Hexcel stock fell 11.8% by mid-morning Thursday after its third-quarter report. Earnings of $0.50 per share beat the $0.49 forecast by a penny, but sales of $496.4 million missed the $501.8 million estimate, although they still grew 8.8%. Commercial aerospace sales rose 20.5%, while defense sales fell 8.7% after Hexcel divested an Austrian business and closed a U.K. one, and gross margin improved 140 basis points. The company kept its full-year guidance of $2.30 to $2.40 in non-GAAP diluted EPS and $2.025 billion to $2.125 billion in sales, which the article says sits below analyst forecasts. Investors had reportedly hoped for a raised outlook, since the stock trades above 33 times its earnings forecast.
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