Hexcel Reports 2023 First Quarter Results
Hexcel Corporation (NYSE: HXL) reported a strong Q1 2023 performance, with net sales rising to $458 million, a 17.2% increase from $391 million in Q1 2022. The diluted EPS also saw a significant uptick to $0.50, up from $0.21, marking a 138.1% rise. Adjusted operating income doubled year-over-year to $63 million, representing 13.8% of sales. Growth was driven largely by commercial aerospace sales, which surged 30.0% to $284.5 million, bolstered by the Airbus A350 and A320neo programs. Despite a 12.1% decrease in industrial sales due to lower wind energy demand, the overall outlook remains positive, with 2023 sales guidance reaffirmed at $1.725 billion to $1.825 billion. Hexcel declared a quarterly dividend of $0.125 per share, payable on May 12, 2023.
- Q1 2023 net sales increased 17.2% to $458 million.
- Diluted EPS rose to $0.50, up 138.1% year-over-year.
- Adjusted operating income more than doubled to $63 million, or 13.8% of sales.
- Strong commercial aerospace sales growth of 30.0% primarily from Airbus programs.
- 2023 guidance reaffirmed for sales between $1.725 billion to $1.825 billion.
- Industrial sales decreased by 12.1% due to lower wind energy demand.
- Free cash flow for Q1 2023 was negative at ($41.5 million), up from ($39.9 million) in Q1 2022.
-
Q1 2023 GAAP diluted EPS of
compared to Q1 2022 GAAP diluted EPS of$0.50 .$0.21 -
Q1 2023 adjusted diluted EPS of
, compared to Q1 2022 adjusted diluted EPS of$0.50 .$0.22 -
Q1 2023 Sales were
, an increase of$458 million 17.2% over Q1 2022 sales of ($391 million 18.0% increase in constant currency). - Full year 2023 guidance is reaffirmed.
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.
Summary of Results from Operations |
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Quarters Ended |
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(In millions, except per share data) |
|
2023 |
|
2022 |
|
% Change |
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|||
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|
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|
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|
|
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|||
|
|
$ |
457.7 |
|
$ |
390.6 |
|
|
17.2 |
% |
Net sales change in constant currency |
|
|
|
|
|
|
18.0 |
% |
||
Operating Income |
|
|
62.8 |
|
|
30.1 |
|
|
108.6 |
% |
Net Income |
|
|
42.7 |
|
|
17.8 |
|
|
139.9 |
% |
Diluted net income per common share |
|
$ |
0.50 |
|
$ |
0.21 |
|
|
138.1 |
% |
|
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Non-GAAP measures for year-over-year comparison (Table C) |
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Adjusted Operating Income |
|
$ |
63.0 |
|
$ |
31.1 |
|
|
102.6 |
% |
As a % of sales |
|
|
13.8 |
% |
|
8.0 |
% |
|
|
|
Adjusted Net Income |
|
|
42.9 |
|
|
18.6 |
|
|
130.6 |
% |
Adjusted diluted net income per share |
|
$ |
0.50 |
|
$ |
0.22 |
|
|
127.3 |
% |
Chairman, CEO and President
Markets
Sales in the first quarter of 2023 were
-
Commercial Aerospace sales of increased$284.5 million 30.0% (30.0% in constant currency) for the first quarter of 2023 compared to the first quarter of 2022 led by growth in the Airbus A350 and A320neo programs. OtherCommercial Aerospace increased23.5% for the first quarter of 2023 compared to the first quarter of 2022 on expanding business jet demand.
Space & Defense (
-
Space & Defense sales of
increased$126.2 million 6.8% (7.6% in constant currency) for the quarter as compared to the first quarter of 2022 with growth across a number of platforms globally, including fixed-wing aircraft and both military and civilian rotorcraft.
Industrial (
-
Total Industrial sales of in the first quarter of 2023 decreased$47.0 million 12.1% (9.1% in constant currency) compared to the first quarter of 2022, due to lower wind energy sales that were partially offset by sales growth in recreation, automotive and other industrial markets.
Consolidated Operations
Gross margin for the first quarter of 2023 was
Cash and other
-
The first quarter 2023 tax expense was
compared to a tax expense of$11.7 million for the first quarter of 2022.$4.7 million -
Net cash used for operating activities in the first quarter of 2023 was
, compared to a use of$23.4 million for the first quarter of 2022. Working capital increased to support higher sales and was a cash use of$19.0 million in the first quarter of 2023 compared to a use of$104.0 million in the first quarter of 2022. Capital expenditures on a cash basis were$74.3 million for the first quarter of 2023. Free cash flow was$18.1 million ( in the first quarter of 2023 compared to$41.5) million ( in the first quarter 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$39.9) million for the first quarter of 2023 compared to$16.8 million for the first quarter of 2022.$11.1 million -
The Company did not repurchase any common stock during the first quarter of 2023 and the remaining authorization under the share repurchase program on
March 31, 2023 , was .$217 million -
As announced today, the Board of Directors declared a quarterly dividend of
per share payable to stockholders of record as of$0.12 5May 5, 2023 , with a payment date ofMay 12, 2023 .
2023 Guidance (unchanged)
-
Sales of
to$1.72 5 billion$1.82 5 billion -
Adjusted diluted earnings per share of
to$1.70 $1.90 -
Free cash flow greater than
$140 million -
Accrual basis capital expenditures of approximately
$90 million -
Underlying effective tax rate is estimated to be
23%
About
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
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Condensed Consolidated Statements of Operations |
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Unaudited |
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Quarters Ended |
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|||||
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(In millions, except per share data) |
|
2023 |
|
|
2022 |
|
||
Net sales |
|
$ |
457.7 |
|
|
$ |
390.6 |
|
Cost of sales |
|
|
330.0 |
|
|
|
303.9 |
|
Gross margin |
|
|
127.7 |
|
|
|
86.7 |
|
% Gross Margin |
|
|
27.9 |
% |
|
|
22.2 |
% |
|
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Selling, general and administrative expenses |
|
|
50.8 |
|
|
|
44.7 |
|
Research and technology expenses |
|
|
13.9 |
|
|
|
10.9 |
|
Other operating expense |
|
|
0.2 |
|
|
|
1.0 |
|
Operating income |
|
|
62.8 |
|
|
|
30.1 |
|
Interest expense, net |
|
|
9.4 |
|
|
|
9.1 |
|
Income before income taxes, and equity in earnings of affiliated companies |
|
|
53.4 |
|
|
|
21.0 |
|
Income tax expense |
|
|
11.7 |
|
|
|
4.7 |
|
Income before equity in earnings of affiliated companies |
|
|
41.7 |
|
|
|
16.3 |
|
Equity in earnings from affiliated companies |
|
|
1.0 |
|
|
|
1.5 |
|
Net income |
|
$ |
42.7 |
|
|
$ |
17.8 |
|
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Basic net income per common share: |
|
$ |
0.50 |
|
|
$ |
0.21 |
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Diluted net income per common share: |
|
$ |
0.50 |
|
|
$ |
0.21 |
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Weighted-average common shares: |
|
|
|
|
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||
Basic |
|
|
84.6 |
|
|
|
84.3 |
|
Diluted |
|
|
85.5 |
|
|
|
84.9 |
|
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Condensed Consolidated Balance Sheets |
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Unaudited |
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(In millions) |
|
2023 |
|
|
2022 |
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Assets |
|
|
|
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Cash and cash equivalents |
|
$ |
105.7 |
|
|
$ |
112.0 |
|
Accounts receivable, net |
|
|
265.3 |
|
|
|
222.7 |
|
Inventories, net |
|
|
354.6 |
|
|
|
319.3 |
|
Contract assets |
|
|
28.6 |
|
|
|
32.0 |
|
Prepaid expenses and other current assets |
|
|
44.2 |
|
|
|
38.9 |
|
Assets held for sale |
|
|
9.5 |
|
|
|
9.5 |
|
Total current assets |
|
|
807.9 |
|
|
|
734.4 |
|
|
|
|
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Property, plant and equipment |
|
|
3,116.1 |
|
|
|
3,087.9 |
|
Less accumulated depreciation |
|
|
(1,465.4 |
) |
|
|
(1,430.1 |
) |
Net property, plant and equipment |
|
|
1,650.7 |
|
|
|
1,657.8 |
|
|
|
|
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|
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||
|
|
|
255.2 |
|
|
|
256.0 |
|
Investments in affiliated companies |
|
|
52.7 |
|
|
|
47.6 |
|
Other assets |
|
|
140.8 |
|
|
|
141.5 |
|
Total assets |
|
$ |
2,907.3 |
|
|
$ |
2,837.3 |
|
|
|
|
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|
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Liabilities and Stockholders' Equity |
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Liabilities: |
|
|
|
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|
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Short-term borrowings |
|
$ |
0.2 |
|
|
$ |
0.2 |
|
Accounts payable |
|
|
122.0 |
|
|
|
155.5 |
|
Accrued compensation and benefits |
|
|
61.0 |
|
|
|
69.6 |
|
Accrued liabilities |
|
|
106.9 |
|
|
|
104.5 |
|
Total current liabilities |
|
|
290.1 |
|
|
|
329.8 |
|
|
|
|
|
|
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Long-term debt |
|
|
768.5 |
|
|
|
723.3 |
|
Retirement obligations |
|
|
44.3 |
|
|
|
42.7 |
|
Other non-current liabilities |
|
|
182.2 |
|
|
|
187.3 |
|
Total liabilities |
|
$ |
1,285.1 |
|
|
$ |
1,283.1 |
|
|
|
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Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, |
|
$ |
1.1 |
|
|
$ |
1.1 |
|
Additional paid-in capital |
|
|
920.8 |
|
|
|
905.0 |
|
Retained earnings |
|
|
2,137.2 |
|
|
|
2,104.9 |
|
Accumulated other comprehensive loss |
|
|
(152.1 |
) |
|
|
(174.4 |
) |
|
|
|
2,907.0 |
|
|
|
2,836.6 |
|
|
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|
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||
Less – |
|
|
(1,284.8 |
) |
|
|
(1,282.4 |
) |
Total stockholders' equity |
|
|
1,622.2 |
|
|
|
1,554.2 |
|
Total liabilities and stockholders' equity |
|
$ |
2,907.3 |
|
|
$ |
2,837.3 |
|
|
|
|||||||
Condensed Consolidated Statements of Cash Flows |
|
|||||||
|
|
Unaudited |
|
|||||
|
|
Quarters Ended |
|
|||||
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(In millions) |
|
2023 |
|
|
2022 |
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|
|
|
|
|
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|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
42.7 |
|
|
$ |
17.8 |
|
Reconciliation to net cash used for operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
30.7 |
|
|
|
32.2 |
|
Amortization related to financing |
|
|
0.1 |
|
|
|
0.3 |
|
Deferred income taxes |
|
|
(2.1 |
) |
|
|
(1.8 |
) |
Equity in earnings from affiliated companies |
|
|
(1.0 |
) |
|
|
(1.5 |
) |
Stock-based compensation |
|
|
12.9 |
|
|
|
10.4 |
|
Restructuring expenses, net of payments |
|
|
(2.1 |
) |
|
|
(5.0 |
) |
Impairment of assets |
|
|
1.7 |
|
|
|
- |
|
|
|
|
|
|
|
|
||
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Increase in accounts receivable |
|
|
(40.5 |
) |
|
|
(54.7 |
) |
Increase in inventories |
|
|
(32.6 |
) |
|
|
(24.4 |
) |
Decrease (increase) in prepaid expenses and other current assets |
|
|
0.1 |
|
|
|
(8.6 |
) |
(Decrease) increase in accounts payable/accrued liabilities |
|
|
(31.0 |
) |
|
|
13.4 |
|
Other - net |
|
|
(2.3 |
) |
|
|
2.9 |
|
Net cash used for operating activities (a) |
|
|
(23.4 |
) |
|
|
(19.0 |
) |
|
|
|
|
|
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||
Cash flows from investing activities |
|
|
|
|
|
|
||
Capital expenditures (b) |
|
|
(18.1 |
) |
|
|
(20.9 |
) |
Net cash used for investing activities |
|
|
(18.1 |
) |
|
|
(20.9 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Borrowings from senior unsecured credit facilities |
|
|
65.0 |
|
|
|
35.0 |
|
Net repayments from senior unsecured credit facilities |
|
|
(20.0 |
) |
|
|
- |
|
Repayment of finance lease obligation and other debt, net |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
Dividends paid |
|
|
(10.5 |
) |
|
|
(8.5 |
) |
Activity under stock plans |
|
|
0.4 |
|
|
|
(0.3 |
) |
Net cash provided by financing activities |
|
|
34.8 |
|
|
|
25.9 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
0.4 |
|
|
|
(0.9 |
) |
Net decrease in cash and cash equivalents |
|
|
(6.3 |
) |
|
|
(14.9 |
) |
Cash and cash equivalents at beginning of period |
|
|
112.0 |
|
|
|
127.7 |
|
Cash and cash equivalents at end of period |
|
$ |
105.7 |
|
|
$ |
112.8 |
|
|
|
|
|
|
|
|
||
Supplemental data: |
|
|
|
|
|
|
||
Free Cash Flow (a)+(b) |
|
$ |
(41.5 |
) |
|
$ |
(39.9 |
) |
Accrual basis additions to property, plant and equipment |
|
$ |
16.8 |
|
|
$ |
11.1 |
|
|
|
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Quarters Ended |
Unaudited |
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|
Table A |
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(In millions) |
|
As Reported |
|
|
Constant Currency (a) |
|
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|
|
|
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|
|
|
|
B/(W) |
|
|
FX |
|
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|
|
B/(W) |
|
||||||
Market |
|
2023 |
|
|
2022 |
|
|
% |
|
|
Effect (b) |
|
|
2022 |
|
|
% |
|
||||||
|
|
$ |
284.5 |
|
|
$ |
218.9 |
|
|
|
30.0 |
|
|
$ |
(0.1 |
) |
|
$ |
218.8 |
|
|
|
30.0 |
|
Space & Defense |
|
|
126.2 |
|
|
|
118.2 |
|
|
|
6.8 |
|
|
|
(0.9 |
) |
|
|
117.3 |
|
|
|
7.6 |
|
Industrial |
|
|
47.0 |
|
|
|
53.5 |
|
|
|
(12.1 |
) |
|
|
(1.8 |
) |
|
|
51.7 |
|
|
|
(9.1 |
) |
Consolidated Total |
|
$ |
457.7 |
|
|
$ |
390.6 |
|
|
|
17.2 |
|
|
$ |
(2.8 |
) |
|
$ |
387.8 |
|
|
|
18.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||||
Consolidated % of |
|
% |
|
|
% |
|
|
|
|
|
|
|
|
% |
|
|
|
|
||||||
|
|
|
62.2 |
|
|
|
56.0 |
|
|
|
|
|
|
|
|
|
56.4 |
|
|
|
|
|||
Space & Defense |
|
|
27.6 |
|
|
|
30.3 |
|
|
|
|
|
|
|
|
|
30.2 |
|
|
|
|
|||
Industrial |
|
|
10.2 |
|
|
|
13.7 |
|
|
|
|
|
|
|
|
|
13.4 |
|
|
|
|
|||
Consolidated Total |
|
|
100.0 |
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
100.0 |
|
|
|
|
|||
|
|
|
|
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(a) |
To assist in the analysis of the Company’s net sales trend, total net sales and sales by market for the quarter ended |
|
(b) |
FX effect is the estimated impact on “as reported” net sales due to changes in foreign currency exchange rates. |
|
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Segment Information |
|
Unaudited |
|
|
Table B |
|
||||||||||
(In millions) |
|
Composite Materials |
|
|
Engineered Products |
|
|
Corporate
|
|
|
Total |
|
||||
First Quarter 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
378.2 |
|
|
$ |
79.5 |
|
|
$ |
- |
|
|
$ |
457.7 |
|
Intersegment sales |
|
|
19.3 |
|
|
|
1.0 |
|
|
|
(20.3 |
) |
|
|
- |
|
Total sales |
|
|
397.5 |
|
|
|
80.5 |
|
|
|
(20.3 |
) |
|
|
457.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
0.2 |
|
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
Operating income (loss) |
|
|
73.2 |
|
|
|
12.0 |
|
|
|
(22.4 |
) |
|
|
62.8 |
|
% Operating margin |
|
|
18.4 |
% |
|
|
14.9 |
% |
|
|
|
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
27.2 |
|
|
|
3.5 |
|
|
|
- |
|
|
|
30.7 |
|
Stock-based compensation expense |
|
|
3.1 |
|
|
|
0.8 |
|
|
|
9.0 |
|
|
|
12.9 |
|
Accrual based additions to capital expenditures |
|
|
13.1 |
|
|
|
3.7 |
|
|
|
- |
|
|
|
16.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Quarter 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
313.8 |
|
|
$ |
76.8 |
|
|
$ |
- |
|
|
$ |
390.6 |
|
Intersegment sales |
|
|
16.5 |
|
|
|
0.3 |
|
|
|
(16.8 |
) |
|
|
- |
|
Total sales |
|
|
330.3 |
|
|
|
77.1 |
|
|
|
(16.8 |
) |
|
|
390.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
0.9 |
|
|
|
0.1 |
|
|
|
- |
|
|
|
1.0 |
|
Operating income |
|
|
42.6 |
|
|
|
10.6 |
|
|
|
(23.1 |
) |
|
|
30.1 |
|
% Operating margin |
|
|
12.9 |
% |
|
|
13.7 |
% |
|
|
|
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
28.6 |
|
|
|
3.6 |
|
|
|
- |
|
|
|
32.2 |
|
Stock-based compensation expense |
|
|
2.6 |
|
|
|
0.7 |
|
|
|
7.1 |
|
|
|
10.4 |
|
Accrual based additions to capital expenditures |
|
|
10.1 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
11.1 |
|
(a) |
|
|
|
|
|||||||
Reconciliation of GAAP to Non-GAAP Operating Income Net Income, EPS and Operating Cash Flow to Free Cash Flow |
|
Table C |
|||||||
|
|
Unaudited |
|
|
|||||
|
|
Quarters Ended |
|
|
|||||
|
|
|
|
|
|||||
(In millions) |
|
2023 |
|
|
2022 |
|
|
||
GAAP operating income |
|
$ |
62.8 |
|
|
$ |
30.1 |
|
|
Other operating expense (a) |
|
|
0.2 |
|
|
|
1.0 |
|
|
Non-GAAP operating income |
|
$ |
63.0 |
|
|
$ |
31.1 |
|
|
|
|
Unaudited |
|
|||||||||||||
|
|
Quarters Ended |
|
|||||||||||||
|
|
2023 |
|
|
2022 |
|
||||||||||
(In millions, except per diluted share data) |
|
Net Income |
|
|
EPS |
|
|
Net Income |
|
|
EPS |
|
||||
GAAP |
|
$ |
42.7 |
|
|
$ |
0.50 |
|
|
$ |
17.8 |
|
|
$ |
0.21 |
|
Other operating expense, net of tax (a) |
|
|
0.2 |
|
|
|
0.00 |
|
|
|
0.8 |
|
|
|
0.01 |
|
Non-GAAP |
|
$ |
42.9 |
|
|
$ |
0.50 |
|
|
$ |
18.6 |
|
|
$ |
0.22 |
|
|
|
Unaudited |
|
|||||
|
|
Quarters Ended |
|
|||||
(In millions) |
|
2023 |
|
|
2022 |
|
||
Net cash used for operating activities |
|
$ |
(23.4 |
) |
|
$ |
(19.0 |
) |
Less: Capital expenditures |
|
|
(18.1 |
) |
|
|
(20.9 |
) |
Free cash flow (non-GAAP) |
|
$ |
(41.5 |
) |
|
$ |
(39.9 |
) |
(a) |
The quarters ended |
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 |
|
|
|||||||||||
Schedule of Total Debt, Net of Cash |
Table D |
|
||||||||||
|
|
Unaudited |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
(In millions) |
|
2023 |
|
|
2022 |
|
|
2022 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Current portion finance lease |
|
$ |
0.2 |
|
|
$ |
0.2 |
|
|
$ |
0.7 |
|
Total current debt |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|||
Senior unsecured credit facility |
|
|
70.0 |
|
|
|
25.0 |
|
|
|
160.0 |
|
|
|
|
300.0 |
|
|
|
300.0 |
|
|
|
300.0 |
|
|
|
|
400.0 |
|
|
|
400.0 |
|
|
|
400.0 |
|
Senior notes original issue discounts |
|
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
(1.1 |
) |
Senior notes deferred financing costs |
|
|
(2.0 |
) |
|
|
(2.2 |
) |
|
|
(2.7 |
) |
Other debt |
|
|
1.4 |
|
|
|
1.4 |
|
|
|
1.3 |
|
Total long-term debt |
|
|
768.5 |
|
|
|
723.3 |
|
|
|
857.5 |
|
Total Debt |
|
|
768.7 |
|
|
|
723.5 |
|
|
|
858.2 |
|
Less: Cash and cash equivalents |
|
|
(105.7 |
) |
|
|
(112.0 |
) |
|
|
(112.8 |
) |
Total debt, net of cash |
|
$ |
663.0 |
|
|
$ |
611.5 |
|
|
$ |
745.4 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005720/en/
Source:
FAQ
What were Hexcel's earnings results for Q1 2023?
How much did Hexcel's net sales increase in Q1 2023 compared to Q1 2022?
What is Hexcel's guidance for the full year of 2023?
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