$HXL
HEXCEL CORP /DE/

2023 Q4 Form 10-Q Financial Statement

#000095017023054643 Filed on October 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $457.5M $419.5M
YoY Change 6.54% 15.03%
Cost Of Revenue $354.4M $327.9M
YoY Change 7.3% 15.91%
Gross Profit $103.1M $91.60M
YoY Change 4.04% 11.98%
Gross Profit Margin 22.54% 21.84%
Selling, General & Admin $41.90M $35.40M
YoY Change 2.7% 22.07%
% of Gross Profit 40.64% 38.65%
Research & Development $12.10M $13.40M
YoY Change 0.83% 15.52%
% of Gross Profit 11.74% 14.63%
Depreciation & Amortization $31.60M $31.50M
YoY Change 0.96% 1.61%
% of Gross Profit 30.65% 34.39%
Operating Expenses $55.50M $48.80M
YoY Change -5.29% 20.2%
Operating Profit $47.60M $43.60M
YoY Change 17.53% 6.86%
Interest Expense -$7.600M $7.800M
YoY Change -17.39% -13.33%
% of Operating Profit -15.97% 17.89%
Other Income/Expense, Net -$71.60M $0.00
YoY Change -781.9%
Pretax Income -$31.60M $35.80M
YoY Change -175.6% 12.58%
Income Tax -$10.40M -$700.0K
% Of Pretax Income -1.96%
Net Earnings -$18.20M $38.70M
YoY Change -149.19% 44.4%
Net Earnings / Revenue -3.98% 9.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.22 $0.45
COMMON SHARES
Basic Shares Outstanding 84.11M 84.47M
Diluted Shares Outstanding 85.60M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $227.0M $97.70M
YoY Change 102.68% 7.48%
Cash & Equivalents $227.0M $97.70M
Short-Term Investments
Other Short-Term Assets $43.00M $48.70M
YoY Change -11.16% -12.41%
Inventory $334.4M $350.8M
Prepaid Expenses
Receivables $234.7M $236.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $864.2M $765.4M
YoY Change 17.67% 11.7%
LONG-TERM ASSETS
Property, Plant & Equipment $1.679B $1.653B
YoY Change 1.26% 1.45%
Goodwill $188.7M $186.7M
YoY Change 0.91% 1.8%
Intangibles $63.90M
YoY Change -8.32%
Long-Term Investments $5.000M $51.50M
YoY Change -89.5% 9.57%
Other Assets $119.3M $125.8M
YoY Change -15.69% -21.91%
Total Long-Term Assets $2.054B $2.081B
YoY Change -2.31% -0.46%
TOTAL ASSETS
Total Short-Term Assets $864.2M $765.4M
Total Long-Term Assets $2.054B $2.081B
Total Assets $2.919B $2.846B
YoY Change 2.86% 2.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $159.1M $97.80M
YoY Change 2.32% -13.6%
Accrued Expenses $75.00M $70.80M
YoY Change -56.92% 16.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change -50.0% -66.67%
Total Short-Term Liabilities $315.9M $252.9M
YoY Change -4.21% -10.86%
LONG-TERM LIABILITIES
Long-Term Debt $699.4M $754.1M
YoY Change -3.3% -5.38%
Other Long-Term Liabilities $33.50M $36.30M
YoY Change -85.43% -55.41%
Total Long-Term Liabilities $732.9M $790.4M
YoY Change -23.12% -10.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $315.9M $252.9M
Total Long-Term Liabilities $732.9M $790.4M
Total Liabilities $1.202B $1.200B
YoY Change -6.32% -9.82%
SHAREHOLDERS EQUITY
Retained Earnings $2.169B $2.197B
YoY Change 3.03% 5.82%
Common Stock $937.9M $932.6M
YoY Change 3.51% 3.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.316B $1.316B
YoY Change 2.62% 2.62%
Treasury Stock Shares
Shareholders Equity $1.717B $1.646B
YoY Change
Total Liabilities & Shareholders Equity $2.919B $2.846B
YoY Change 2.86% 2.54%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$18.20M $38.70M
YoY Change -149.19% 44.4%
Depreciation, Depletion And Amortization $31.60M $31.50M
YoY Change 0.96% 1.61%
Cash From Operating Activities $159.0M $68.00M
YoY Change 36.25% 78.48%
INVESTING ACTIVITIES
Capital Expenditures $13.80M $19.60M
YoY Change -176.67% -196.08%
Acquisitions
YoY Change
Other Investing Activities $44.70M $10.30M
YoY Change
Cash From Investing Activities $30.90M -$9.300M
YoY Change -271.67% -54.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.90M -63.70M
YoY Change -22.73% 189.55%
NET CHANGE
Cash From Operating Activities 159.0M 68.00M
Cash From Investing Activities 30.90M -9.300M
Cash From Financing Activities -62.90M -63.70M
Net Change In Cash 127.0M -5.000M
YoY Change 634.1% 16.28%
FREE CASH FLOW
Cash From Operating Activities $159.0M $68.00M
Capital Expenditures $13.80M $19.60M
Free Cash Flow $145.2M $48.40M
YoY Change 7.8% -17.26%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
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CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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6700000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Comprehensive Income Net Of Tax
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130600000
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us-gaap Depreciation Depletion And Amortization
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Deferred Income Taxes And Tax Credits
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5100000
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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5500000
us-gaap Share Based Compensation
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hxl Merger And Restructuring Expenses Net Of Payments
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us-gaap Impairment Charge On Reclassified Assets
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hxl Proceeds From Sale Of Investments
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hxl Proceeds From Sale Of Investments
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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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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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90900000
hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
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88700000
hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
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49100000
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CY2022Q2 hxl Share Based Compensation Expense And Exercise Of Shares Including Treasury Stock Acquired For Tax Obligations
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CY2022Q3 us-gaap Dividends Common Stock
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CY2022Q3 hxl Share Based Compensation Expense And Exercise Of Shares Including Treasury Stock Acquired For Tax Obligations
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CY2022Q4 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Dividends Common Stock
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10400000
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22300000
CY2023Q1 hxl Share Based Compensation Expense And Exercise Of Shares Including Treasury Stock Acquired For Tax Obligations
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13400000
CY2023Q1 us-gaap Stockholders Equity
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1622200000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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42500000
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2023Q2 us-gaap Dividends Common Stock
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CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
6900000
CY2023Q2 hxl Share Based Compensation Expense And Exercise Of Shares Including Treasury Stock Acquired For Tax Obligations
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1666100000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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38700000
CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2023Q3 us-gaap Dividends Common Stock
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10600000
CY2023Q3 us-gaap Stock Repurchased During Period Value
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CY2023Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2023Q3 hxl Share Based Compensation Expense And Exercise Of Shares Including Treasury Stock Acquired For Tax Obligations
ShareBasedCompensationExpenseAndExerciseOfSharesIncludingTreasuryStockAcquiredForTaxObligations
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CY2023Q3 us-gaap Stockholders Equity
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CY2023Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2022Q3 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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1.45
us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.05
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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200000
CY2022Q3 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
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300000
CY2023Q3 hxl Carrying Value Asset Held For Sale
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CY2023Q3 us-gaap Gain Loss On Sale Of Property
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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26800000
us-gaap Net Income Loss Available To Common Stockholders Basic
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123900000
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84600000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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84400000
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2022Q3 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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1.46
us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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26800000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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123900000
us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 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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84600000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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85600000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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85100000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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85500000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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700000
CY2022Q4 us-gaap Long Term Debt Noncurrent
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723300000
CY2023Q3 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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153300000
CY2023Q3 us-gaap Inventory Work In Process Net Of Reserves
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52200000
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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42800000
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
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152200000
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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123200000
CY2023Q3 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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319300000
us-gaap Defined Benefit Plan Contributions By Employer
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CY2023Q3 us-gaap Finance Lease Liability Current
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CY2022Q4 us-gaap Finance Lease Liability Current
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CY2023Q3 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q3 hxl Finance Lease Obligations Noncurrent And Other Long Term Debt
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CY2022Q4 hxl Finance Lease Obligations Noncurrent And Other Long Term Debt
FinanceLeaseObligationsNoncurrentAndOtherLongTermDebt
1400000
CY2023Q3 us-gaap Long Term Debt Noncurrent
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CY2023Q3 us-gaap Debt And Capital Lease Obligations
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754200000
CY2022Q4 us-gaap Debt And Capital Lease Obligations
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723500000
us-gaap Debt Instrument Unused Borrowing Capacity Description
DebtInstrumentUnusedBorrowingCapacityDescription
Borrowings under the Facility 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 was 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
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0.001
hxl Federal Funds Rate Plus
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0.005
hxl Sofr Rate Borrowings
SofrRateBorrowings
0.00125
CY2023Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
10100000
CY2023Q3 hxl Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Tax Amount
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsTaxAmount
2600000
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.
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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419500000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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364700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1331500000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1148300000
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32000000
CY2023Q1 hxl Change In Unbilled Revenue Earned Over Time
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3400000
CY2023Q1 us-gaap Contract With Customer Asset Net
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28600000
CY2023Q2 hxl Change In Unbilled Revenue Earned Over Time
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27200000
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CY2023Q3 us-gaap Contract With Customer Asset Net
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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419500000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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419500000
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800000
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43600000
CY2023Q3 us-gaap Depreciation Depletion And Amortization
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31500000
CY2023Q3 us-gaap Share Based Compensation
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2600000
CY2023Q3 hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
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18200000
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364700000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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364700000
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CY2022Q3 us-gaap Operating Income Loss
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40800000
CY2022Q3 us-gaap Depreciation Depletion And Amortization
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31000000
CY2022Q3 us-gaap Share Based Compensation
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2400000
CY2022Q3 hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
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20800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1331500000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1331500000
us-gaap Other Operating Income Expense Net
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100000
us-gaap Operating Income Loss
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167700000
us-gaap Depreciation Depletion And Amortization
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93200000
us-gaap Share Based Compensation
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18300000
hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
NetImpactOfCapitalExpenditurePaymentsAndAccruedPayables
88700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1148300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1148300000
us-gaap Other Operating Income Expense Net
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17700000
us-gaap Operating Income Loss
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134700000
us-gaap Depreciation Depletion And Amortization
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94900000
us-gaap Share Based Compensation
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15200000
hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
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49100000
us-gaap Payments For Restructuring
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4800000
hxl Restructuring Reserve Settled And Received Without Cash
RestructuringReserveSettledAndReceivedWithoutCash
-300000
CY2023Q3 us-gaap Restructuring Reserve
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1000000
CY2022Q4 hxl Operating Segment Including Goodwill And Intangible Assets
OperatingSegmentIncludingGoodwillAndIntangibleAssets
256000000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
hxl Goodwill And Intangible Assets Currency Translation And Other Adjustments
GoodwillAndIntangibleAssetsCurrencyTranslationAndOtherAdjustments
0
CY2023Q3 hxl Operating Segment Including Goodwill And Intangible Assets
OperatingSegmentIncludingGoodwillAndIntangibleAssets
250600000
CY2023Q3 us-gaap Goodwill
Goodwill
186700000
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
63900000
CY2017Q3 hxl Number Of Identified Non Governmental Potentially Responsible Parties
NumberOfIdentifiedNonGovernmentalPotentiallyResponsibleParties
120
CY2023Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
700000
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
800000
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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
StandardProductWarrantyAccrual
4800000
CY2023Q3 hxl Standard Product Warranty Expense Benefit
StandardProductWarrantyExpenseBenefit
-500000
CY2023Q3 hxl Standard Product Warranty Accrual Period Decrease Excluding Warranties Issued
StandardProductWarrantyAccrualPeriodDecreaseExcludingWarrantiesIssued
600000
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3700000
us-gaap Restructuring Charges
RestructuringCharges
700000
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
1000000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
1500000
CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
0
CY2023Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
0
CY2023Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
500000
CY2023Q3 hxl Restructuring Reserve Settled And Received Without Cash
RestructuringReserveSettledAndReceivedWithoutCash
0
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
1000000
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
5400000
us-gaap Restructuring Charges
RestructuringCharges
700000
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
0

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0000950170-23-054643-index.html Edgar Link pending
0000950170-23-054643.txt Edgar Link pending
0000950170-23-054643-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
hxl-20230930.htm Edgar Link pending
hxl-20230930.xsd Edgar Link pending
hxl-ex31_1.htm Edgar Link pending
hxl-ex31_2.htm Edgar Link pending
hxl-ex32.htm Edgar Link pending
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hxl-20230930_cal.xml Edgar Link unprocessable
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FilingSummary.xml Edgar Link unprocessable