Hexcel Corp. (HXL) announced that its fourth-quarter net income was $5.7 million or $0.06 per share, compared to $28.3 million or $0.29 per share in the year ago quarter.
Adjusted net income for the fourth quarter was $11.3 million or $0.11 per share, compared to $15.7 million or $0.16 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter were $266.6 million, compared to $289.5 million in the prior year quarter. Ten analysts had consensus revenue estimate of $257.60 million for the quarter.
The company expects flat to slightly declining revenue on a constant currency basis for the full year 2010, with the first quarter being the weakest, particularly when compared to 2009's relatively strong first quarter.
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