$HXL
HEXCEL CORP /DE/

2018 Q4 Form 10-Q Financial Statement

#000156459018024636 Filed on October 22, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $561.0M $540.5M $491.5M
YoY Change 9.63% 9.97% -1.8%
Cost Of Revenue $410.6M $397.5M $355.9M
YoY Change 11.12% 11.69% -2.44%
Gross Profit $150.4M $143.0M $135.6M
YoY Change 5.77% 5.46% -0.07%
Gross Profit Margin 26.81% 26.46% 27.59%
Selling, General & Admin $31.70M $32.60M $34.70M
YoY Change -12.19% -6.05% -1.14%
% of Gross Profit 21.08% 22.8% 25.59%
Research & Development $15.20M $13.90M $11.80M
YoY Change 17.83% 17.8% 2.61%
% of Gross Profit 10.11% 9.72% 8.7%
Depreciation & Amortization $32.30M $31.20M $26.80M
YoY Change 14.54% 16.42% 14.04%
% of Gross Profit 21.48% 21.82% 19.76%
Operating Expenses $54.60M $46.50M $34.70M
YoY Change 11.43% 34.01% -25.54%
Operating Profit $95.80M $96.50M $89.10M
YoY Change 2.79% 8.31% 0.0%
Interest Expense -$10.40M $10.60M -$7.000M
YoY Change 40.54% -251.43% 27.27%
% of Operating Profit -10.86% 10.98% -7.86%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income $85.40M $85.90M $82.10M
YoY Change -0.47% 4.63% -1.79%
Income Tax $28.00M $7.800M $13.60M
% Of Pretax Income 32.79% 9.08% 16.57%
Net Earnings $66.10M $80.10M $69.70M
YoY Change -24.97% 14.92% 2.2%
Net Earnings / Revenue 11.78% 14.82% 14.18%
Basic Earnings Per Share $0.78 $0.92 $0.77
Diluted Earnings Per Share $0.76 $0.91 $0.76
COMMON SHARES
Basic Shares Outstanding 86.10M 87.00M 90.10M
Diluted Shares Outstanding 88.10M 91.40M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.70M $47.20M $119.1M
YoY Change -45.59% -60.37% 160.61%
Cash & Equivalents $32.70M $47.20M $119.1M
Short-Term Investments
Other Short-Term Assets $33.90M $29.10M $30.00M
YoY Change 0.0% -3.0% 15.83%
Inventory $297.8M $308.7M $313.4M
Prepaid Expenses
Receivables $260.9M $270.3M $245.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $675.8M $699.0M $707.5M
YoY Change 2.91% -1.2% 10.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.877B $1.894B $1.826B
YoY Change 0.55% 3.76% 14.83%
Goodwill $107.7M
YoY Change -2.18%
Intangibles
YoY Change
Long-Term Investments $48.70M $45.90M $67.10M
YoY Change 2.1% -31.59% 38.92%
Other Assets $80.80M $62.80M $63.10M
YoY Change 31.38% -0.48% 67.82%
Total Long-Term Assets $2.148B $2.148B $2.030B
YoY Change 1.13% 5.8% 16.02%
TOTAL ASSETS
Total Short-Term Assets $675.8M $699.0M $707.5M
Total Long-Term Assets $2.148B $2.148B $2.030B
Total Assets $2.824B $2.847B $2.737B
YoY Change 1.55% 3.99% 14.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $161.9M $143.1M $128.6M
YoY Change 12.35% 11.28% -13.86%
Accrued Expenses $69.90M $50.40M $125.0M
YoY Change 71.74% -59.68% 1.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.400M $9.300M $4.200M
YoY Change 118.6% 121.43% -10.64%
Total Short-Term Liabilities $326.7M $270.9M $257.8M
YoY Change 24.65% 5.08% -6.8%
LONG-TERM LIABILITIES
Long-Term Debt $947.4M $980.7M $829.6M
YoY Change 17.6% 18.21% 23.78%
Other Long-Term Liabilities $41.30M $184.9M $223.1M
YoY Change -76.09% -17.12% 20.99%
Total Long-Term Liabilities $988.7M $1.166B $1.053B
YoY Change 1.06% 10.72% 23.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $326.7M $270.9M $257.8M
Total Long-Term Liabilities $988.7M $1.166B $1.053B
Total Liabilities $1.502B $1.479B $1.311B
YoY Change 16.82% 12.87% 15.85%
SHAREHOLDERS EQUITY
Retained Earnings $1.727B $1.673B
YoY Change 15.4%
Common Stock $799.4M $796.3M
YoY Change 3.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.096B $1.021B
YoY Change 49.84%
Treasury Stock Shares $23.70M $22.40M
Shareholders Equity $1.322B $1.367B $1.427B
YoY Change
Total Liabilities & Shareholders Equity $2.824B $2.847B $2.737B
YoY Change 1.55% 3.99% 14.5%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $66.10M $80.10M $69.70M
YoY Change -24.97% 14.92% 2.2%
Depreciation, Depletion And Amortization $32.30M $31.20M $26.80M
YoY Change 14.54% 16.42% 14.04%
Cash From Operating Activities $143.0M $121.2M $126.1M
YoY Change 18.97% -3.89% -16.98%
INVESTING ACTIVITIES
Capital Expenditures -$33.90M -$48.30M -$52.10M
YoY Change -40.32% -7.29% -31.27%
Acquisitions
YoY Change
Other Investing Activities -$2.700M -$700.0K -$2.000M
YoY Change -95.78% -65.0%
Cash From Investing Activities -$36.60M -$49.00M -$54.10M
YoY Change -69.7% -9.43% -28.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -120.5M -63.50M -1.800M
YoY Change 103.2% 3427.78% -97.4%
NET CHANGE
Cash From Operating Activities 143.0M 121.2M 126.1M
Cash From Investing Activities -36.60M -49.00M -54.10M
Cash From Financing Activities -120.5M -63.50M -1.800M
Net Change In Cash -14.10M 8.700M 70.20M
YoY Change -76.46% -87.61% 932.35%
FREE CASH FLOW
Cash From Operating Activities $143.0M $121.2M $126.1M
Capital Expenditures -$33.90M -$48.30M -$52.10M
Free Cash Flow $176.9M $169.5M $178.2M
YoY Change -0.06% -4.88% -21.74%

Facts In Submission

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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
195900000
CY2018Q3 hxl Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
500000
CY2017Q3 hxl Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
400000
hxl Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
400000
hxl Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
400000
CY2018Q3 hxl Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
600000
CY2017Q3 hxl Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
900000
hxl Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
700000
hxl Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
1000000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2018Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
143700000
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
126700000
CY2018Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
50600000
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
52100000
CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
114400000
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
135200000
CY2018Q3 us-gaap Loans Payable Current
LoansPayableCurrent
9300000
CY2017Q4 us-gaap Loans Payable Current
LoansPayableCurrent
4300000
CY2018Q3 us-gaap Long Term Loans Payable
LongTermLoansPayable
52500000
CY2017Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
63300000
CY2018Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
300000
CY2017Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
100000
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
990000000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
809900000
us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
In accordance with the terms of the Facility, we are required to maintain a minimum interest coverage ratio of 3.50 (based on the ratio of EBITDA, as defined in the Credit Agreement, to interest expense) and may not exceed a maximum leverage ratio of 3.50 (based on the ratio of total debt to EBITDA) throughout the term of the Facility.
CY2018Q3 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
-700000
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.091
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.169
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.186
CY2017Q3 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
4200000
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
1300000
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
9100000
hxl Effective Income Tax Rate Continuing Operations Excluding Discrete Benefits
EffectiveIncomeTaxRateContinuingOperationsExcludingDiscreteBenefits
0.213
hxl Effective Income Tax Rate Continuing Operations Excluding Discrete Benefits
EffectiveIncomeTaxRateContinuingOperationsExcludingDiscreteBenefits
0.242
hxl Estimated Annual Effective Income Tax Rate Continuing Operations
EstimatedAnnualEffectiveIncomeTaxRateContinuingOperations
0.24
CY2017 hxl Estimated Annual Effective Income Tax Rate Continuing Operations
EstimatedAnnualEffectiveIncomeTaxRateContinuingOperations
0.25
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q3 hxl Tax Cuts And Jobs Act Of2017 Incomplete Accounting Adjustments To Estimated Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingAdjustmentsToEstimatedProvisionalIncomeTaxExpenseBenefit
0
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 six months or less, it is expected that goods related to the revenue represented in that adjustment will be shipped and billed within the current year.
CY2017Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
38100000
CY2018Q1 hxl Change In Unbilled Revenue Earned Over Time
ChangeInUnbilledRevenueEarnedOverTime
2900000
CY2018Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
35200000
CY2018Q2 hxl Change In Unbilled Revenue Earned Over Time
ChangeInUnbilledRevenueEarnedOverTime
-2500000
CY2018Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
37700000
CY2018Q3 hxl Change In Unbilled Revenue Earned Over Time
ChangeInUnbilledRevenueEarnedOverTime
-6000000
CY2018Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
43700000
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
one year or less
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
31200000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2000000
CY2018Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
43500000
CY2017Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
26800000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2200000
CY2017Q3 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
47900000
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-33900000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
2700000
CY2018Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
2800000
CY2017Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
2800000
CY2018Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
900000
CY2017Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
900000
CY2018Q3 hxl Accrual For Environmental Loss Contingencies Amount Which Is Better Estimate Within Range
AccrualForEnvironmentalLossContingenciesAmountWhichIsBetterEstimateWithinRange
0
CY2017Q4 hxl Accrual For Environmental Loss Contingencies Amount Which Is Better Estimate Within Range
AccrualForEnvironmentalLossContingenciesAmountWhichIsBetterEstimateWithinRange
0
CY2018Q3 hxl Accrual For Environmental Loss Contingencies High End Of Range
AccrualForEnvironmentalLossContingenciesHighEndOfRange
16000000
CY2018Q3 hxl Environmental Cost Contingencies Reserve Period Increase Decrease
EnvironmentalCostContingenciesReservePeriodIncreaseDecrease
300000
CY2017Q3 hxl Environmental Cost Contingencies Reserve Period Increase Decrease
EnvironmentalCostContingenciesReservePeriodIncreaseDecrease
100000
hxl Environmental Cost Contingencies Reserve Period Increase Decrease
EnvironmentalCostContingenciesReservePeriodIncreaseDecrease
600000
hxl Environmental Cost Contingencies Reserve Period Increase Decrease
EnvironmentalCostContingenciesReservePeriodIncreaseDecrease
400000
CY2018Q3 us-gaap Environmental Exit Costs Anticipated Cost
EnvironmentalExitCostsAnticipatedCost
4200000
CY2017Q3 us-gaap Environmental Exit Costs Anticipated Cost
EnvironmentalExitCostsAnticipatedCost
2400000
us-gaap Environmental Exit Costs Anticipated Cost
EnvironmentalExitCostsAnticipatedCost
11400000
us-gaap Environmental Exit Costs Anticipated Cost
EnvironmentalExitCostsAnticipatedCost
7100000
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3600000
CY2018Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1000000
CY2018Q1 hxl Standard Product Warranty Accrual Period Decrease Excluding Warranties Issued
StandardProductWarrantyAccrualPeriodDecreaseExcludingWarrantiesIssued
700000
CY2018Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3900000
CY2018Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1800000
CY2018Q2 hxl Standard Product Warranty Accrual Period Decrease Excluding Warranties Issued
StandardProductWarrantyAccrualPeriodDecreaseExcludingWarrantiesIssued
500000
CY2018Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
5200000
CY2018Q3 hxl Standard Product Warranty Accrual Period Decrease Excluding Warranties Issued
StandardProductWarrantyAccrualPeriodDecreaseExcludingWarrantiesIssued
1400000
CY2018Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
3800000

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