2014 Q3 Form 10-Q Financial Statement

#000110465914052487 Filed on July 21, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $451.9M $470.1M $426.8M
YoY Change 9.6% 11.24% 10.2%
Cost Of Revenue $329.9M $341.0M $313.7M
YoY Change 9.89% 11.51% 7.54%
Gross Profit $122.0M $129.1M $113.1M
YoY Change 8.83% 10.53% 18.31%
Gross Profit Margin 27.0% 27.46% 26.5%
Selling, General & Admin $32.90M $37.10M $35.70M
YoY Change 0.0% 6.61% 14.06%
% of Gross Profit 26.97% 28.74% 31.56%
Research & Development $10.10M $10.90M $10.40M
YoY Change -0.98% 7.92% 4.0%
% of Gross Profit 8.28% 8.44% 9.2%
Depreciation & Amortization $17.80M $17.70M $16.50M
YoY Change 21.09% 28.26% 16.2%
% of Gross Profit 14.59% 13.71% 14.59%
Operating Expenses $32.90M $48.00M $46.10M
YoY Change -23.67% 6.9% 46.82%
Operating Profit $79.00M $75.10M $67.00M
YoY Change 14.49% 4.45% 23.39%
Interest Expense -$2.100M $2.000M -$1.600M
YoY Change -210.53% -4.76% -11.11%
% of Operating Profit -2.66% 2.66% -2.39%
Other Income/Expense, Net -$500.0K $0.00 $0.00
YoY Change -100.0%
Pretax Income $76.40M $73.10M $65.40M
YoY Change 13.86% 6.25% 24.57%
Income Tax $21.20M $22.90M $18.80M
% Of Pretax Income 27.75% 31.33% 28.75%
Net Earnings $55.80M $50.60M $47.10M
YoY Change 14.58% 4.33% 27.64%
Net Earnings / Revenue 12.35% 10.76% 11.04%
Basic Earnings Per Share $0.58 $0.52 $0.47
Diluted Earnings Per Share $0.57 $0.51 $0.46
COMMON SHARES
Basic Shares Outstanding 96.33M shares 97.30M shares 99.56M shares
Diluted Shares Outstanding 97.70M 99.20M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.70M $43.80M $65.50M
YoY Change -36.85% -22.75% 100.92%
Cash & Equivalents $37.70M $43.80M $65.50M
Short-Term Investments
Other Short-Term Assets $74.50M $80.10M $93.20M
YoY Change -23.12% 11.56% 14.64%
Inventory $300.7M $288.4M $265.3M
Prepaid Expenses
Receivables $255.6M $281.5M $232.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $668.5M $693.8M $656.4M
YoY Change 2.36% 10.78% 14.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.178B $1.140B $1.067B
YoY Change 18.34% 18.64% 16.73%
Goodwill $54.60M
YoY Change 0.74%
Intangibles
YoY Change
Long-Term Investments $24.30M $23.20M $23.30M
YoY Change 8.97% -0.43% 3.1%
Other Assets $28.80M $29.40M $28.00M
YoY Change 82.28% 121.05% 62.79%
Total Long-Term Assets $1.291B $1.254B $1.180B
YoY Change 16.51% 17.3% 14.82%
TOTAL ASSETS
Total Short-Term Assets $668.5M $693.8M $656.4M
Total Long-Term Assets $1.291B $1.254B $1.180B
Total Assets $1.960B $1.947B $1.836B
YoY Change 11.26% 14.89% 14.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $131.2M $128.0M $135.9M
YoY Change 21.14% 12.08% 17.46%
Accrued Expenses $125.7M $136.8M $129.8M
YoY Change -3.46% 44.76% 26.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.800M $2.800M $3.000M
YoY Change -41.67% -44.0% -81.93%
Total Short-Term Liabilities $259.7M $267.6M $268.7M
YoY Change 6.74% 25.22% 14.19%
LONG-TERM LIABILITIES
Long-Term Debt $430.0M $395.0M $292.0M
YoY Change 64.12% 27.83% 21.67%
Other Long-Term Liabilities $142.9M $128.6M $115.0M
YoY Change 4.84% -1.91% 119.47%
Total Long-Term Liabilities $572.9M $128.6M $407.0M
YoY Change 43.84% -1.91% 676.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $259.7M $267.6M $268.7M
Total Long-Term Liabilities $572.9M $128.6M $407.0M
Total Liabilities $832.6M $791.2M $675.7M
YoY Change 29.77% 21.02% 10.95%
SHAREHOLDERS EQUITY
Retained Earnings $736.8M $636.1M
YoY Change 36.37% 41.92%
Common Stock $672.3M $643.3M
YoY Change 4.87% 4.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $262.1M $129.7M
YoY Change 168.82% 222.64%
Treasury Stock Shares 8.200M shares $5.100M
Shareholders Equity $1.127B $1.156B $1.160B
YoY Change
Total Liabilities & Shareholders Equity $1.960B $1.947B $1.836B
YoY Change 11.26% 14.89% 14.53%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income $55.80M $50.60M $47.10M
YoY Change 14.58% 4.33% 27.64%
Depreciation, Depletion And Amortization $17.80M $17.70M $16.50M
YoY Change 21.09% 28.26% 16.2%
Cash From Operating Activities $81.50M $76.90M $77.00M
YoY Change -7.07% 2.53% -5.98%
INVESTING ACTIVITIES
Capital Expenditures -$75.20M -$64.20M -$61.80M
YoY Change 82.97% 46.24% 12.77%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$75.20M -$64.20M -$61.80M
YoY Change 82.97% 46.24% 12.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.100M -18.50M -10.50M
YoY Change -80.09% -360.56% -72.87%
NET CHANGE
Cash From Operating Activities 81.50M 76.90M 77.00M
Cash From Investing Activities -75.20M -64.20M -61.80M
Cash From Financing Activities -9.100M -18.50M -10.50M
Net Change In Cash -2.800M -5.800M 4.700M
YoY Change -411.11% -115.18% -140.52%
FREE CASH FLOW
Cash From Operating Activities $81.50M $76.90M $77.00M
Capital Expenditures -$75.20M -$64.20M -$61.80M
Free Cash Flow $156.7M $141.1M $138.8M
YoY Change 21.66% 18.67% 1.54%

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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
130100000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22900000 USD
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20600000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38500000 USD
CY2014Q2 hxl Income Loss From Continuing Operations Before Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeLossFromEquityMethodInvestments
50200000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeLossFromEquityMethodInvestments
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hxl Income Loss From Continuing Operations Before Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeLossFromEquityMethodInvestments
100200000 USD
hxl Income Loss From Continuing Operations Before Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeLossFromEquityMethodInvestments
91600000 USD
CY2014Q2 hxl Income Loss From Equity Method Investments And Gain Loss On Sale Of Investments
IncomeLossFromEquityMethodInvestmentsAndGainLossOnSaleOfInvestments
400000 USD
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IncomeLossFromEquityMethodInvestmentsAndGainLossOnSaleOfInvestments
300000 USD
hxl Income Loss From Equity Method Investments And Gain Loss On Sale Of Investments
IncomeLossFromEquityMethodInvestmentsAndGainLossOnSaleOfInvestments
500000 USD
hxl Income Loss From Equity Method Investments And Gain Loss On Sale Of Investments
IncomeLossFromEquityMethodInvestmentsAndGainLossOnSaleOfInvestments
500000 USD
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50600000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
48500000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
100700000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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92100000 USD
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IncomeLossFromContinuingOperationsPerBasicShare
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IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.92
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IncomeLossFromContinuingOperationsPerDilutedShare
0.51
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IncomeLossFromContinuingOperationsPerDilutedShare
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IncomeLossFromContinuingOperationsPerDilutedShare
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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dei Entity Registrant Name
EntityRegistrantName
HEXCEL CORP /DE/
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500000 USD
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900000 USD
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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300000 USD
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OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
3200000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
9800000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1500000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-10800000 USD
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
50000000 USD
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
58300000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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103000000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
81300000 USD
us-gaap Amortization Of Financing Costs And Discounts
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600000 USD
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300000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
114500000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
50000000 USD
us-gaap Proceeds From Stock Plans
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us-gaap Proceeds From Stock Plans
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3800000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Deferred Income Taxes And Tax Credits
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20900000 USD
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1500000 USD
us-gaap Deferred Income Taxes And Tax Credits
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17600000 USD
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5200000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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4000000 USD
us-gaap Increase Decrease In Accounts Receivable
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49900000 USD
us-gaap Increase Decrease In Inventories
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23600000 USD
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17500000 USD
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us-gaap Increase Decrease In Accounts Receivable
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14600000 USD
us-gaap Increase Decrease In Inventories
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20300000 USD
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9000000 USD
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4700000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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110300000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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108200000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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119200000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
92000000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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309000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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165000000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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-600000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
24100000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32600000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
56700000 USD
dei Entity Central Index Key
EntityCentralIndexKey
0000717605
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
96333136 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Proceeds From Repayments Of Other Debt
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us-gaap Repayments Of Long Term Debt And Capital Securities
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85000000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
-200000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2200000 USD
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2013Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
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CY2013Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1000000 USD
hxl Pretax Charges For Additional Environmental Reserves To Remediate
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6000000 USD
CY2014Q2 hxl Pretax Charges For Additional Environmental Reserves To Remediate
PretaxChargesForAdditionalEnvironmentalReservesToRemediate
6000000 USD
CY2014Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
6000000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
6000000 USD
CY2013Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
3900000 USD
CY2013Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
3400000 USD

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