- Q2 2023 GAAP diluted EPS of $0.50 compared to Q2 2022 GAAP
diluted EPS of $0.53.
- Q2 2023 adjusted diluted EPS of $0.50, compared to Q2 2022
adjusted diluted EPS of $0.33.
- Q2 2023 Sales were $454 million, an increase of 15.6% over
Q2 2022 sales of $393 million (14.7% increase in constant
currency).
- FY 2023 sales guidance revised to $1.765 billion to $1.835
billion, previously $1.725 billion to $1.825 billion. Adjusted EPS
revised to $1.80 to $1.94, previously $1.70 to $1.90.
See Table C for reconciliation of GAAP and non-GAAP operating
income, net income, earnings per share and operating cash flow to
free cash flow. Free cash flow is cash from operations less capital
expenditures.
Hexcel Corporation (NYSE: HXL):
Summary of Results from
Operations
Quarters Ended
Six Months Ended
June 30,
June 30,
(In millions, except per share data)
2023
2022
% Change
2023
2022
% Change
Net Sales
$
454.3
$
393.0
15.6
%
$
912.0
$
783.6
16.4
%
Net sales change in constant currency
14.7
%
16.4
%
Operating Income
61.3
63.8
(3.9
)%
124.1
93.9
32.2
%
Net Income
42.5
44.7
(4.9
)%
85.2
62.5
36.3
%
Diluted net income per common share
$
0.50
$
0.53
(5.7
)%
$
1.00
$
0.74
35.9
%
Non-GAAP measures for year-over-year
comparison (Table C)
Adjusted Operating Income
$
61.8
$
44.7
38.3
%
$
124.8
$
75.8
64.6
%
As a % of sales
13.6
%
11.4
%
13.7
%
9.7
%
Adjusted Net Income
42.8
28.1
52.3
%
85.7
46.7
83.5
%
Adjusted diluted net income per share
$
0.50
$
0.33
51.5
%
$
1.00
$
0.55
81.8
%
Hexcel Corporation (NYSE: HXL) today reported second quarter
2023 results including net sales of $454 million and adjusted
diluted EPS of $0.50 per share.
Chairman, CEO and President Nick Stanage said, “Hexcel’s second
quarter demonstrated strong execution and delivered a 16%
year-over-year increase in sales and a more than 50% increase in
adjusted earnings per share. Global demand for our lightweight
composite materials, delivering sustainable solutions continues to
be robust, and our focus remains on staying agile and aligned with
our customers to meet their requirements, as well as collaborating
on next-generation innovations. Based on our confidence for the
remainder of the year, we are now raising our guidance for Sales
and Adjusted EPS.”
Mr. Stanage continued, “During May we completed our Morocco
engineered products facility expansion that doubled our capacity to
support the growing demand for lightweight composite engineered
core in the region. We also made the strategic decision to acquire
the site in Amesbury near Boston, Massachusetts, that is home to
our highly specialized engineered products business acquired in
2019, thus ensuring our flexibility as we grow and expand that
business going forward. Hexcel is well-positioned globally to
support the expected production rate ramps of our customers as well
as to pursue the significant secular growth opportunities for
lightweight composite solutions.”
Markets
Sales in the second quarter of 2023 were $454.3 million compared
to $393.0 million in the second quarter of 2022.
Commercial Aerospace
- Commercial Aerospace sales of $264.3 million for the second
quarter of 2023 increased 16.1% (15.4% in constant currency)
compared to the second quarter of 2022. The sales growth was led by
the Airbus A350 and Boeing 787 programs. Other Commercial Aerospace
increased 13.3% for the second quarter of 2023 compared to the
second quarter of 2022 reflecting growth in business jets.
Space & Defense
- Space & Defense sales of $137.5 million increased 22.9%
(22.1% in constant currency) for the quarter as compared to the
second quarter of 2022. Growth was broad-based including fighter
aircraft, particularly the F-35 and Rafale, as well as the Black
Hawk, civilian helicopters and space programs.
Industrial
- Total Industrial sales of $52.5 million in the second quarter
of 2023 decreased 1.9% (3.3% in constant currency) compared to the
second quarter of 2022 as lower wind energy and recreation sales
were only partially offset by growth in automotive and other
industrial sales.
Consolidated Operations
Gross margin for the second quarter of 2023 was 24.4% compared
to 22.8% in the second quarter of 2022, increasing on higher sales
volume leverage. As a percentage of sales, selling, general and
administrative and R&T expenses for the second quarter of 2023
were 10.8% compared to 11.4% for the second quarter of 2022.
Adjusted operating income in the second quarter of 2023 was $61.8
million or 13.6% of sales, compared to $44.7 million, or 11.4% of
sales in 2022. Other operating income for the second quarter of
2022 included a pre-tax net gain of $19.4 million from a property
sale in California. The impact of exchange rates on operating
income as a percent of sales was favorable by approximately 30
basis points in the second quarter of 2023 compared to the second
quarter of 2022.
Year-to-Date 2023
Results
Sales for the first six months of 2023 were $912.0 million
compared to $783.6 million, a 16.4% increase from the same period
in 2022.
Commercial Aerospace (60% of YTD sales)
- Commercial Aerospace sales of $548.8 million increased 22.9%
(22.5% in constant currency) for the first six months of 2023
compared to the first six months of 2022. The A350 and A320neo
programs as well as the 787 program drove the growth. Other
Commercial Aerospace increased 18.4% for the first six months of
2023 compared to the same period in 2022 on expanding business jet
demand.
Space & Defense (29% of YTD sales)
- Space & Defense sales of $263.7 million increased 14.6%
(14.7% in constant currency) for the first six months of 2023 as
compared to the first six months of 2022. Areas of growth included
military aircraft, including the Rafale and A400M, and both civil
and military rotorcraft, led by the Black Hawk.
Industrial (11% of YTD sales)
- Total Industrial sales of $99.5 million in the first six months
of 2023 decreased 7.0% (6.1% in constant currency) compared to the
first six months of 2022 as lower wind energy sales were only
partially offset by growth in automotive and other industrial
markets.
Consolidated Operations
Gross margin for the first six months of 2023 was 26.2% compared
to 22.5% in the prior year period, benefitting from higher sales
volume leverage. As a percentage of sales, selling, general and
administrative and R&T expenses for the first six months of
2023 were 12.5% compared to 12.8% for the first six months of 2022,
with a number of development projects leading to the R&T cost
step-up. Adjusted operating income for the first six months of 2023
was $124.8 million or 13.7% of sales, compared to $75.8 million or
9.7% of sales in 2022. Other operating expense for the first six
months of 2023 included restructuring costs. Other operating income
for the first six months of 2022 included a pre-tax net gain of
$19.4 million from a property sale in California, partially offset
by restructuring costs. The impact of exchange rates on operating
income as a percent of sales was favorable by approximately 50
basis points in the first six months of 2023 compared to the first
six months of 2022.
Cash and other
- Net cash provided by operating activities in the first six
months of 2023 was $30.1 million, compared to $18.3 million for the
first six months of 2022. Working capital was a cash use of $113.9
million for the first six months of 2023 and a use of $95.1 million
for the comparable period in 2022, increasing to support sales
growth. Capital expenditures on a cash basis were $74.8 million for
the first six months of 2023 including approximately $38 million
for the purchase of the land and building at the Hexcel Amesbury,
Massachusetts facility to support future growth. Capital
expenditures for the first six months of 2022 were $37.9 million.
Net cash used for investing activities for the six months ended
June 30, 2022 included the net proceeds of $21.2 million received
from the sale of the California facility. Net cash used for
financing activities for the first six months of 2023 included $2.5
million of financing fees associated with our new credit agreement
that was entered into in April 2023. Free cash flow was ($44.7)
million in the first six months of 2023, which includes the
Massachusetts property purchase. This compares to ($19.6) million
in the first six months of 2022. Free cash flow is defined as cash
generated from operating activities less cash paid for capital
expenditures. Capital expenditures on an accrual basis were $70.5
million and $28.3 million for the first six months of 2023 and
2022, respectively.
- The Company did not repurchase any common stock during the
second quarter of 2023. The remaining authorization under the share
repurchase program at June 30, 2023, was $217 million.
- As announced today, the Board of Directors declared a quarterly
dividend of $0.125 per share payable to stockholders of record as
of August 4, 2023, with a payment date of August 11, 2023.
2023 Guidance
- Sales of $1.765 billion to $1.835 billion (previously $1.725
billion to $1.825 billion)
- Adjusted diluted earnings per share of $1.80 to $1.94
(previously $1.70 to $1.90)
- Free cash flow of greater than $110 million (previously greater
than $140 million)
- Accrual basis capital expenditures of approximately $130
million (previously approximately $90 million)
- Underlying annual effective tax rate is estimated to be 23%
(unchanged)
Hexcel will host a conference call at 10:00 a.m. ET, on July 25,
2023 to discuss second quarter 2023 results. The live webcast will
be available on the Investor Relations section of the Hexcel
website via the following link:
https://events.q4inc.com/attendee/494184143 The event can also be
accessed by dialing +1 (646) 960-0452. The conference ID is
3428143. Replays of the call will be available on the website.
About Hexcel
Hexcel Corporation is a global leader in advanced lightweight
composites technology. We propel the future of flight, energy
generation, transportation, and recreation through excellence in
providing innovative high-performance material solutions that are
lighter, stronger and tougher, helping to create a better world for
us all. Our broad and unrivaled product range includes carbon
fiber, specialty reinforcements, prepregs and other
fiber-reinforced matrix materials, honeycomb, resins, engineered
core and composite structures for use in commercial aerospace,
space and defense, and industrial applications.
Disclaimer on Forward Looking Statements
This news release contains statements that are forward looking
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements relating to the estimates and
expectations based on aircraft production rates provided by Airbus,
Boeing and others; the revenues we may generate from an aircraft
model or program; the impact of the push-out in deliveries of the
Airbus and Boeing backlog and the impact of delays in the startup
or ramp-up of new aircraft programs or the final Hexcel composite
material content once the design and material selection have been
completed; expectations with regard to the impact of regulatory
activity related to, or the build rate of, the Boeing 737 MAX or
Boeing 787 and the related impact on our revenues; expectations
with regard to raw material cost and availability; expectations of
composite content on new commercial aircraft programs and our share
of those requirements; expectations regarding revenues from space
and defense applications, including whether certain programs might
be curtailed or discontinued; expectations regarding sales for wind
energy, recreation, automotive and other industrial applications;
expectations regarding working capital trends and expenditures and
inventory levels; expectations as to the level of capital
expenditures, capacity, including the timing of completion of
capacity expansions, and qualification of new products;
expectations regarding our ability to improve or maintain margins;
expectations regarding our ability to attract, motivate, and retain
the workforce necessary to execute our business strategy;
projections regarding our tax rate; expectations with regard to the
continued impact of macroeconomic factors and the conflict between
Russia and Ukraine; expectations regarding our strategic
initiatives and other goals, including, but not limited to, our
sustainability goals; expectations regarding the sale of certain of
our assets; expectations with regard to cybersecurity measures
taken to protect confidential and proprietary information;
expectations regarding the outcome of legal matters or the impact
of changes in laws or regulations or government policies; and the
anticipated impact of the above factors and various market risks on
our expectations of financial results for 2023 and beyond. Actual
results may differ materially from the results anticipated in the
forward looking statements due to a variety of factors, including
but not limited to the extent of the impact of the conflict between
Russia and Ukraine and the ongoing market recovery following the
COVID-19 pandemic, including continued disruption in global
financial markets and supply chains, and labor shortages;
reductions in sales to any significant customers, particularly
Airbus or Boeing, including related to regulatory activity
impacting the Boeing 737 MAX or the Boeing 787 or other
geopolitical events or conditions, including the Russia/Ukraine
conflict; our ability to effectively adjust production and
inventory levels to align with customer demand; our ability to
effectively motivate, retain and hire the necessary workforce;
availability and cost of raw materials, including the impact of
supply shortages and inflation; supply chain disruptions, which
have been exacerbated by the conflict between Russia and Ukraine;
our ability to successfully implement or realize our business
strategies, plans, goals and objectives of management, including
our sustainability goals and any restructuring or alignment
activities in which we may engage; changes in sales mix; changes in
current pricing and cost levels, including cost inflation, as well
as increasing energy prices resulting from the conflict between
Russia and Ukraine; changes in aerospace delivery rates; changes in
government defense procurement budgets; changes in military
aerospace program technology; timely new product development or
introduction; industry capacity; increased competition; our ability
to install, staff and qualify necessary capacity or complete
capacity expansions to meet customer demand; cybersecurity-related
risks, including the potential impact of breaches or intrusions;
currency exchange rate fluctuations; changes in political, social
and economic conditions, including, but not limited to, the effect
of change in global trade policies, such as sanctions imposed as a
result of the conflict between Russia and Ukraine; work stoppages
or other labor disruptions; our ability to successfully complete
any strategic acquisitions, investments or dispositions; compliance
with environmental, health, safety and other related laws and
regulations, including those related to climate change; the effects
of natural disasters or other severe weather events, which may be
worsened by the impact of climate change, and other severe
catastrophic events, including any public health crisis; the
potential impact of environmental, social and governance matters;
and the unexpected outcome of legal matters or impact of changes in
laws or regulations. Additional risk factors are described in our
filings with the Securities and Exchange Commission. We do not
undertake an obligation to update our forward-looking statements to
reflect future events
Hexcel Corporation and
Subsidiaries
Condensed Consolidated Statements of
Operations
Unaudited
Quarters Ended
Six Months Ended
June 30,
June 30,
(In millions, except per share data)
2023
2022
2023
2022
Net sales
$
454.3
$
393.0
$
912.0
$
783.6
Cost of sales
343.5
303.5
673.5
607.4
Gross margin
110.8
89.5
238.5
176.2
% Gross Margin
24.4
%
22.8
%
26.2
%
22.5
%
Selling, general and administrative
expenses
35.7
33.5
86.5
78.2
Research and technology expenses
13.3
11.3
27.2
22.2
Other operating expense (income)
0.5
(19.1
)
0.7
(18.1
)
Operating income
61.3
63.8
124.1
93.9
Interest expense, net
9.2
8.9
18.6
18.0
Other income
-
(0.3
)
-
(0.3
)
Income before income taxes, and equity in
earnings of affiliated companies
52.1
55.2
105.5
76.2
Income tax expense
11.5
12.7
23.2
17.4
Income before equity in earnings of
affiliated companies
40.6
42.5
82.3
58.8
Equity in earnings from affiliated
companies
1.9
2.2
2.9
3.7
Net income
$
42.5
$
44.7
$
85.2
$
62.5
Basic net income per common share:
$
0.50
$
0.53
$
1.01
$
0.74
Diluted net income per common share:
$
0.50
$
0.53
$
1.00
$
0.74
Weighted-average common shares:
Basic
84.7
84.4
84.6
84.3
Diluted
85.6
85.0
85.5
84.9
Hexcel Corporation and
Subsidiaries
Condensed Consolidated Balance
Sheets
Unaudited
June 30,
December 31,
(In millions)
2023
2022
Assets
Cash and cash equivalents
$
104.2
$
112.0
Accounts receivable, net
257.3
222.7
Inventories, net
360.9
319.3
Contract assets
27.2
32.0
Prepaid expenses and other current
assets
51.0
38.9
Assets held for sale
9.5
9.5
Total current assets
810.1
734.4
Property, plant and equipment
3,163.0
3,087.9
Less accumulated depreciation
(1,482.8
)
(1,430.1
)
Net property, plant and equipment
1,680.2
1,657.8
Goodwill and other intangible assets,
net
254.2
256.0
Investments in affiliated companies
50.1
47.6
Other assets
127.3
141.5
Total assets
$
2,921.9
$
2,837.3
Liabilities and Stockholders'
Equity
Liabilities:
Short-term borrowings
$
0.1
$
0.2
Accounts payable
117.5
155.5
Accrued compensation and benefits
61.6
69.6
Accrued liabilities
96.9
104.5
Total current liabilities
276.1
329.8
Long-term debt
779.0
723.3
Retirement obligations
44.8
42.7
Other non-current liabilities
155.9
187.3
Total liabilities
$
1,255.8
$
1,283.1
Stockholders' equity:
Common stock, $0.01 par value, 200.0
shares authorized, 110.6 shares issued at June 30, 2023 and 110.4
shares issued at December 31, 2022
$
1.1
$
1.1
Additional paid-in capital
925.9
905.0
Retained earnings
2,169.2
2,104.9
Accumulated other comprehensive loss
(145.2
)
(174.4
)
2,951.0
2,836.6
Less – Treasury stock, at cost, 26.2
shares at June 30, 2023 and December 31, 2022
(1,284.9
)
(1,282.4
)
Total stockholders' equity
1,666.1
1,554.2
Total liabilities and stockholders'
equity
$
2,921.9
$
2,837.3
Hexcel Corporation and
Subsidiaries
Condensed Consolidated Statements of
Cash Flows
Unaudited
Six Months Ended
June 30,
(In millions)
2023
2022
Cash flows from operating
activities
Net income
$
85.2
$
62.5
Reconciliation to net cash provided by
operating activities:
Depreciation and amortization
61.7
63.9
Amortization related to financing
0.4
0.4
Deferred income taxes
(6.7
)
(4.1
)
Equity in earnings from affiliated
companies
(2.9
)
(3.7
)
Stock-based compensation
15.7
12.8
Restructuring expenses, net of
payments
(3.6
)
(6.0
)
Impairment of assets
1.7
-
Gain on sale of assets
-
(19.4
)
Gain on sale of investments
-
(0.3
)
Changes in assets and liabilities:
Increase in accounts receivable
(33.9
)
(74.5
)
Increase in inventories
(36.8
)
(38.9
)
Increase in prepaid expenses and other
current assets
(7.3
)
(10.1
)
(Decrease) increase in accounts
payable/accrued liabilities
(35.9
)
28.4
Other - net
(7.5
)
7.3
Net cash provided by operating activities
(a)
30.1
18.3
Cash flows from investing
activities
Capital expenditures (b)
(74.8
)
(37.9
)
Proceeds from sale of assets
-
21.2
Proceeds from sale of investments
2.5
0.5
Net cash used for investing activities
(72.3
)
(16.2
)
Cash flows from financing
activities
Borrowings from senior unsecured credit
facilities
103.0
35.0
Repayments of senior unsecured credit
facilities
(48.0
)
(46.0
)
Issuance costs related to senior unsecured
credit facilities
(2.5
)
-
Repayment of finance lease obligation and
other debt, net
(0.1
)
(0.2
)
Dividends paid
(21.1
)
(16.8
)
Activity under stock plans
2.7
1.4
Net cash provided by (used for) financing
activities
34.0
(26.6
)
Effect of exchange rate changes on cash
and cash equivalents
0.4
(4.0
)
Net decrease in cash and cash
equivalents
(7.8
)
(28.5
)
Cash and cash equivalents at beginning of
period
112.0
127.7
Cash and cash equivalents at end of
period
$
104.2
$
99.2
Supplemental data:
Free Cash Flow (a)+(b)
$
(44.7
)
$
(19.6
)
Accrual basis additions to property, plant
and equipment
$
70.5
$
28.3
Hexcel Corporation and
Subsidiaries
Net Sales to Third-Party Customers by
Market
Quarters Ended June 30, 2023 and
2022
Unaudited
Table A
(In millions)
As Reported
Constant Currency (a)
B/(W)
FX
B/(W)
Market
2023
2022
%
Effect (b)
2022
%
Commercial Aerospace
$
264.3
$
227.6
16.1
$
1.5
$
229.1
15.4
Space & Defense
137.5
111.9
22.9
0.7
112.6
22.1
Industrial
52.5
53.5
(1.9
)
0.8
54.3
(3.3
)
Consolidated Total
$
454.3
$
393.0
15.6
$
3.0
$
396.0
14.7
Consolidated % of Net Sales
%
%
%
Commercial Aerospace
58.2
57.9
57.9
Space & Defense
30.3
28.5
28.4
Industrial
11.5
13.6
13.7
Consolidated Total
100.0
100.0
100.0
Six Months Ended June 30, 2023 and
2022
Unaudited
(In millions)
As Reported
Constant Currency (a)
B/(W)
FX
B/(W)
Market
2023
2022
%
Effect (b)
2022
%
Commercial Aerospace
$
548.8
$
446.5
22.9
$
1.4
$
447.9
22.5
Space & Defense
263.7
230.1
14.6
(0.2
)
229.9
14.7
Industrial
99.5
107.0
(7.0
)
(1.0
)
106.0
(6.1
)
Consolidated Total
$
912.0
$
783.6
16.4
$
0.2
$
783.8
16.4
Consolidated % of Net Sales
%
%
%
Commercial Aerospace
60.2
57.0
57.2
Space & Defense
28.9
29.4
29.3
Industrial
10.9
13.6
13.5
Consolidated Total
100.0
100.0
100.0
(a)
To assist in the analysis of the
Company’s net sales trend, total net sales and sales by market for
the quarter and six months ended June 30, 2022 have been estimated
using the same U.S. dollar, British pound and Euro exchange rates
as applied for the respective periods in 2023 and are referred to
as “constant currency” sales.
(b)
FX effect is the estimated impact
on “as reported” net sales due to changes in foreign currency
exchange rates.
Hexcel Corporation and
Subsidiaries
Segment Information
Unaudited
Table B
(In millions)
Composite
Materials
Engineered
Products
Corporate
& Other (a)
Total
Second Quarter 2023
Net sales to external customers
$
378.5
$
75.8
$
-
$
454.3
Intersegment sales
18.5
0.5
(19.0
)
-
Total sales
397.0
76.3
(19.0
)
454.3
Other operating expense
0.3
0.2
-
0.5
Operating income (loss)
64.2
6.8
(9.7
)
61.3
% Operating margin
16.2
%
8.9
%
13.5
%
Depreciation and amortization
27.5
3.5
-
31.0
Stock-based compensation expense
1.1
0.3
1.4
2.8
Accrual based additions to capital
expenditures
12.9
40.8
-
53.7
Second Quarter 2022
Net sales to external customers
$
318.1
$
74.9
$
-
$
393.0
Intersegment sales
18.5
1.0
(19.5
)
-
Total sales
336.6
75.9
(19.5
)
393.0
Other operating expense (income)
0.3
-
(19.4
)
(19.1
)
Operating income
47.2
9.1
7.5
63.8
% Operating margin
14.0
%
12.0
%
16.2
%
Depreciation and amortization
28.1
3.5
0.1
31.7
Stock-based compensation expense
0.9
0.3
1.2
2.4
Accrual based additions to capital
expenditures
14.5
2.7
-
17.2
First Six Months 2023
Net sales to external customers
$
756.7
$
155.3
$
-
$
912.0
Intersegment sales
37.8
1.5
(39.3
)
-
Total sales
794.5
156.8
(39.3
)
912.0
Other operating expense
0.5
0.2
-
0.7
Operating income (loss)
137.4
18.8
(32.1
)
124.1
% Operating margin
17.3
%
12.0
%
13.6
%
Depreciation and amortization
54.7
7.0
-
61.7
Stock-based compensation expense
4.2
1.1
10.4
15.7
Accrual based additions to capital
expenditures
26.0
44.5
-
70.5
First Six Months 2022
Net sales to external customers
$
631.9
$
151.7
$
-
$
783.6
Intersegment sales
35.0
1.3
(36.3
)
-
Total sales
666.9
153.0
(36.3
)
783.6
Other operating expense (income)
1.2
0.1
(19.4
)
(18.1
)
Operating income (loss)
89.8
19.7
(15.6
)
93.9
% Operating margin
13.5
%
12.9
%
12.0
%
Depreciation and amortization
56.7
7.1
0.1
63.9
Stock-based compensation expense
3.5
1.0
8.3
12.8
Accrual based additions to capital
expenditures
24.6
3.7
-
28.3
(a) Hexcel does not allocate corporate
expenses to the operating segments.
Hexcel Corporation and
Subsidiaries
Reconciliation of GAAP to Non-GAAP
Operating Income, Net Income, EPS and Operating Cash Flow to Free
Cash Flow
Table C
Unaudited
Quarters Ended
Six Months Ended
June 30,
June 30,
(In millions)
2023
2022
2023
2022
GAAP operating income
$
61.3
$
63.8
$
124.1
$
93.9
Other operating expense (income) (a)
0.5
(19.1
)
0.7
(18.1
)
Non-GAAP operating income
$
61.8
$
44.7
$
124.8
$
75.8
Unaudited
Quarters Ended June 30,
2023
2022
(In millions, except per diluted share
data)
Net
Income
EPS
Net
Income
EPS
GAAP
$
42.5
$
0.50
$
44.7
$
0.53
Other operating expense (income), net of
tax (a)
0.3
-
(16.3
)
(0.20
)
Other income
-
-
(0.3
)
-
Non-GAAP
$
42.8
$
0.50
$
28.1
$
0.33
Unaudited
Six Months Ended June 30,
2023
2022
(In millions, except per diluted share
data)
Net
Income
EPS
Net
Income
EPS
GAAP
$
85.2
$
1.00
$
62.5
$
0.74
Other operating expense (income), net of
tax (a)
0.5
-
(15.5
)
(0.19
)
Other income
-
-
(0.3
)
-
Non-GAAP
$
85.7
$
1.00
$
46.7
$
0.55
Unaudited
Six Months Ended June 30
(In millions)
2023
2022
Net cash provided by operating
activities
$
30.1
$
18.3
Less: Capital expenditures
(74.8
)
(37.9
)
Free cash flow (non-GAAP)
$
(44.7
)
$
(19.6
)
(a)
The quarter and six months ended
June 30, 2023 included restructuring costs. The quarter and six
months ended June 30, 2022 included the net gain of $19.4 million
from the sale of the Dublin, California facility, partially offset
by restructuring costs.
NOTE: Management believes that
adjusted operating income, adjusted net income, adjusted diluted
net income per share and free cash flow, which are non-GAAP
measures, are meaningful to investors because they provide a view
of Hexcel with respect to the underlying operating results
excluding special items. Special items represent significant
charges or credits that are important to an understanding of
Hexcel’s overall operating results in the periods presented.
Non-GAAP measurements are not recognized in accordance with
generally accepted accounting principles and should not be viewed
as an alternative to GAAP measures of performance.
Hexcel Corporation and
Subsidiaries
Schedule of Total Debt, Net of
Cash
Table D
Unaudited
June 30,
December 31,
June 30,
(In millions)
2023
2022
2022
Current portion finance lease
$
0.1
$
0.2
$
0.5
Total current debt
0.1
0.2
0.5
Senior unsecured credit facility
80.0
25.0
114.0
4.7% senior notes due 2025
300.0
300.0
300.0
3.95% senior notes due 2027
400.0
400.0
400.0
Senior notes original issue discounts
(0.8
)
(0.9
)
(1.1
)
Senior notes deferred financing costs
(1.9
)
(2.2
)
(2.5
)
Other debt
1.7
1.4
1.6
Total long-term debt
779.0
723.3
812.0
Total Debt
779.1
723.5
812.5
Less: Cash and cash equivalents
(104.2
)
(112.0
)
(99.2
)
Total debt, net of cash
$
674.9
$
611.5
$
713.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230724880121/en/
Kurt Goddard | Vice President Investor Relations |
Kurt.Goddard@Hexcel.com | +1 (203)-352-6826
Hexcel (NYSE:HXL)
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