Hexcel misses by $0.04, lowers FY15 guidance; authorizes $250 mln additional share repurchase
Reports Q3 (Sep) earnings of $0.55 per share, $0.04 worse than the Capital IQ Consensus of $0.59; revenues fell 0.7% year/year to $448.8 mln vs the $462.53 mln Capital IQ Consensus.
Co issues downside guidance for FY15, sees EPS of $2.28-2.34 vs. $2.40 Capital IQ Consensus Estimate, down from $2.33-2.43 prior guidance; sees FY15 revs of $1.84-1.86 bln vs. $1.9 bln Capital IQ Consensus Estimate, down from previous guidance of $1.85-$1.9 bln.
HXL notes lowered sales outlook due to lower Space and Defense sales
Says new Commercial Aerospace programs remain on track and Commercial Aerospace sales were 7.4% higher than last year in constant currency.
Board authorizes $250 mln of additional share repurchases, after repurchasing $100 million of shares during quarter.