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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hexcel Corporation | NYSE:HXL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.10 | -0.14% | 72.67 | 73.235 | 72.415 | 72.98 | 438,688 | 00:28:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 20, 2024 (
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
|
(Address of principal executive offices, including zip code)
( |
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 7 - Regulation FD
Item 7.01 Regulation FD Disclosure.
On February 20, 2024, following a previously announced Investor Day conference in New York, New York, which was also webcast live (“Investor Day”), Hexcel Corporation (the “Company”) announced its financial outlook for the three-year period 2024 to 2026 and the authorization of an additional share repurchase program.
A copy of the press release dated February 20, 2024 is being furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference in its entirety. The Investor Day supporting slide deck and a replay of the webcast is available on the investor relations webpage of the Company’s website at www.Hexcel.com.
The information contained in this Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Section 8 – Other Events
Item 8.01 Other Events.
On February 19, 2024, the Board of Directors of the Company (the “Board”) approved an additional $300 million authorization to purchase shares of its common stock, $0.01 par value per share (the “Common Stock”), under a new share repurchase program (the “Share Repurchase Program”). This amount is in addition to the amount that currently remains available for repurchases under the prior share repurchase program approved by the Board in May 2018. The purchases of such shares under the Share Repurchase Program are anticipated to be made in open market transactions, block transactions, privately negotiated purchase transactions or other purchase techniques at the discretion of management based upon consideration of market, business, legal, accounting, and other factors. In addition, the Company may establish one or more trading plans pursuant to Rule 10b5-1 under the Exchange Act, or enter into arrangements with brokers or other third parties for accelerated purchases of Common Stock. There is no guarantee as to the exact number of shares of Common Stock that the Company may repurchase under the Share Purchase Program.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
Exhibit Description |
99.1 | Press Release, dated February 20, 2024. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HEXCEL CORPORATION | ||
Date: February 20, 2024 | By: | /s/ Gail E. Lehman |
Gail E. Lehman | ||
Executive Vice President, General Counsel & Secretary |
Exhibit 99.1
Hexcel Corporation www.hexcel.com |
NEWS RELEASE
Hexcel Provides Financial Outlook
STAMFORD, Conn., February 20, 2024 – Hexcel Corporation (NYSE: HXL), a global leader in advanced lightweight composites technology, announced today its longer-term financial outlook during the Company’s Investor Day held in New York City.
Chairman, CEO and President Nick Stanage said: “Hexcel is benefitting from both cyclical growth as aircraft production rates increase to support strong demand, and from secular growth reflecting our advanced composite technology value proposition as lightweighting supports fuel efficiency and emissions reduction. We are forecasting strong sales growth over the next three years, and we expect robust earnings expansion as we leverage our global manufacturing footprint. We are entering a period of strong cash generation, which will support continued investment in operational excellence and organic growth, the potential for strategic acquisitions, and returning cash to stockholders.”
Outlook
For the three-year period 2024 to 2026:
· | Total Sales to grow at a compounded annual growth rate (CAGR) of 10%-12% |
o | Commercial Aerospace | 12%-16% CAGR | ||
o | Space & Defense | 5%-10% CAGR | ||
o | Industrial | 3%-6% CAGR |
· | Adjusted Diluted Earnings Per Share* to grow at greater than a 25% CAGR |
· | Capital Expenditures of less than $100 million per year during this three-year period |
Cumulatively for the three-year period 2024 to 2026:
· | Adjusted EBITDA* greater than $1.5 billion |
· | Free Cash Flow* greater than $800 million |
Share repurchase update:
· | Approximately $65 million in Hexcel stock purchased year to date through Feb 16 |
· | Board of Directors approved an additional $300 million share repurchase program |
Mr. Stanage continued, “We have the right team in place, our innovation is a powerful competitive advantage, our long-term customer relationships are broad and deep, and our markets are growing - all of which support continued and compelling value creation for our stockholders.”
As previously disclosed, the management audio presentation was webcast live and a supporting slide deck is available on the investor relations webpage of the Hexcel website at www.Hexcel.com. A replay will be available on the investor relations webpage of the Hexcel website.
2 | HEXCEL CORPORATION
*Non-GAAP Measures
Adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation and amortization, and free cash flow (defined as cash provided by operating activities less cash payments for capital expenditures) are non-GAAP measures. Management believes that adjusted diluted earnings per share, EBITDA and free cash flow are meaningful to investors because they provide a view of Hexcel with respect to ongoing 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. The Company is not providing a quantitative reconciliation of our non-GAAP outlook or targets to the corresponding GAAP information because the GAAP measures that we exclude from our non-GAAP outlook and targets are difficult to predict and are primarily dependent on future uncertainties.
Disclaimer on Forward Looking Statements
This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Forward Looking Statements and Risk Factors sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.
*****
About Hexcel
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.
Contact
Kurt Goddard | Vice President Investor Relations | Kurt.Goddard@Hexcel.com | +1 (203) 352-6826
Document And Entity Information |
Feb. 19, 2024 |
---|---|
Document Information Line Items | |
Entity Registrant Name | HEXCEL CORPORATION |
Trading Symbol | HXL |
Document Type | 8-K |
Amendment Flag | false |
Entity Central Index Key | 0000717605 |
Document Period End Date | Feb. 19, 2024 |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-8472 |
Entity Tax Identification Number | 94-1109521 |
Entity Address, Address Line One | Two Stamford Plaza |
Entity Address, Address Line Two | 281 Tresser Boulevard |
Entity Address, City or Town | Stamford |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06901-3238 |
City Area Code | 203 |
Local Phone Number | 969-0666 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 |
Security Exchange Name | NYSE |
1 Year Hexcel Chart |
1 Month Hexcel Chart |
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