Hexcel Corporation (NYSE: HXL) reported better-than-expected earnings for the first quarter of 2024, with both earnings per share (EPS) and revenue surpassing analyst estimates.
The company announced an adjusted EPS of $0.44, $0.02 higher than the consensus estimate of $0.42. Revenue for the quarter reached $472 million, beating the consensus estimate of $470.81 million.
Hexcel’s strong performance was driven by its position as a global leader in advanced lightweight composites technology. The company’s products are used in a variety of industries, including aerospace, defense, and industrial applications, where the demand for high-performance, lightweight solutions continues to grow.
The company’s management attributes the strong quarter to “continued operational excellence and our ability to meet the growing needs of our customers.” Hexcel’s focus on innovation and customer-centric approach have been pivotal to its market performance.
Following the earnings release, Hexcel’s stock experienced a positive response, climbing 2.99%. The uptick in share price reflects investor optimism spurred by the company’s earnings and revenue beat for the quarter.
Hexcel also declared a regular quarterly cash dividend of $0.15 per share, payable to shareholders of record as of May 3, 2024, with the payment date slated for May 10, 2024.
