $1.55 per share, up from $1.33 per share to $1.45 per share provided earlier. Sales guidance for the year was raised to a range of $1.55 billion to $1.65 billion from $1.5 billion to $1.6 billion previously.
Analysts currently expect earnings of $1.41 per share and revenues of $1.55 billion for the fiscal year 2012.
Hexcel closed Monday's regular trade at $26.29, down 0.64 percent. Shares rose 3.65 percent to $27.25 in the extended trade.
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