Hexcel's Stock Falls After Downbeat Profit And Sales Outlook
Shares of Hexcel Corp. dropped 1.9% in premarket trade Tuesday, after the composites company provided a 2017 profit and sales outlook that was below expectations. The company expects earnings per share for next year in the range of $2.64 to $2.76, compared with the FactSet consensus of $2.79. Revenue is expected to be $2.05 billion to $2.15 billion, below the FactSet consensus of $2.16 billion. For its commercial aerospace business, which comprised over 70% of sales, the company expects sales growth in the mid-single digit percentage range in 2017, while the FactSet consensus implies 6.9% growth. The stock has run up 12% year to date through Monday, while the S&P 500 has gained 10%.
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