– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Q1 2022 GAAP diluted EPS of $0.21 and adjusted diluted EPS of $0.22, compared to Q1 2021 GAAP diluted EPS of ($0.17) and adjusted diluted EPS of ($0.10).
Q1 2022 Sales were $391 million, compared to $310 million in Q1 2021.
Full year 2022 guidance is reaffirmed.
See Table C for reconciliation of GAAP and non-GAAP operating income (loss), net income (loss), earnings (loss) per share and operating cash flow to free cash flow. Free cash flow is cash from operations less capital expenditures.
STAMFORD, Conn.--(BUSINESS WIRE)--Hexcel Corporation (NYSE: HXL):
Summary of Results from Operations |
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|||||
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Quarters Ended |
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||||||
|
|
March 31, |
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|
||||||
(In millions, except per share data) |
|
2022 |
|
2021 |
|
|
% Change |
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||||
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|
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|
|||
Net Sales |
|
$ |
390.6 |
|
|
$ |
310.3 |
|
|
|
25.9 |
% |
Net sales change in constant currency |
|
|
|
|
|
|
|
|
27.4 |
% |
||
Operating Income (Loss) |
|
|
30.1 |
|
|
|
(10.2 |
) |
|
|
395.1 |
% |
Net Income (Loss) |
|
|
17.8 |
|
|
|
(14.0 |
) |
|
|
227.1 |
% |
Diluted net income (loss) per common share |
|
$ |
0.21 |
|
|
$ |
(0.17 |
) |
|
|
223.5 |
% |
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|
|||
Non-GAAP measures for year-over-year comparison (Table C) |
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|
|||
Adjusted Operating Income |
|
$ |
31.1 |
|
|
$ |
1.9 |
|
|
|
1,536.8 |
% |
As a % of sales |
|
|
8.0 |
% |
|
|
0.6 |
% |
|
|
|
|
Adjusted Net Income (Loss) |
|
|
18.6 |
|
|
|
(8.4 |
) |
|
|
321.4 |
% |
Adjusted diluted net income (loss) per share |
|
$ |
0.22 |
|
|
$ |
(0.10 |
) |
|
|
320.0 |
% |
Hexcel Corporation (NYSE: HXL) today reported first quarter 2022 results including net sales of $391 million and adjusted diluted EPS of $0.22 per share.
Chairman, CEO and President Nick Stanage said, "Strong first quarter results demonstrate our continued ability to execute and deliver, as we benefit from a steady recovery in commercial aerospace sales. Increasing commercial aircraft build rates and sustained strength in Space & Defense revenues have contributed to six consecutive quarters of total sales growth. We remain focused on managing the impact macro-economic factors are having on our supply chain, and we continue to tightly manage cost pressures. With the ongoing recovery in end-markets supporting our outlook, we are reiterating our 2022 guidance. As the year progresses, our top priorities are to meet the increasing demand for our products, optimize cash generation, and further drive innovation in advanced lightweight composite materials that help improve fuel efficiency and reduce emissions.”
Sales in the first quarter of 2022 were $390.6 million compared to $310.3 million in the first quarter of 2021.
Commercial Aerospace
Space & Defense
Consolidated Operations
Gross margin for the first quarter of 2022 was 22.2% compared to 17.1% in first quarter of 2021, as higher sales and greater capacity utilization led to improved cost absorption. As a percentage of sales, selling, general and administrative and R&T expenses for the first quarter of 2022 were 14.2% compared to 16.5% for the first quarter of 2021. Adjusted operating income in the first quarter of 2022 was $31.1 million or 8.0% of sales, compared to $1.9 million, or 0.6% of sales in 2021. The impact of exchange rates on operating income as a percent of sales was favorable by approximately 30 basis points in the first quarter of 2022 compared to 2021.
2022 Guidance (unchanged)
Hexcel will host a conference call at 10:00 a.m. ET, on April 26, 2022 to discuss first quarter 2022 results. The event will be webcast via the Investor Relations webpage at www.Hexcel.com. The event can also be accessed by dialing +1 (646) 960-0452. The conference ID is 3428143. Replays of the call will be available on the website.
Hexcel Corporation is a global leader in advanced lightweight composites technology. We propel the future of flight, energy generation, transportation, and recreation through excellence in providing innovative high-performance material solutions that are lighter, stronger and tougher, helping to create a better world for us all. Our broad and unrivaled product range includes carbon fiber, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core and composite structures for use in commercial aerospace, space and defense, and industrial applications.
Disclaimer on Forward Looking Statements
This news release contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the estimates and expectations based on aircraft production rates provided by Airbus, Boeing and others; the revenues we may generate from an aircraft model or program; the impact of the push-out in deliveries of the Airbus and Boeing backlog and the impact of delays in the startup or ramp-up of new aircraft programs or the final Hexcel composite material content once the design and material selection have been completed; expectations with regard to regulatory clearances or the build rate of the Boeing 737 MAX or Boeing 787 and the related impact on our revenues; expectations with regard to raw material cost and availability; expectations of composite content on new commercial aircraft programs and our share of those requirements; expectations regarding revenues from space and defense applications, including whether certain programs might be curtailed or discontinued; expectations regarding sales for wind energy, recreation, automotive and other industrial applications; expectations regarding working capital trends and expenditures and inventory levels; expectations as to the level of capital expenditures and completion of capacity expansions and qualification of new products; expectations regarding our ability to improve and maintain margins; projections regarding our tax rate; expectations with regard to the continued impact of the COVID-19 pandemic and the impact of the conflict between Russia and Ukraine on worldwide air travel and aircraft programs, as well as on our customers and suppliers and, in turn, on our operations and financial results; expectations regarding our strategic initiatives and other goals, including, but not limited to, our sustainability goals; and the anticipated impact of the above factors and various market risks on our expectations of financial results for 2022 and beyond. Actual results may differ materially from the results anticipated in the forward looking statements due to a variety of factors, including but not limited to the impact of the COVID-19 pandemic, including continued disruption in global financial markets and supply chains, ongoing restrictions on movement and travel, employee absenteeism and labor shortages, and reduced demand for air travel, on the operations, business and financial condition of Hexcel and its customers and suppliers; reductions in sales to any significant customers, particularly Airbus or Boeing, including related to the timing of pending regulatory clearances for the Boeing 737 MAX and the Boeing 787, as well as due to the impact of the COVID-19 pandemic; inability to effectively adjust production and inventory levels to align with customer demand; inability to effectively motivate, retain and hire the necessary workforce; our ability to successfully implement or realize our business strategies, plans, goals and objectives of management, including our sustainability goals and any restructuring or alignment activities in which we may engage; the impact of any government mandated COVID-19 precautions, including mandatory vaccination; changes in sales mix; changes in current pricing and cost levels, including cost inflation, as well as increasing energy prices resulting from the conflict between Russia and Ukraine; changes in aerospace delivery rates; changes in government defense procurement budgets; changes in military aerospace program technology; timely new product development or introduction; industry capacity; increased competition; availability and cost of raw materials, including the impact of supply shortages and inflation; supply chain disruptions, which may be exacerbated by the conflict between Russia and Ukraine; inability to install, staff and qualify necessary capacity or complete capacity expansions to meet customer demand; cybersecurity-related risks including the potential impact of breaches or intrusions; currency exchange rate fluctuations; changes in political, social and economic conditions, including, but not limited to, the effect of change in global trade policies, such as sanctions imposed as a result of the conflict between Russia and Ukraine; work stoppages or other labor disruptions; our ability to successfully complete any strategic acquisitions, investments or dispositions; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; the effects of natural disasters, which may be worsened by the impact of climate change, and other severe catastrophic events; the potential impact of environmental, social and governance matters; and the unexpected outcome of legal matters or impact of changes in laws or regulations. Additional risk factors are described in our filings with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.
Hexcel Corporation and Subsidiaries |
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Condensed Consolidated Statements of Operations |
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Unaudited |
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|||||
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Quarters Ended |
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|||||
|
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March 31, |
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|||||
(In millions, except per share data) |
|
2022 |
|
2021 |
|
|||
Net sales |
|
$ |
390.6 |
|
|
$ |
310.3 |
|
Cost of sales |
|
|
303.9 |
|
|
|
257.2 |
|
Gross margin |
|
|
86.7 |
|
|
|
53.1 |
|
% Gross Margin |
|
|
22.2 |
% |
|
|
17.1 |
% |
|
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Selling, general and administrative expenses |
|
|
44.7 |
|
|
|
39.6 |
|
Research and technology expenses |
|
|
10.9 |
|
|
|
11.6 |
|
Other operating expense |
|
|
1.0 |
|
|
|
12.1 |
|
Operating income (loss) |
|
|
30.1 |
|
|
|
(10.2 |
) |
Interest expense, net |
|
|
9.1 |
|
|
|
10.3 |
|
Income (loss) before income taxes, and equity in earnings of affiliated companies |
|
|
21.0 |
|
|
|
(20.5 |
) |
Income tax expense (benefit) |
|
|
4.7 |
|
|
|
(7.5 |
) |
Income (loss) before equity in earnings of affiliated companies |
|
|
16.3 |
|
|
|
(13.0 |
) |
Equity in earnings (losses) from affiliated companies |
|
|
1.5 |
|
|
|
(1.0 |
) |
Net income (loss) |
|
$ |
17.8 |
|
|
$ |
(14.0 |
) |
|
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Basic net income (loss) per common share: |
|
$ |
0.21 |
|
|
$ |
(0.17 |
) |
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||
Diluted net income (loss) per common share: |
|
$ |
0.21 |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
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|
||
Weighted-average common shares: |
|
|
|
|
|
|
||
Basic |
|
|
84.3 |
|
|
|
84.0 |
|
Diluted |
|
|
84.9 |
|
|
|
84.0 |
|
Hexcel Corporation and Subsidiaries |
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|||||||
Condensed Consolidated Balance Sheets |
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Unaudited |
|
|||||
|
|
March 31, |
|
December 31, |
|
|||
(In millions) |
|
2022 |
|
2021 |
|
|||
Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
112.8 |
|
|
$ |
127.7 |
|
Accounts receivable, net |
|
|
212.1 |
|
|
|
160.3 |
|
Inventories, net |
|
|
265.9 |
|
|
|
245.7 |
|
Contract assets |
|
|
32.5 |
|
|
|
30.5 |
|
Prepaid expenses and other current assets |
|
|
47.9 |
|
|
|
39.5 |
|
Assets held for sale |
|
|
13.2 |
|
|
|
12.6 |
|
Total current assets |
|
|
684.4 |
|
|
|
616.3 |
|
|
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
3,088.7 |
|
|
|
3,110.0 |
|
Less accumulated depreciation |
|
|
(1,376.9 |
) |
|
|
(1,363.9 |
) |
Net property, plant and equipment |
|
|
1,711.8 |
|
|
|
1,746.1 |
|
|
|
|
|
|
|
|
||
Goodwill and other intangible assets, net |
|
|
264.0 |
|
|
|
267.5 |
|
Investments in affiliated companies |
|
|
45.6 |
|
|
|
44.6 |
|
Other assets |
|
|
147.7 |
|
|
|
144.9 |
|
Total assets |
|
$ |
2,853.5 |
|
|
$ |
2,819.4 |
|
|
|
|
|
|
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|
||
Liabilities and Stockholders' Equity |
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Liabilities: |
|
|
|
|
|
|
||
Short-term borrowings |
|
$ |
0.7 |
|
|
$ |
0.9 |
|
Accounts payable |
|
|
112.5 |
|
|
|
113.2 |
|
Accrued compensation and benefits |
|
|
52.3 |
|
|
|
54.4 |
|
Accrued liabilities |
|
|
81.6 |
|
|
|
79.1 |
|
Total current liabilities |
|
|
247.1 |
|
|
|
247.6 |
|
|
|
|
|
|
|
|
||
Long-term debt |
|
|
857.5 |
|
|
|
822.4 |
|
Retirement obligations |
|
|
52.4 |
|
|
|
52.6 |
|
Other non-current liabilities |
|
|
209.4 |
|
|
|
211.3 |
|
Total liabilities |
|
$ |
1,366.4 |
|
|
$ |
1,333.9 |
|
|
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, $0.01 par value, 200.0 shares authorized,
|
|
$ |
1.1 |
|
|
$ |
1.1 |
|
Additional paid-in capital |
|
|
889.9 |
|
|
|
878.6 |
|
Retained earnings |
|
|
2,021.8 |
|
|
|
2,012.5 |
|
Accumulated other comprehensive loss |
|
|
(144.1 |
) |
|
|
(126.5 |
) |
|
|
|
2,768.7 |
|
|
|
2,765.7 |
|
|
|
|
|
|
|
|
||
Less – Treasury stock, at cost, 26.2 shares at March 31, 2022 and 26.1 shares at December 31, 2021 |
|
|
(1,281.6 |
) |
|
|
(1,280.2 |
) |
Total stockholders' equity |
|
|
1,487.1 |
|
|
|
1,485.5 |
|
Total liabilities and stockholders' equity |
|
$ |
2,853.5 |
|
|
$ |
2,819.4 |
|
Hexcel Corporation and Subsidiaries |
|
|||||||
Condensed Consolidated Statements of Cash Flows |
|
|||||||
|
|
Unaudited |
|
|||||
|
|
Quarters Ended |
|
|||||
|
|
March 31, |
|
|||||
(In millions) |
|
2022 |
|
2021 |
|
|||
|
|
|
|
|
|
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
17.8 |
|
|
$ |
(14.0 |
) |
Reconciliation to net cash used for operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
32.2 |
|
|
|
34.5 |
|
Amortization related to financing |
|
|
0.3 |
|
|
|
1.5 |
|
Deferred income taxes |
|
|
(1.8 |
) |
|
|
(8.8 |
) |
Equity in earnings from affiliated companies |
|
|
(1.5 |
) |
|
|
1.1 |
|
Stock-based compensation |
|
|
10.4 |
|
|
|
9.0 |
|
Merger and restructuring expenses, net of payments |
|
|
(5.0 |
) |
|
|
1.5 |
|
|
|
|
|
|
|
|
||
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Increase in accounts receivable |
|
|
(54.7 |
) |
|
|
(42.0 |
) |
Increase in inventories |
|
|
(24.4 |
) |
|
|
(7.6 |
) |
Increase in prepaid expenses and other current assets |
|
|
(8.6 |
) |
|
|
(6.8 |
) |
Increase in accounts payable/accrued liabilities |
|
|
13.4 |
|
|
|
30.2 |
|
Other - net |
|
|
2.9 |
|
|
|
0.2 |
|
Net cash used for operating activities (a) |
|
|
(19.0 |
) |
|
|
(1.2 |
) |
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
||
Capital expenditures (b) |
|
|
(20.9 |
) |
|
|
(4.9 |
) |
Net cash used for investing activities |
|
|
(20.9 |
) |
|
|
(4.9 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Borrowings from senior unsecured credit facilities |
|
|
35.0 |
|
|
|
- |
|
Net repayments from senior unsecured credit facilities |
|
|
- |
|
|
|
(14.0 |
) |
Repayment of finance lease obligation and other debt, net |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
Dividends paid |
|
|
(8.5 |
) |
|
|
- |
|
Activity under stock plans |
|
|
(0.3 |
) |
|
|
0.8 |
|
Net cash provided by (used for) financing activities |
|
|
25.9 |
|
|
|
(13.5 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(0.9 |
) |
|
|
(1.7 |
) |
Net decrease in cash and cash equivalents |
|
|
(14.9 |
) |
|
|
(21.3 |
) |
Cash and cash equivalents at beginning of period |
|
|
127.7 |
|
|
|
103.3 |
|
Cash and cash equivalents at end of period |
|
$ |
112.8 |
|
|
$ |
82.0 |
|
|
|
|
|
|
|
|
||
Supplemental data: |
|
|
|
|
|
|
||
Free Cash Flow (a)+(b) |
|
$ |
(39.9 |
) |
|
$ |
(6.1 |
) |
Accrual basis additions to property, plant and equipment |
|
$ |
11.1 |
|
|
$ |
4.0 |
|
Hexcel Corporation and Subsidiaries |
|
|||||||||||||||||||||||
Net Sales to Third-Party Customers by Market |
|
|||||||||||||||||||||||
Quarters Ended March 31, 2022 and 2021 |
Unaudited |
|
|
|
|
|
Table A |
|
||||||||||||||||
(In millions) |
|
As Reported |
|
|
Constant Currency (a) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
B/(W) |
|
|
FX |
|
|
|
|
|
B/(W) |
|
||||||
Market |
|
2022 |
|
2021 |
|
% |
|
|
Effect (b) |
|
|
2021 |
|
|
% |
|
||||||||
Commercial Aerospace |
|
$ |
218.9 |
|
|
$ |
147.6 |
|
|
|
48.3 |
|
|
$ |
(0.5 |
) |
|
$ |
147.1 |
|
|
|
48.8 |
|
Space & Defense |
|
|
118.2 |
|
|
|
111.7 |
|
|
|
5.8 |
|
|
|
(1.2 |
) |
|
|
110.5 |
|
|
|
7.0 |
|
Industrial |
|
|
53.5 |
|
|
|
51.0 |
|
|
|
4.9 |
|
|
|
(2.1 |
) |
|
|
48.9 |
|
|
|
9.4 |
|
Consolidated Total |
|
$ |
390.6 |
|
|
$ |
310.3 |
|
|
|
25.9 |
|
|
$ |
(3.8 |
) |
|
$ |
306.5 |
|
|
|
27.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated % of Net Sales |
|
% |
|
|
% |
|
|
|
|
|
|
|
|
% |
|
|
|
|
||||||
Commercial Aerospace |
|
|
56.0 |
|
|
|
47.6 |
|
|
|
|
|
|
|
|
|
48.0 |
|
|
|
|
|||
Space & Defense |
|
|
30.3 |
|
|
|
36.0 |
|
|
|
|
|
|
|
|
|
36.1 |
|
|
|
|
|||
Industrial |
|
|
13.7 |
|
|
|
16.4 |
|
|
|
|
|
|
|
|
|
15.9 |
|
|
|
|
|||
Consolidated Total |
|
|
100.0 |
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
100.0 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| (a) | To assist in the analysis of the Company’s net sales trend, total net sales and sales by market for the quarter ended March 31, 2021 have been estimated using the same U.S. dollar, British pound and Euro exchange rates as applied for the respective period in 2022 and are referred to as “constant currency” sales. |
|
| (b) | FX effect is the estimated impact on “as reported” net sales due to changes in foreign currency exchange rates. |
Hexcel Corporation and Subsidiaries |
|
|||||||||||||||
Segment Information |
|
Unaudited |
|
|
Table B |
|
||||||||||
(In millions) |
|
Composite
|
|
|
Engineered
|
|
|
Corporate
|
|
|
Total |
|
||||
First Quarter 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
313.8 |
|
|
$ |
76.8 |
|
|
$ |
- |
|
|
$ |
390.6 |
|
Intersegment sales |
|
|
16.5 |
|
|
|
0.3 |
|
|
|
(16.8 |
) |
|
|
- |
|
Total sales |
|
|
330.3 |
|
|
|
77.1 |
|
|
|
(16.8 |
) |
|
|
390.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
0.9 |
|
|
|
0.1 |
|
|
|
- |
|
|
|
1.0 |
|
Operating income (loss) |
|
|
42.6 |
|
|
|
10.6 |
|
|
|
(23.1 |
) |
|
|
30.1 |
|
% Operating margin |
|
|
12.9 |
% |
|
|
13.7 |
% |
|
|
|
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
28.6 |
|
|
|
3.6 |
|
|
|
- |
|
|
|
32.2 |
|
Stock-based compensation expense |
|
|
2.6 |
|
|
|
0.7 |
|
|
|
7.1 |
|
|
|
10.4 |
|
Accrual based additions to capital expenditures |
|
|
10.1 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
11.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Quarter 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
237.2 |
|
|
$ |
73.1 |
|
|
$ |
- |
|
|
$ |
310.3 |
|
Intersegment sales |
|
|
13.2 |
|
|
|
0.6 |
|
|
|
(13.8 |
) |
|
|
- |
|
Total sales |
|
|
250.4 |
|
|
|
73.7 |
|
|
|
(13.8 |
) |
|
|
310.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
12.7 |
|
|
|
(0.7 |
) |
|
|
0.1 |
|
|
|
12.1 |
|
Operating income (loss) |
|
|
7.4 |
|
|
|
4.7 |
|
|
|
(22.3 |
) |
|
|
(10.2 |
) |
% Operating margin |
|
|
3.0 |
% |
|
|
6.4 |
% |
|
|
|
|
|
(3.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
30.8 |
|
|
|
3.7 |
|
|
|
- |
|
|
|
34.5 |
|
Stock-based compensation expense |
|
|
0.6 |
|
|
|
0.2 |
|
|
|
8.2 |
|
|
|
9.0 |
|
Accrual based additions to capital expenditures |
|
|
3.6 |
|
|
|
0.4 |
|
|
|
- |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(a) Hexcel does not allocate corporate expenses to the operating segments. |
||||||||||||||||
Hexcel Corporation and Subsidiaries |
|
|
|||||||
Reconciliation of GAAP to Non-GAAP Operating Income (Loss), Net Income (Loss), EPS and Operating Cash Flow to Free Cash Flow |
|
Table C |
|||||||
|
|
Unaudited |
|||||||
|
|
Quarters Ended |
|
|
|||||
|
|
March 31, |
|
|
|||||
(In millions) |
|
2022 |
|
|
2021 |
|
|
||
GAAP operating income (loss) |
|
$ |
30.1 |
|
|
$ |
(10.2 |
) |
|
Other operating expense (a) |
|
|
1.0 |
|
|
|
12.1 |
|
|
Non-GAAP operating income |
|
$ |
31.1 |
|
|
$ |
1.9 |
|
|
|
|
Unaudited |
|
|||||||||||||
|
|
Quarters Ended March 31, |
|
|||||||||||||
|
|
2022 |
|
|
2021 |
|
||||||||||
(In millions, except per diluted share data) |
|
Net Income |
|
|
EPS |
|
|
Net Loss |
|
|
EPS |
|
||||
GAAP |
|
$ |
17.8 |
|
|
$ |
0.21 |
|
|
$ |
(14.0 |
) |
|
$ |
(0.17 |
) |
Other operating expense, net of tax (a) |
|
|
0.8 |
|
|
|
0.01 |
|
|
|
8.8 |
|
|
|
0.11 |
|
Tax benefit (b) |
|
|
- |
|
|
|
- |
|
|
|
(3.2 |
) |
|
|
(0.04 |
) |
Non-GAAP |
|
$ |
18.6 |
|
|
$ |
0.22 |
|
|
$ |
(8.4 |
) |
|
$ |
(0.10 |
) |
|
|
Unaudited |
|
|||||
|
|
Quarters Ended March 31, |
|
|||||
(In millions) |
|
2022 |
|
|
2021 |
|
||
Net cash used for operating activities |
|
$ |
(19.0 |
) |
|
$ |
(1.2 |
) |
Less: Capital expenditures |
|
|
(20.9 |
) |
|
|
(4.9 |
) |
Free cash flow (non-GAAP) |
|
$ |
(39.9 |
) |
|
$ |
(6.1 |
) |
(a) |
The quarters ended March 31, 2022 and 2021 included restructuring costs. |
|
(b) |
The quarter ended March 31, 2021 included a discrete tax benefit from the revaluation of deferred tax liabilities related to a favorable U.S. tax law change. |
NOTE: Management believes that adjusted operating income (loss), adjusted net income (loss), adjusted diluted net income (loss) per share, the adjusted tax rate, and free cash flow, which are non-GAAP measures, are meaningful to investors because they provide a view of Hexcel with respect to the underlying operating results excluding special items. Special items represent significant charges or credits that are important to an understanding of Hexcel’s overall operating results in the periods presented. Non-GAAP measurements are not recognized in accordance with generally accepted accounting principles and should not be viewed as an alternative to GAAP measures of performance.
Hexcel Corporation and Subsidiaries |
|
|||||||||||
Schedule of Total Debt, Net of Cash |
Table D |
|
||||||||||
|
|
Unaudited |
|
|||||||||
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|||
(In millions) |
|
2022 |
|
|
2021 |
|
|
2021 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Current portion finance lease |
|
$ |
0.7 |
|
|
$ |
0.9 |
|
|
$ |
0.3 |
|
Total current debt |
|
|
0.7 |
|
|
|
0.9 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|||
Senior unsecured credit facility |
|
|
160.0 |
|
|
|
125.0 |
|
|
|
214.0 |
|
4.7% senior notes due 2025 |
|
|
300.0 |
|
|
|
300.0 |
|
|
|
300.0 |
|
3.95% senior notes due 2027 |
|
|
400.0 |
|
|
|
400.0 |
|
|
|
400.0 |
|
Senior notes original issue discounts |
|
|
(1.1 |
) |
|
|
(1.2 |
) |
|
|
(1.4 |
) |
Senior notes deferred financing costs |
|
|
(2.7 |
) |
|
|
(2.9 |
) |
|
|
(3.4 |
) |
Other debt |
|
|
1.3 |
|
|
|
1.5 |
|
|
|
2.8 |
|
Total long-term debt |
|
|
857.5 |
|
|
|
822.4 |
|
|
|
912.0 |
|
Total Debt |
|
|
858.2 |
|
|
|
823.3 |
|
|
|
912.3 |
|
Less: Cash and cash equivalents |
|
|
(112.8 |
) |
|
|
(127.7 |
) |
|
|
(82.0 |
) |
Total debt, net of cash |
|
$ |
745.4 |
|
|
$ |
695.6 |
|
|
$ |
830.3 |
|
Разводненная прибыль на акцию по ОПБУ в 1 квартале 2022 года составила 0,21 доллара США, а скорректированная разводненная прибыль на акцию - 0,22 доллара США, по сравнению с разводненной прибылью на акцию по ОПБУ в 1 квартале 2021 года (0,17 доллара США) и скорректированной разводненной прибылью на акцию (0,10 доллара США).
Объем продаж в 1 квартале 2022 года составил 391 миллион долларов по сравнению с 310 миллионами долларов в 1 квартале 2021 года.
Подтверждаются рекомендации на весь 2022 год.
В таблице C приведена сверка операционных доходов (убытков) по ОПБУ и не по ОПБУ, чистой прибыли (убытка), прибыли (убытка) на акцию и операционного денежного потока со свободным денежным потоком. Свободный денежный поток - это денежные средства от операционной деятельности за вычетом капитальных затрат.
СТЭМФОРД, Коннектикут - (БИЗНЕС-ПРОВОД)-Корпорация Hexcel (NYSE: HXL):
Summary of Results from Operations |
|
|
|
|
|
|
|
|||||
|
|
Quarters Ended |
|
|
|
|
||||||
|
|
March 31, |
|
|
|
|
||||||
(In millions, except per share data) |
|
2022 |
|
2021 |
|
|
% Change |
|
||||
|
|
|
|
|
|
|
|
|
|
|||
Net Sales |
|
$ |
390.6 |
|
|
$ |
310.3 |
|
|
|
25.9 |
% |
Net sales change in constant currency |
|
|
|
|
|
|
|
|
27.4 |
% |
||
Operating Income (Loss) |
|
|
30.1 |
|
|
|
(10.2 |
) |
|
|
395.1 |
% |
Net Income (Loss) |
|
|
17.8 |
|
|
|
(14.0 |
) |
|
|
227.1 |
% |
Diluted net income (loss) per common share |
|
$ |
0.21 |
|
|
$ |
(0.17 |
) |
|
|
223.5 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Non-GAAP measures for year-over-year comparison (Table C) |
|
|
|
|
|
|
|
|
|
|||
Adjusted Operating Income |
|
$ |
31.1 |
|
|
$ |
1.9 |
|
|
|
1,536.8 |
% |
As a % of sales |
|
|
8.0 |
% |
|
|
0.6 |
% |
|
|
|
|
Adjusted Net Income (Loss) |
|
|
18.6 |
|
|
|
(8.4 |
) |
|
|
321.4 |
% |
Adjusted diluted net income (loss) per share |
|
$ |
0.22 |
|
|
$ |
(0.10 |
) |
|
|
320.0 |
% |
Hexcel Corporation (NYSE: HXL) сегодня сообщила о результатах за первый квартал 2022 года, включая чистые продажи в размере 391 млн долларов и скорректированную разводненную прибыль на акцию в размере 0,22 доллара на акцию.
Председатель правления, главный исполнительный директор и президент Ник Станедж сказал: "Высокие результаты первого квартала демонстрируют нашу неизменную способность выполнять и обеспечивать результаты, поскольку мы извлекаем выгоду из устойчивого восстановления коммерческих продаж аэрокосмической продукции. Растущие темпы строительства коммерческих самолетов и устойчивый рост доходов от космической и оборонной деятельности способствовали росту общего объема продаж шесть кварталов подряд. Мы по-прежнему сосредоточены на управлении воздействием макроэкономических факторов на нашу цепочку поставок, и мы продолжаем жестко управлять давлением затрат. Учитывая продолжающееся восстановление на конечных рынках, поддерживающее наш прогноз, мы подтверждаем наши рекомендации на 2022 год. В течение года нашими главными приоритетами являются удовлетворение растущего спроса на нашу продукцию, оптимизация получения денежных средств и дальнейшее внедрение инноваций в области передовых легких композитных материалов, которые помогают повысить топливную экономичность и сократить выбросы”.
Объем продаж в первом квартале 2022 года составил 390,6 миллиона долларов по сравнению с 310,3 миллиона долларов в первом квартале 2021 года.
Коммерческая аэрокосмическая промышленность
Космос и оборона
Консолидированные операции
Валовая прибыль за первый квартал 2022 года составила 22,2% по сравнению с 17,1% в первом квартале 2021 года, поскольку рост продаж и увеличение загрузки производственных мощностей привели к улучшению поглощения затрат. В процентном отношении к продажам коммерческие, общие и административные расходы, а также расходы на НИОКР за первый квартал 2022 года составили 14,2% по сравнению с 16,5% за первый квартал 2021 года. Скорректированный операционный доход в первом квартале 2022 года составил 31,1 млн долларов, или 8,0% от продаж, по сравнению с 1,9 млн долларов, или 0,6% от продаж в 2021 году. Влияние валютных курсов на операционный доход в процентах от продаж было благоприятным примерно на 30 базисных пунктов в первом квартале 2022 года по сравнению с 2021 годом.
Руководство на 2022 год (без изменений)
Hexcel проведет селекторное совещание в 10:00 утра по восточному времени 26 апреля 2022 года, чтобы обсудить результаты первого квартала 2022 года. Мероприятие будет транслироваться в Интернете через веб-страницу по связям с инвесторами по адресу www.Hexcel.com . На мероприятие также можно попасть, набрав +1 (646) 960-0452. Идентификатор конференции - 3428143. Повторы звонка будут доступны на веб-сайте.
Корпорация Hexcel является мировым лидером в области передовых технологий изготовления легких композитных материалов. Мы продвигаем будущее полетов, производства энергии, транспорта и отдыха благодаря совершенству в предоставлении инновационных решений из высокоэффективных материалов, которые легче, прочнее и жестче, помогая создать лучший мир для всех нас. Наш широкий и непревзойденный ассортимент продукции включает углеродное волокно, специальные усилители, препреги и другие матричные материалы, армированные волокнами, соты, смолы, инженерные сердечники и композитные конструкции для использования в коммерческой аэрокосмической, космической и оборонной промышленности, а также в промышленности.
Отказ от ответственности в отношении Прогнозных заявлений
Этот пресс-релиз содержит заявления, которые являются прогнозными по смыслу Закона о реформе судопроизводства по частным ценным бумагам от 1995 года, включая заявления, касающиеся оценок и ожиданий, основанных на самолет темпы производства обеспечили компании Airbus, Boeing и другие; доходы мы можем получать от модели самолета или программы; влияние выталкивания в поставках Airbus и Boeing задел и последствия задержки запуска или ввода в эксплуатацию новых самолетов программ или окончательные Hexcel композитного материала содержание только дизайн и выбор материала был завершен; ожидания в отношении регуляторных согласований или построить курс Боинг 737 MAX или Boeing 787 и взаимосвязанное влияние на наши доходы; ожидания в отношении стоимости сырья и доступность; ожидания композитные материалы на новые коммерческие самолеты программы и наша доля этих требований; ожидания в отношении доходов от космических и оборонных применений, включая ли определенные программы могут быть ограничены или прекращены; ожидания в отношении продаж на энергии ветра, отдыха, автомобильной и других промышленных применений; ожидания в отношении оборотного капитала и тенденции расходов и уровня запасов; ожидания в отношении уровня капитальных затрат и выполнение производственных мощностей и квалификации новых видов продукции; ожидания в отношении нашей способности для улучшения и поддержания прибыли; прогнозы относительно нашей налоговая ставка; ожидания в отношении дальнейшего воздействия COVID-19 пандемией и последствия конфликта между Россией и Украиной по всему миру авиаперевозок и авиационных программ, а также от наших клиентов и поставщиков и, в свою очередь, о нашей деятельности и финансовые результаты; ожидания в отношении наших стратегических инициатив и других целей, включая, но не ограничиваясь, устойчивость целей; и предполагается воздействие вышеперечисленных факторов и различных рыночных рисков на наши ожидания финансовых результатов на 2022 год и далее. Фактические результаты могут существенно отличаться от результатов, ожидаемых в прогнозных заявлениях из-за ряда факторов, включая, но не ограничиваясь, влияние COVID-19 пандемией, в том числе и постоянные срывы на глобальных финансовых рынков и цепочек поставок, текущие ограничения на передвижение и путешествия, неявки работника и дефицита рабочей силы, а также сокращением спроса на авиаперелеты, на работу, бизнес и финансовое состояние Hexcel и ее заказчиками и поставщиками; сокращение объемов продаж какого-либо значимого клиентов, особенно Аэробус или Боинг, в том числе касающихся сроков на рассмотрении регуляторных согласований для Boeing 737 MAX и Боинга-787, а также из-за воздействия COVID-19 пандемией; неспособность эффективно регулировать объемы производства и уровни запасов согласовать с покупательским спросом; неумение эффективно мотивировать, удерживать и нанять необходимых работников; нашу способность успешно реализовать или реализовать наши бизнес-стратегии, планов, целей и задач управления, в том числе в области устойчивого развития цели и реструктуризации или выравнивания мероприятий, в которых мы можем привлекать; влияние каких-либо санкционированные государством COVID-19 меры предосторожности, в том числе обязательной вакцинации; изменения в структуре продаж; изменения в текущие цены и стоимость уровнях, в том числе расходов, а также повышением цен на энергию, в результате конфликта между Россией и Украиной; изменения в аэрокосмической доставки ставок; изменения в государственных оборонных закупок бюджетов, изменения в Военно-космической программы, Технологии, разработки новой продукции или внедрения; производственные мощности; рост конкуренции; доступность и стоимость сырья, в том числе о влиянии дефицита предложения и инфляции; цепочки поставок, перебои, что может усугубляться конфликт между Россией и Украиной; невозможность установить, сотрудников и претендовать необходимой мощности или полное производственных мощностей для удовлетворения спроса клиентов; кибербезопасности-риски, связанные с ними, в том числе потенциальное влияние нарушения или вторжения; колебания валютных курсов; изменения в политических, социальных и экономических условий, в том числе, но не ограничиваясь, влияние изменений в мировой торговой политики, таких как санкции, введенные в результате конфликта между Россией и Украиной; прекращение работы или других трудовых нарушений; наши способности для успешного выполнения стратегических приобретений, инвестиций или распоряжения; соблюдение экологических, санитарных, технических и других смежных законов и подзаконных актов, в том числе связанных с изменением климата; в результате стихийных бедствий, которое может ухудшиться в результате воздействия изменения климата, и других серьезных катастрофических событий; потенциальное влияние экологических, социальных и управленческих вопросов; и неожиданная развязка правовых вопросов или влияния изменения законов или нормативных актов. Дополнительные факторы риска описаны в наших заявках в Комиссию по ценным бумагам и биржам. Мы не берем на себя обязательств обновлять наши прогнозные заявления, чтобы отразить будущие события.
Hexcel Corporation and Subsidiaries |
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Condensed Consolidated Statements of Operations |
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Unaudited |
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Quarters Ended |
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March 31, |
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(In millions, except per share data) |
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2022 |
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2021 |
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|||
Net sales |
|
$ |
390.6 |
|
|
$ |
310.3 |
|
Cost of sales |
|
|
303.9 |
|
|
|
257.2 |
|
Gross margin |
|
|
86.7 |
|
|
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53.1 |
|
% Gross Margin |
|
|
22.2 |
% |
|
|
17.1 |
% |
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Selling, general and administrative expenses |
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44.7 |
|
|
|
39.6 |
|
Research and technology expenses |
|
|
10.9 |
|
|
|
11.6 |
|
Other operating expense |
|
|
1.0 |
|
|
|
12.1 |
|
Operating income (loss) |
|
|
30.1 |
|
|
|
(10.2 |
) |
Interest expense, net |
|
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9.1 |
|
|
|
10.3 |
|
Income (loss) before income taxes, and equity in earnings of affiliated companies |
|
|
21.0 |
|
|
|
(20.5 |
) |
Income tax expense (benefit) |
|
|
4.7 |
|
|
|
(7.5 |
) |
Income (loss) before equity in earnings of affiliated companies |
|
|
16.3 |
|
|
|
(13.0 |
) |
Equity in earnings (losses) from affiliated companies |
|
|
1.5 |
|
|
|
(1.0 |
) |
Net income (loss) |
|
$ |
17.8 |
|
|
$ |
(14.0 |
) |
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Basic net income (loss) per common share: |
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$ |
0.21 |
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|
$ |
(0.17 |
) |
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Diluted net income (loss) per common share: |
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$ |
0.21 |
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|
$ |
(0.17 |
) |
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Weighted-average common shares: |
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Basic |
|
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84.3 |
|
|
|
84.0 |
|
Diluted |
|
|
84.9 |
|
|
|
84.0 |
|
Hexcel Corporation and Subsidiaries |
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Condensed Consolidated Balance Sheets |
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Unaudited |
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|||||
|
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March 31, |
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December 31, |
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(In millions) |
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2022 |
|
2021 |
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Assets |
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Cash and cash equivalents |
|
$ |
112.8 |
|
|
$ |
127.7 |
|
Accounts receivable, net |
|
|
212.1 |
|
|
|
160.3 |
|
Inventories, net |
|
|
265.9 |
|
|
|
245.7 |
|
Contract assets |
|
|
32.5 |
|
|
|
30.5 |
|
Prepaid expenses and other current assets |
|
|
47.9 |
|
|
|
39.5 |
|
Assets held for sale |
|
|
13.2 |
|
|
|
12.6 |
|
Total current assets |
|
|
684.4 |
|
|
|
616.3 |
|
|
|
|
|
|
|
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Property, plant and equipment |
|
|
3,088.7 |
|
|
|
3,110.0 |
|
Less accumulated depreciation |
|
|
(1,376.9 |
) |
|
|
(1,363.9 |
) |
Net property, plant and equipment |
|
|
1,711.8 |
|
|
|
1,746.1 |
|
|
|
|
|
|
|
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||
Goodwill and other intangible assets, net |
|
|
264.0 |
|
|
|
267.5 |
|
Investments in affiliated companies |
|
|
45.6 |
|
|
|
44.6 |
|
Other assets |
|
|
147.7 |
|
|
|
144.9 |
|
Total assets |
|
$ |
2,853.5 |
|
|
$ |
2,819.4 |
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|
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Liabilities and Stockholders' Equity |
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Liabilities: |
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|
|
|
||
Short-term borrowings |
|
$ |
0.7 |
|
|
$ |
0.9 |
|
Accounts payable |
|
|
112.5 |
|
|
|
113.2 |
|
Accrued compensation and benefits |
|
|
52.3 |
|
|
|
54.4 |
|
Accrued liabilities |
|
|
81.6 |
|
|
|
79.1 |
|
Total current liabilities |
|
|
247.1 |
|
|
|
247.6 |
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|
|
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Long-term debt |
|
|
857.5 |
|
|
|
822.4 |
|
Retirement obligations |
|
|
52.4 |
|
|
|
52.6 |
|
Other non-current liabilities |
|
|
209.4 |
|
|
|
211.3 |
|
Total liabilities |
|
$ |
1,366.4 |
|
|
$ |
1,333.9 |
|
|
|
|
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|
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Stockholders' equity: |
|
|
|
|
|
|
||
Common stock, $0.01 par value, 200.0 shares authorized,
|
|
$ |
1.1 |
|
|
$ |
1.1 |
|
Additional paid-in capital |
|
|
889.9 |
|
|
|
878.6 |
|
Retained earnings |
|
|
2,021.8 |
|
|
|
2,012.5 |
|
Accumulated other comprehensive loss |
|
|
(144.1 |
) |
|
|
(126.5 |
) |
|
|
|
2,768.7 |
|
|
|
2,765.7 |
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Less – Treasury stock, at cost, 26.2 shares at March 31, 2022 and 26.1 shares at December 31, 2021 |
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|
(1,281.6 |
) |
|
|
(1,280.2 |
) |
Total stockholders' equity |
|
|
1,487.1 |
|
|
|
1,485.5 |
|
Total liabilities and stockholders' equity |
|
$ |
2,853.5 |
|
|
$ |
2,819.4 |
|
Hexcel Corporation and Subsidiaries |
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Condensed Consolidated Statements of Cash Flows |
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Unaudited |
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Quarters Ended |
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|||||
|
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March 31, |
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(In millions) |
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2022 |
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2021 |
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Cash flows from operating activities |
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Net income (loss) |
|
$ |
17.8 |
|
|
$ |
(14.0 |
) |
Reconciliation to net cash used for operating activities: |
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||
Depreciation and amortization |
|
|
32.2 |
|
|
|
34.5 |
|
Amortization related to financing |
|
|
0.3 |
|
|
|
1.5 |
|
Deferred income taxes |
|
|
(1.8 |
) |
|
|
(8.8 |
) |
Equity in earnings from affiliated companies |
|
|
(1.5 |
) |
|
|
1.1 |
|
Stock-based compensation |
|
|
10.4 |
|
|
|
9.0 |
|
Merger and restructuring expenses, net of payments |
|
|
(5.0 |
) |
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1.5 |
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Changes in assets and liabilities: |
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Increase in accounts receivable |
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(54.7 |
) |
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(42.0 |
) |
Increase in inventories |
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(24.4 |
) |
|
|
(7.6 |
) |
Increase in prepaid expenses and other current assets |
|
|
(8.6 |
) |
|
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(6.8 |
) |
Increase in accounts payable/accrued liabilities |
|
|
13.4 |
|
|
|
30.2 |
|
Other - net |
|
|
2.9 |
|
|
|
0.2 |
|
Net cash used for operating activities (a) |
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(19.0 |
) |
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(1.2 |
) |
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Cash flows from investing activities |
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Capital expenditures (b) |
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(20.9 |
) |
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(4.9 |
) |
Net cash used for investing activities |
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(20.9 |
) |
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(4.9 |
) |
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Cash flows from financing activities |
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Borrowings from senior unsecured credit facilities |
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35.0 |
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- |
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Net repayments from senior unsecured credit facilities |
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- |
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|
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(14.0 |
) |
Repayment of finance lease obligation and other debt, net |
|
|
(0.3 |
) |
|
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(0.3 |
) |
Dividends paid |
|
|
(8.5 |
) |
|
|
- |
|
Activity under stock plans |
|
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(0.3 |
) |
|
|
0.8 |
|
Net cash provided by (used for) financing activities |
|
|
25.9 |
|
|
|
(13.5 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(0.9 |
) |
|
|
(1.7 |
) |
Net decrease in cash and cash equivalents |
|
|
(14.9 |
) |
|
|
(21.3 |
) |
Cash and cash equivalents at beginning of period |
|
|
127.7 |
|
|
|
103.3 |
|
Cash and cash equivalents at end of period |
|
$ |
112.8 |
|
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$ |
82.0 |
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Supplemental data: |
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Free Cash Flow (a)+(b) |
|
$ |
(39.9 |
) |
|
$ |
(6.1 |
) |
Accrual basis additions to property, plant and equipment |
|
$ |
11.1 |
|
|
$ |
4.0 |
|
Hexcel Corporation and Subsidiaries |
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Net Sales to Third-Party Customers by Market |
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Quarters Ended March 31, 2022 and 2021 |
Unaudited |
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Table A |
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(In millions) |
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As Reported |
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Constant Currency (a) |
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B/(W) |
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FX |
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B/(W) |
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Market |
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2022 |
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2021 |
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% |
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Effect (b) |
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2021 |
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% |
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Commercial Aerospace |
|
$ |
218.9 |
|
|
$ |
147.6 |
|
|
|
48.3 |
|
|
$ |
(0.5 |
) |
|
$ |
147.1 |
|
|
|
48.8 |
|
Space & Defense |
|
|
118.2 |
|
|
|
111.7 |
|
|
|
5.8 |
|
|
|
(1.2 |
) |
|
|
110.5 |
|
|
|
7.0 |
|
Industrial |
|
|
53.5 |
|
|
|
51.0 |
|
|
|
4.9 |
|
|
|
(2.1 |
) |
|
|
48.9 |
|
|
|
9.4 |
|
Consolidated Total |
|
$ |
390.6 |
|
|
$ |
310.3 |
|
|
|
25.9 |
|
|
$ |
(3.8 |
) |
|
$ |
306.5 |
|
|
|
27.4 |
|
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Consolidated % of Net Sales |
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% |
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% |
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% |
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Commercial Aerospace |
|
|
56.0 |
|
|
|
47.6 |
|
|
|
|
|
|
|
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|
48.0 |
|
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Space & Defense |
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|
30.3 |
|
|
|
36.0 |
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|
|
|
|
|
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|
36.1 |
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Industrial |
|
|
13.7 |
|
|
|
16.4 |
|
|
|
|
|
|
|
|
|
15.9 |
|
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Consolidated Total |
|
|
100.0 |
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
100.0 |
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| (a) | To assist in the analysis of the Company’s net sales trend, total net sales and sales by market for the quarter ended March 31, 2021 have been estimated using the same U.S. dollar, British pound and Euro exchange rates as applied for the respective period in 2022 and are referred to as “constant currency” sales. |
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| (b) | FX effect is the estimated impact on “as reported” net sales due to changes in foreign currency exchange rates. |
Hexcel Corporation and Subsidiaries |
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Segment Information |
|
Unaudited |
|
|
Table B |
|
||||||||||
(In millions) |
|
Composite
|
|
|
Engineered
|
|
|
Corporate
|
|
|
Total |
|
||||
First Quarter 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
313.8 |
|
|
$ |
76.8 |
|
|
$ |
- |
|
|
$ |
390.6 |
|
Intersegment sales |
|
|
16.5 |
|
|
|
0.3 |
|
|
|
(16.8 |
) |
|
|
- |
|
Total sales |
|
|
330.3 |
|
|
|
77.1 |
|
|
|
(16.8 |
) |
|
|
390.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
0.9 |
|
|
|
0.1 |
|
|
|
- |
|
|
|
1.0 |
|
Operating income (loss) |
|
|
42.6 |
|
|
|
10.6 |
|
|
|
(23.1 |
) |
|
|
30.1 |
|
% Operating margin |
|
|
12.9 |
% |
|
|
13.7 |
% |
|
|
|
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
28.6 |
|
|
|
3.6 |
|
|
|
- |
|
|
|
32.2 |
|
Stock-based compensation expense |
|
|
2.6 |
|
|
|
0.7 |
|
|
|
7.1 |
|
|
|
10.4 |
|
Accrual based additions to capital expenditures |
|
|
10.1 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
11.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
First Quarter 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales to external customers |
|
$ |
237.2 |
|
|
$ |
73.1 |
|
|
$ |
- |
|
|
$ |
310.3 |
|
Intersegment sales |
|
|
13.2 |
|
|
|
0.6 |
|
|
|
(13.8 |
) |
|
|
- |
|
Total sales |
|
|
250.4 |
|
|
|
73.7 |
|
|
|
(13.8 |
) |
|
|
310.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expense |
|
|
12.7 |
|
|
|
(0.7 |
) |
|
|
0.1 |
|
|
|
12.1 |
|
Operating income (loss) |
|
|
7.4 |
|
|
|
4.7 |
|
|
|
(22.3 |
) |
|
|
(10.2 |
) |
% Operating margin |
|
|
3.0 |
% |
|
|
6.4 |
% |
|
|
|
|
|
(3.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
30.8 |
|
|
|
3.7 |
|
|
|
- |
|
|
|
34.5 |
|
Stock-based compensation expense |
|
|
0.6 |
|
|
|
0.2 |
|
|
|
8.2 |
|
|
|
9.0 |
|
Accrual based additions to capital expenditures |
|
|
3.6 |
|
|
|
0.4 |
|
|
|
- |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(a) Hexcel does not allocate corporate expenses to the operating segments. |
||||||||||||||||
Hexcel Corporation and Subsidiaries |
|
|
|||||||
Reconciliation of GAAP to Non-GAAP Operating Income (Loss), Net Income (Loss), EPS and Operating Cash Flow to Free Cash Flow |
|
Table C |
|||||||
|
|
Unaudited |
|||||||
|
|
Quarters Ended |
|
|
|||||
|
|
March 31, |
|
|
|||||
(In millions) |
|
2022 |
|
|
2021 |
|
|
||
GAAP operating income (loss) |
|
$ |
30.1 |
|
|
$ |
(10.2 |
) |
|
Other operating expense (a) |
|
|
1.0 |
|
|
|
12.1 |
|
|
Non-GAAP operating income |
|
$ |
31.1 |
|
|
$ |
1.9 |
|
|
|
|
Unaudited |
|
|||||||||||||
|
|
Quarters Ended March 31, |
|
|||||||||||||
|
|
2022 |
|
|
2021 |
|
||||||||||
(In millions, except per diluted share data) |
|
Net Income |
|
|
EPS |
|
|
Net Loss |
|
|
EPS |
|
||||
GAAP |
|
$ |
17.8 |
|
|
$ |
0.21 |
|
|
$ |
(14.0 |
) |
|
$ |
(0.17 |
) |
Other operating expense, net of tax (a) |
|
|
0.8 |
|
|
|
0.01 |
|
|
|
8.8 |
|
|
|
0.11 |
|
Tax benefit (b) |
|
|
- |
|
|
|
- |
|
|
|
(3.2 |
) |
|
|
(0.04 |
) |
Non-GAAP |
|
$ |
18.6 |
|
|
$ |
0.22 |
|
|
$ |
(8.4 |
) |
|
$ |
(0.10 |
) |
|
|
Unaudited |
|
|||||
|
|
Quarters Ended March 31, |
|
|||||
(In millions) |
|
2022 |
|
|
2021 |
|
||
Net cash used for operating activities |
|
$ |
(19.0 |
) |
|
$ |
(1.2 |
) |
Less: Capital expenditures |
|
|
(20.9 |
) |
|
|
(4.9 |
) |
Free cash flow (non-GAAP) |
|
$ |
(39.9 |
) |
|
$ |
(6.1 |
) |
(a) |
The quarters ended March 31, 2022 and 2021 included restructuring costs. |
|
(b) |
The quarter ended March 31, 2021 included a discrete tax benefit from the revaluation of deferred tax liabilities related to a favorable U.S. tax law change. |
ПРИМЕЧАНИЕ: Руководство считает, что скорректированный операционный доход (убыток), скорректированный чистый доход (убыток), скорректированный разводненный чистый доход (убыток) на акцию, скорректированная налоговая ставка и свободный денежный поток, которые не являются показателями GAAP, имеют значение для инвесторов, поскольку они дают представление о Hexcel в отношении основные операционные результаты, за исключением специальных статей. Специальные статьи представляют собой значительные расходы или кредиты, которые важны для понимания общих операционных результатов Hexcel за представленные периоды. Показатели, не относящиеся к GAAP, не признаются в соответствии с общепринятыми принципами бухгалтерского учета и не должны рассматриваться в качестве альтернативы показателям эффективности по GAAP.
Hexcel Corporation and Subsidiaries |
|
|||||||||||
Schedule of Total Debt, Net of Cash |
Table D |
|
||||||||||
|
|
Unaudited |
|
|||||||||
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|||
(In millions) |
|
2022 |
|
|
2021 |
|
|
2021 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Current portion finance lease |
|
$ |
0.7 |
|
|
$ |
0.9 |
|
|
$ |
0.3 |
|
Total current debt |
|
|
0.7 |
|
|
|
0.9 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|||
Senior unsecured credit facility |
|
|
160.0 |
|
|
|
125.0 |
|
|
|
214.0 |
|
4.7% senior notes due 2025 |
|
|
300.0 |
|
|
|
300.0 |
|
|
|
300.0 |
|
3.95% senior notes due 2027 |
|
|
400.0 |
|
|
|
400.0 |
|
|
|
400.0 |
|
Senior notes original issue discounts |
|
|
(1.1 |
) |
|
|
(1.2 |
) |
|
|
(1.4 |
) |
Senior notes deferred financing costs |
|
|
(2.7 |
) |
|
|
(2.9 |
) |
|
|
(3.4 |
) |
Other debt |
|
|
1.3 |
|
|
|
1.5 |
|
|
|
2.8 |
|
Total long-term debt |
|
|
857.5 |
|
|
|
822.4 |
|
|
|
912.0 |
|
Total Debt |
|
|
858.2 |
|
|
|
823.3 |
|
|
|
912.3 |
|
Less: Cash and cash equivalents |
|
|
(112.8 |
) |
|
|
(127.7 |
) |
|
|
(82.0 |
) |
Total debt, net of cash |
|
$ |
745.4 |
|
|
$ |
695.6 |
|
|
$ |
830.3 |
|
