$HXL
HEXCEL CORP /DE/

2021 Q2 Form 10-Q Financial Statement

#000156459021037963 Filed on July 26, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $320.3M $378.7M
YoY Change -15.42% -37.82%
Cost Of Revenue $258.4M $323.8M
YoY Change -20.2% -26.44%
Gross Profit $61.90M $54.90M
YoY Change 12.75% -67.48%
Gross Profit Margin 19.33% 14.5%
Selling, General & Admin $31.10M $24.10M
YoY Change 29.05% -38.99%
% of Gross Profit 50.24% 43.9%
Research & Development $11.50M $11.30M
YoY Change 1.77% -20.42%
% of Gross Profit 18.58% 20.58%
Depreciation & Amortization $34.20M $34.90M
YoY Change -2.01% 2.65%
% of Gross Profit 55.25% 63.57%
Operating Expenses $42.60M $35.40M
YoY Change 20.34% -34.08%
Operating Profit $16.20M $6.400M
YoY Change 153.13% -94.44%
Interest Expense $9.300M $10.70M
YoY Change -13.08% -10.08%
% of Operating Profit 57.41% 167.19%
Other Income/Expense, Net
YoY Change
Pretax Income $6.900M -$4.300M
YoY Change -260.47% -104.17%
Income Tax $4.000M -$3.600M
% Of Pretax Income 57.97%
Net Earnings $2.200M -$1.000M
YoY Change -320.0% -101.24%
Net Earnings / Revenue 0.69% -0.26%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share $25.97K -$0.01
COMMON SHARES
Basic Shares Outstanding 84.10M 83.70M
Diluted Shares Outstanding 84.70M 83.70M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.3M $257.2M
YoY Change -55.17% 364.26%
Cash & Equivalents $115.3M $257.2M
Short-Term Investments
Other Short-Term Assets $62.40M $29.50M
YoY Change 111.53% -2.96%
Inventory $232.4M $316.6M
Prepaid Expenses
Receivables $168.7M $246.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $619.3M $849.6M
YoY Change -27.11% 6.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.801B $1.902B
YoY Change -5.3% -1.05%
Goodwill $192.3M $188.9M
YoY Change 1.8% -0.37%
Intangibles $80.90M $86.70M
YoY Change -6.69% -7.77%
Long-Term Investments $43.40M $45.00M
YoY Change -3.56% -13.13%
Other Assets $180.5M $150.5M
YoY Change 19.93% 7.73%
Total Long-Term Assets $2.298B $2.373B
YoY Change -3.15% -1.01%
TOTAL ASSETS
Total Short-Term Assets $619.3M $849.6M
Total Long-Term Assets $2.298B $2.373B
Total Assets $2.917B $3.223B
YoY Change -9.47% 0.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $86.80M $73.20M
YoY Change 18.58% -58.83%
Accrued Expenses $146.8M $146.2M
YoY Change 0.41% 38.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $500.0K
YoY Change 80.0% -94.85%
Total Short-Term Liabilities $235.6M $219.9M
YoY Change 7.14% -38.87%
LONG-TERM LIABILITIES
Long-Term Debt $904.5M $1.265B
YoY Change -28.48% 13.34%
Other Long-Term Liabilities $131.4M $301.0M
YoY Change -56.35% 28.19%
Total Long-Term Liabilities $904.5M $1.265B
YoY Change -28.48% -6.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $235.6M $219.9M
Total Long-Term Liabilities $904.5M $1.265B
Total Liabilities $1.415B $1.786B
YoY Change -20.78% 1.88%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.503B $1.437B
YoY Change
Total Liabilities & Shareholders Equity $2.917B $3.223B
YoY Change -9.47% 0.86%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $2.200M -$1.000M
YoY Change -320.0% -101.24%
Depreciation, Depletion And Amortization $34.20M $34.90M
YoY Change -2.01% 2.65%
Cash From Operating Activities $40.10M $65.00M
YoY Change -38.31% -41.6%
INVESTING ACTIVITIES
Capital Expenditures -$4.300M -$13.20M
YoY Change -67.42% -65.45%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.300M -$13.20M
YoY Change -67.42% -69.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.100M -123.9M
YoY Change -97.5% 118.52%
NET CHANGE
Cash From Operating Activities 40.10M 65.00M
Cash From Investing Activities -4.300M -13.20M
Cash From Financing Activities -3.100M -123.9M
Net Change In Cash 32.70M -72.10M
YoY Change -145.35% -721.55%
FREE CASH FLOW
Cash From Operating Activities $40.10M $65.00M
Capital Expenditures -$4.300M -$13.20M
Free Cash Flow $44.40M $78.20M
YoY Change -43.22% -47.69%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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3200000
CY2021Q2 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
5800000
CY2021Q2 hxl Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Tax Amount
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsTaxAmount
-1300000
CY2021Q2 hxl Discrete Tax Expense Benefit From Revaluation Of Deferred Tax Liabilities
DiscreteTaxExpenseBenefitFromRevaluationOfDeferredTaxLiabilities
2700000
hxl Discrete Tax Expense Benefit From Revaluation Of Deferred Tax Liabilities
DiscreteTaxExpenseBenefitFromRevaluationOfDeferredTaxLiabilities
-3200000
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-2700000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3600000
CY2020Q2 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-2700000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165
hxl Discrete Tax Expense Benefit From Revaluation Of Deferred Tax Liabilities
DiscreteTaxExpenseBenefitFromRevaluationOfDeferredTaxLiabilities
-2700000
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 recognized over time will be shipped and billed within the next twelve months.
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
320300000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
378700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
630600000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
919700000
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
43100000
CY2021Q1 hxl Change In Unbilled Revenue Earned Over Time
ChangeInUnbilledRevenueEarnedOverTime
800000
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
42300000
hxl Change In Unbilled Revenue Earned Over Time
ChangeInUnbilledRevenueEarnedOverTime
1800000
CY2021Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
40500000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
320300000
CY2021Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-3100000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
16200000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34200000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4300000
CY2021Q2 hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
NetImpactOfCapitalExpenditurePaymentsAndAccruedPayables
3800000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
378700000
CY2020Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-13100000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
6400000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34900000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
-1700000
CY2020Q2 hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
NetImpactOfCapitalExpenditurePaymentsAndAccruedPayables
11500000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
630600000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-15200000
us-gaap Operating Income Loss
OperatingIncomeLoss
6000000.0
hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
NetImpactOfCapitalExpenditurePaymentsAndAccruedPayables
7800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
919700000
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-27800000
us-gaap Operating Income Loss
OperatingIncomeLoss
72100000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
70400000
us-gaap Share Based Compensation
ShareBasedCompensation
12700000
hxl Net Impact Of Capital Expenditure Payments And Accrued Payables
NetImpactOfCapitalExpenditurePaymentsAndAccruedPayables
33400000
CY2020Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
277800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500000
hxl Goodwill And Intangible Assets Currency Translation And Other Adjustments
GoodwillAndIntangibleAssetsCurrencyTranslationAndOtherAdjustments
-1100000
CY2021Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
273200000
CY2021Q2 us-gaap Goodwill
Goodwill
192300000
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
80900000
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-2800000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
10800000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-13600000
CY2021Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
2300000
CY2020Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
2400000
CY2021Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
200000
CY2020Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
500000
CY2021Q2 hxl Accrual For Environmental Loss Contingencies Amount Which Is Better Estimate Within Range
AccrualForEnvironmentalLossContingenciesAmountWhichIsBetterEstimateWithinRange
0
CY2020Q4 hxl Accrual For Environmental Loss Contingencies Amount Which Is Better Estimate Within Range
AccrualForEnvironmentalLossContingenciesAmountWhichIsBetterEstimateWithinRange
0
CY2021Q2 hxl Accrual For Environmental Loss Contingencies High End Of Range
AccrualForEnvironmentalLossContingenciesHighEndOfRange
16000000
CY2020Q4 hxl Accrual For Environmental Loss Contingencies High End Of Range
AccrualForEnvironmentalLossContingenciesHighEndOfRange
16000000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2600000
CY2021Q1 hxl Standard Product Warranty Expense Benefit
StandardProductWarrantyExpenseBenefit
200000
CY2021Q1 hxl Standard Product Warranty Accrual Period Decrease Excluding Warranties Issued
StandardProductWarrantyAccrualPeriodDecreaseExcludingWarrantiesIssued
300000
CY2021Q2 hxl Standard Product Warranty Expense Benefit
StandardProductWarrantyExpenseBenefit
-500000
CY2021Q2 us-gaap Restructuring Charges
RestructuringCharges
5600000
us-gaap Restructuring Charges
RestructuringCharges
17500000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
12500000
CY2020Q2 us-gaap Restructuring Charges
RestructuringCharges
13100000
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
15900000
CY2021Q2 us-gaap Restructuring Charges
RestructuringCharges
5600000
CY2021Q2 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-300000
CY2021Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
5200000
CY2021Q2 hxl Restructuring Reserve Settled And Received Without Cash
RestructuringReserveSettledAndReceivedWithoutCash
-4100000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
12500000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
14200000
us-gaap Restructuring Charges
RestructuringCharges
17500000
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
300000
us-gaap Payments For Restructuring
PaymentsForRestructuring
15600000
hxl Restructuring Reserve Settled And Received Without Cash
RestructuringReserveSettledAndReceivedWithoutCash
-3300000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
12500000

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