Hexcel Corp. (HXL) reported that its third-quarter net income was $10.4 million or $0.11 per share, compared to $33.0 million or $0.34 per share in 2008. 2008 results included an $11.7 million after tax gain on the sale of Hexcel's share in BHA Aero Composites Parts Co. Ltd.
Excluding this gain, adjusted net income for the third quarter was $9.3 million or $0.10 per share, down from $21.3 million or $0.22 per share in the year-ago quarter.
Net sales for the quarter were $257.1 million, 22.4% lower than the $331.4 million reported for the third quarter of 2008. Operating income for the third quarter was $19.6 million, compared to $35.9 million for the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share on revenues of $246.57 million for the quarter. Analysts' estimates typically exclude special items.
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