$HXL
HEXCEL CORP /DE/

2023 Q3 Form 10-Q Financial Statement

#000095017023034082 Filed on July 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $419.5M $454.3M
YoY Change 15.03% 15.6%
Cost Of Revenue $327.9M $343.5M
YoY Change 15.91% 13.18%
Gross Profit $91.60M $110.8M
YoY Change 11.98% 23.8%
Gross Profit Margin 21.84% 24.39%
Selling, General & Admin $35.40M $35.70M
YoY Change 22.07% 6.57%
% of Gross Profit 38.65% 32.22%
Research & Development $13.40M $13.30M
YoY Change 15.52% 17.7%
% of Gross Profit 14.63% 12.0%
Depreciation & Amortization $31.50M $31.00M
YoY Change 1.61% -2.21%
% of Gross Profit 34.39% 27.98%
Operating Expenses $48.80M $49.00M
YoY Change 20.2% 9.38%
Operating Profit $43.60M $61.80M
YoY Change 6.86% -3.13%
Interest Expense $7.800M -$9.200M
YoY Change -13.33% -203.37%
% of Operating Profit 17.89% -14.89%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income $35.80M $52.10M
YoY Change 12.58% -5.62%
Income Tax -$700.0K $11.50M
% Of Pretax Income -1.96% 22.07%
Net Earnings $38.70M $42.50M
YoY Change 44.4% -4.92%
Net Earnings / Revenue 9.23% 9.36%
Basic Earnings Per Share
Diluted Earnings Per Share $0.45 $0.50
COMMON SHARES
Basic Shares Outstanding 84.47M 84.37M
Diluted Shares Outstanding 85.60M 85.60M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.70M $104.2M
YoY Change 7.48% 5.04%
Cash & Equivalents $97.70M $104.2M
Short-Term Investments
Other Short-Term Assets $48.70M $60.50M
YoY Change -12.41% 6.33%
Inventory $350.8M $360.9M
Prepaid Expenses
Receivables $236.8M $284.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $765.4M $810.1M
YoY Change 11.7% 17.08%
LONG-TERM ASSETS
Property, Plant & Equipment $1.653B $1.680B
YoY Change 1.45% 0.59%
Goodwill $186.7M $188.3M
YoY Change 1.8% 0.97%
Intangibles $63.90M $65.90M
YoY Change -8.32% -8.85%
Long-Term Investments $51.50M $50.10M
YoY Change 9.57% 8.68%
Other Assets $125.8M $127.3M
YoY Change -21.91% -16.41%
Total Long-Term Assets $2.081B $2.112B
YoY Change -0.46% -0.74%
TOTAL ASSETS
Total Short-Term Assets $765.4M $810.1M
Total Long-Term Assets $2.081B $2.112B
Total Assets $2.846B $2.922B
YoY Change 2.54% 3.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $97.80M $117.5M
YoY Change -13.6% 13.64%
Accrued Expenses $70.80M $144.8M
YoY Change 16.26% 92.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change -66.67% -80.0%
Total Short-Term Liabilities $252.9M $276.1M
YoY Change -10.86% 1.81%
LONG-TERM LIABILITIES
Long-Term Debt $754.1M $779.0M
YoY Change -5.38% -4.06%
Other Long-Term Liabilities $36.30M $83.20M
YoY Change -55.41% 5.85%
Total Long-Term Liabilities $790.4M $862.2M
YoY Change -10.02% -3.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $252.9M $276.1M
Total Long-Term Liabilities $790.4M $862.2M
Total Liabilities $1.200B $1.256B
YoY Change -9.82% -6.22%
SHAREHOLDERS EQUITY
Retained Earnings $2.197B $2.169B
YoY Change 5.82% 5.4%
Common Stock $932.6M $927.0M
YoY Change 3.62% 3.55%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.316B $1.285B
YoY Change 2.62% 0.26%
Treasury Stock Shares $26.20M
Shareholders Equity $1.646B $1.666B
YoY Change
Total Liabilities & Shareholders Equity $2.846B $2.922B
YoY Change 2.54% 3.64%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $38.70M $42.50M
YoY Change 44.4% -4.92%
Depreciation, Depletion And Amortization $31.50M $31.00M
YoY Change 1.61% -2.21%
Cash From Operating Activities $68.00M $53.50M
YoY Change 78.48% 43.43%
INVESTING ACTIVITIES
Capital Expenditures $19.60M $56.70M
YoY Change -196.08% -433.53%
Acquisitions
YoY Change
Other Investing Activities $10.30M $2.500M
YoY Change -88.48%
Cash From Investing Activities -$9.300M -$54.20M
YoY Change -54.41% -1253.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -63.70M -800.0K
YoY Change 189.55% -98.48%
NET CHANGE
Cash From Operating Activities 68.00M 53.50M
Cash From Investing Activities -9.300M -54.20M
Cash From Financing Activities -63.70M -800.0K
Net Change In Cash -5.000M -1.500M
YoY Change 16.28% -85.71%
FREE CASH FLOW
Cash From Operating Activities $68.00M $53.50M
Capital Expenditures $19.60M $56.70M
Free Cash Flow $48.40M -$3.200M
YoY Change -17.26% -105.89%

Facts In Submission

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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Impairment Charge On Reclassified Assets
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us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Payments To Acquire Property Plant And Equipment
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hxl Proceeds From Sale Of Asset
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us-gaap Net Cash Provided By Used In Investing Activities
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hxl Repayment Of Finance Lease Obligation And Other Debt Net
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CY2023Q1 us-gaap Dividends Common Stock
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6900000
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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44700000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2022Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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200000
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q2 us-gaap Inventory Work In Process Net Of Reserves
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53100000
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q2 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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us-gaap Defined Benefit Plan Contributions By Employer
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CY2023Q2 us-gaap Finance Lease Liability Current
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CY2022Q4 us-gaap Finance Lease Liability Current
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CY2023Q2 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q2 hxl Finance Lease Obligations Noncurrent And Other Long Term Debt
FinanceLeaseObligationsNoncurrentAndOtherLongTermDebt
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CY2022Q4 hxl Finance Lease Obligations Noncurrent And Other Long Term Debt
FinanceLeaseObligationsNoncurrentAndOtherLongTermDebt
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CY2023Q2 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q2 us-gaap Debt And Capital Lease Obligations
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CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
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us-gaap Debt Instrument Unused Borrowing Capacity Description
DebtInstrumentUnusedBorrowingCapacityDescription
Borrowings under the Facility will bear interest, at the Company’s option, for Secured Overnight Financing Rate ("SOFR") borrowings at (i) an Adjusted Term SOFR rate (subject to a 0.00% floor), where such “Adjusted Term SOFR” rate is equal to the Term SOFR rate for the applicable interest period plus 0.10%, plus the Applicable Margin or (ii) for base rate borrowings, the greatest of (a) the prime rate, (b) the federal funds rate plus 0.50% and (c) the Adjusted Term SOFR rate (subject to a 0.00% floor) for a one-month interest period plus 1.00%, in each case plus the Applicable Margin. The “Applicable Margin” initially is 1.125% for SOFR rate borrowings and 0.125% for base rate borrowings, and after September 30, 2023, can fluctuate, determined by reference to the more favorable to the Company of its (i) public debt rating and (ii) consolidated leverage ratio, as specified in the Credit Agreement. Up to $50 million of the Facility may be used for letters of credit. The Credit Agreement enables the Company, from time to time, to add term loans or to increase the revolving credit commitment in an aggregate amount not to exceed $500 million
hxl Applicable Interest Period Plus
ApplicableInterestPeriodPlus
0.0010
hxl Federal Funds Rate Plus
FederalFundsRatePlus
0.0050
hxl Sofr Rate Borrowings
SofrRateBorrowings
0.00125
CY2023Q2 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
3300000
CY2023Q2 hxl Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Tax Amount
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsTaxAmount
900000
hxl Number Of Counterparties That Are Highly Rated Financial Institutions Which Experienced Significant Downgrades
NumberOfCounterpartiesThatAreHighlyRatedFinancialInstitutionsWhichExperiencedSignificantDowngrades
0
us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
As our production cycle is typically nine months or less, it is expected that goods related to the revenue recognized over time will be shipped and billed within the next twelve months.
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
454300000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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783600000
CY2022Q4 us-gaap Contract With Customer Asset Net
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CY2023Q1 us-gaap Contract With Customer Asset Net
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28600000
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CY2023Q2 us-gaap Contract With Customer Asset Net
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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454300000
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CY2023Q2 us-gaap Operating Income Loss
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31000000.0
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2800000
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53700000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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393000000.0
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19100000
CY2022Q2 us-gaap Operating Income Loss
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31700000
CY2022Q2 us-gaap Share Based Compensation
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2400000
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17200000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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912000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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912000000.0
us-gaap Other Operating Income Expense Net
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us-gaap Operating Income Loss
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124100000
us-gaap Depreciation Depletion And Amortization
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61700000
us-gaap Share Based Compensation
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15700000
hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
NetImpactOfCapitalExpenditurePaymentsAndAccruedPayables
70500000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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783600000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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783600000
us-gaap Other Operating Income Expense Net
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18100000
us-gaap Operating Income Loss
OperatingIncomeLoss
93900000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
63900000
us-gaap Share Based Compensation
ShareBasedCompensation
12800000
hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
NetImpactOfCapitalExpenditurePaymentsAndAccruedPayables
28300000
CY2022Q4 hxl Operating Segment Including Goodwill And Intangible Assets
OperatingSegmentIncludingGoodwillAndIntangibleAssets
256000000.0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
hxl Goodwill And Intangible Assets Currency Translation And Other Adjustments
GoodwillAndIntangibleAssetsCurrencyTranslationAndOtherAdjustments
0
CY2023Q2 hxl Operating Segment Including Goodwill And Intangible Assets
OperatingSegmentIncludingGoodwillAndIntangibleAssets
254200000
CY2023Q2 us-gaap Goodwill
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188300000
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
65900000
CY2017Q3 hxl Number Of Identified Non Governmental Potentially Responsible Parties
NumberOfIdentifiedNonGovernmentalPotentiallyResponsibleParties
120
CY2023Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
600000
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
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800000
CY2022Q4 us-gaap Standard Product Warranty Accrual
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3100000
CY2023Q1 hxl Standard Product Warranty Expense Benefit
StandardProductWarrantyExpenseBenefit
1600000
CY2023Q1 hxl Standard Product Warranty Accrual Period Decrease Excluding Warranties Issued
StandardProductWarrantyAccrualPeriodDecreaseExcludingWarrantiesIssued
1200000
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3500000
CY2023Q2 hxl Standard Product Warranty Expense Benefit
StandardProductWarrantyExpenseBenefit
2200000
CY2023Q2 hxl Standard Product Warranty Accrual Period Decrease Excluding Warranties Issued
StandardProductWarrantyAccrualPeriodDecreaseExcludingWarrantiesIssued
900000
CY2023Q2 us-gaap Standard Product Warranty Accrual
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4800000
CY2023Q2 us-gaap Restructuring Charges
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500000
us-gaap Restructuring Charges
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700000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
1500000
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
3300000
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
500000
CY2023Q2 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
0
CY2023Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
2000000.0
CY2023Q2 hxl Restructuring Reserve Settled And Received Without Cash
RestructuringReserveSettledAndReceivedWithoutCash
-300000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
1500000
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
5400000
us-gaap Restructuring Charges
RestructuringCharges
700000
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
0
us-gaap Payments For Restructuring
PaymentsForRestructuring
4300000
hxl Restructuring Reserve Settled And Received Without Cash
RestructuringReserveSettledAndReceivedWithoutCash
-300000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
1500000

Files In Submission

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0000950170-23-034082-index-headers.html Edgar Link pending
0000950170-23-034082-index.html Edgar Link pending
0000950170-23-034082.txt Edgar Link pending
0000950170-23-034082-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
hxl-20230630.htm Edgar Link pending
hxl-20230630.xsd Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
hxl-20230630_cal.xml Edgar Link unprocessable
hxl-20230630_def.xml Edgar Link unprocessable
hxl-20230630_htm.xml Edgar Link completed
hxl-ex31_1.htm Edgar Link pending
hxl-ex31_2.htm Edgar Link pending
hxl-ex32.htm Edgar Link pending
img130004403_0.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
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hxl-20230630_pre.xml Edgar Link unprocessable
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report.css Edgar Link pending
Show.js Edgar Link pending
hxl-20230630_lab.xml Edgar Link unprocessable