Hexcel (NYSE:HXL) rose on Friday after the maker of lightweight composite materials reported a fourth-quarter profit that beat market expectations.
Shares increased 11.3% to $42.84 at 2:08 p.m. in New York.
Net income rose to $53.9mln, or $0.56 per diluted share, in the three months ended December 31, from $52.9mln, or $0.54 per diluted share, in the year-earlier period, the Stamford, Connecticut-based company said in a statement late Thursday.
The average estimate of seven analysts surveyed by Capital IQ was for earnings of $0.54 per share.
Fourth-quarter revenue fell to $464.9mln from $471.8mln year-over-year.
Hexcel shares had declined 17% percent since the beginning of the year through the close of trading on Thursday.
RBC Capital Markets described the results as “a steady quarter from Hexcel, with the potential hiccup of issuing initial 2016 guidance being avoided.
“We think investors will generally be relieved, given the recent fragility of aerospace sentiment and the related performance of the stock – we now have the company projecting a healthy pick up in free cash flow for 2016… and Hexcel has stuck with its 2020 targets,” it said.