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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Hexcel Corp | TG:HXL | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -0.74% | 67.50 | 67.00 | 67.50 | 67.50 | 67.00 | 67.00 | 191 | 13:29:51 |
From Jan 2020 to Jan 2025
Regulatory News:
Hexcel Corporation (NYSE:HXL)(Paris:HXL):
Quarter EndedJune 30,
Six Months EndedJune 30,
(In millions, except per share data) 2012 2011 % Change 2012 2011 % Change Net Sales $ 399.2 $ 353.7 12.9% $ 799.3 $ 685.3 16.6% Net sales change in constant currency 15.7% 18.8% Operating Income 73.9 49.4 50% 134.5 96.6 39% Net Income 48.0 37.4 28% 87.6 63.8 37% Diluted net income per common share $ 0.47 $ 0.37 27% $ 0.86 $ 0.63 37% Non-GAAP Measures for y-o-y comparisons: Adjusted Operating Income (table C) $ 64.4 $ 49.4 30% $ 125.0 $ 90.9 38% As a % of sales 16.1% 14.0% 15.6% 13.3% Adjusted Net Income (table C) 42.7 31.9 34% 82.3 57.2 44% Adjusted diluted net income per share $ 0.42 $ 0.32 31% $ 0.81 $ 0.57 42%Hexcel Corporation (NYSE: HXL), today reported results for the second quarter of 2012. Net sales during the quarter were $399.2 million, 12.9% higher than the $353.7 million reported for the second quarter of 2011. Operating income for the period was $73.9 million, compared to $49.4 million last year. Net income for the second quarter of 2012 was $48.0 million, or $0.47 per diluted share, compared to $37.4 million or $0.37 per diluted share in 2011. Excluding the impact of items in Table C, adjusted diluted net income for the second quarter of 2012 was $0.42 per share compared to $0.32 per share in 2011.
Chief Executive Officer Comments
Mr. Berges commented, “This was another strong quarter for Hexcel, as solid execution combined with increased sales to yield excellent results. For the quarter, our adjusted diluted EPS of $0.42 was 31% higher than last year, on a 16% increase in constant currency sales. We are also particularly pleased that our adjusted operating income was 16.1% of net sales for the quarter, over 200 basis points better than last year.”
Looking ahead, Mr. Berges said, “Historically, seasonal effects result in slightly lower second half margins, but this strong first half of the year gives us confidence to reaffirm our 2012 guidance despite global economic concerns. While we were certainly helped by the revenue growth, our operational execution truly stands out in our first half as we delivered over 26% incremental operating income on the growth after excluding the benefits of the strong dollar.”
Markets
Commercial Aerospace
Space & Defense
Industrial
Tax
Cash and other
2012 Outlook
We reaffirm our 2012 outlook:
*****
Hexcel will host a conference call at 10:00 A.M. ET, tomorrow, July 24, 2012 to discuss the second quarter results and respond to analyst questions. The telephone number for the conference call is (719) 325-2115 and the confirmation code is 6084663. The call will be simultaneously hosted on Hexcel’s web site at www.hexcel.com/investors/index.html. Replays of the call will be available on the web site for approximately three days.
*****
Hexcel Corporation is a leading advanced composites company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications such as wind turbine blades.
*****
Disclaimer on Forward Looking Statements
This press release contains statements that are forward looking, including statements relating to anticipated trends in constant currency for the market segments we serve (including changes in commercial aerospace revenues, the estimates and expectations based on aircraft production rates made publicly available by Airbus and Boeing, the revenues we may generate from an aircraft model or program, the impact of delays in new aircraft programs, the outlook for space & defense revenues and the trend in wind energy, recreation and other industrial applications); our ability to maintain and improve margins in light of the changes in product mix, efficiency improvements, continued cost reduction efforts and the current economic environment; outcome of legal matters; the magnitude and timing of capital expenditures in relation to market demand; and the impact of the above factors on our expectations of 2012 financial results. 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 changing market conditions, increased raw material costs, competition, product mix, inability to achieve planned manufacturing improvements and cost reductions, supply chain disruptions, conditions in the financial markets and changes in currency exchange rates, interest rates, governmental and environmental regulations and tax codes. Additional risk factors are described in our filings with the SEC. We do not undertake an obligation to update our forward-looking statements to reflect future events.
Hexcel Corporation and Subsidiaries Condensed Consolidated Statements of Operations Unaudited Quarter EndedJune 30,
Six Months EndedJune 30,
(In millions, except per share data) 2012 2011 2012 2011 Net sales $ 399.2 $ 353.7 $ 799.3 $ 685.3 Cost of sales 293.7 266.7 587.4 515.3 Gross margin 105.5 87.0 211.9 170.0 % Gross margin 26.4% 24.6% 26.5% 24.8% Selling, general and administrative expenses 32.5 29.7 69.1 62.6 Research and technology expenses 8.6 7.9 17.8 16.5 Other operating (income) expense (a) (9.5) — (9.5) (5.7) Operating income 73.9 49.4 134.5 96.6 Interest expense, net 3.0 2.9 6.0 7.1 Non-operating expense (b) 1.1 — 1.1 4.9 Income before income taxes and equity in earnings from affiliated companies 69.8 46.5 127.4 84.6 Provision for income taxes (c) 22.1 9.3 40.5 21.5 Income before equity in earnings from affiliated companies 47.7 37.2 86.9 63.1 Equity in earnings from affiliated companies 0.3 0.2 0.7 0.7 Net income $ 48.0 $ 37.4 $ 87.6 $ 63.8 Basic net income per common share: $ 0.48 $ 0.38 $ 0.88 $ 0.65 Diluted net income per common share: $ 0.47 $ 0.37 $ 0.86 $ 0.63 Weighted-average common shares: Basic 100.2 98.6 100.0 98.4 Diluted 102.0 100.7 101.9 100.5(a) Other operating income for the three and six months ended June 30, 2012 includes income from a $9.6 million business interruption insurance settlement related to a prior year claim, a $4.9 million gain on the sale of land and a $5.0 million charge for additional environmental reserves primarily for remediation of a manufacturing facility sold in 1986. For the six months ended June 30, 2011 other operating income is a $5.7 million benefit from the curtailment of a pension plan.
(b) Non-operating expense is the accelerated amortization of deferred financing costs and expensing of the call premium from redeeming $73.5 million in June 2012 and $150 million in February 2011 of the Company’s 6.75% senior subordinated notes.
(c) Provision for income taxes for the quarter ended June 30, 2011 includes a release of $5.5 million of reserves primarily for uncertain tax positions as a result of an audit settlement.
Hexcel Corporation and SubsidiariesCondensed Consolidated Balance Sheets
Unaudited
(In millions)
June 30, 2012 December 31, 2011 Assets Current assets: Cash and cash equivalents $ 32.6 $ 49.5 Accounts receivable, net 250.4 199.3 Inventories, net 242.2 215.7 Current deferred tax assets and other current assets 66.4 59.8 Total current assets 591.6 524.3 Property, plant and equipment 1,324.7 1,223.5 Less accumulated depreciation (516.2 ) (501.4 ) Property, plant and equipment, net 808.5 722.1 Goodwill and other intangible assets, net 57.4 57.4 Investments in affiliated companies 22.8 21.7 Deferred tax assets 22.1 33.0 Other assets 14.9 17.6 Total assets $ 1,517.3 $ 1,376.1 Liabilities and Stockholders' Equity Current liabilities: Notes payable and current maturities of capital lease obligations $ 19.2 $ 12.6 Accounts payable 121.3 141.7 Accrued liabilities 100.9 93.2 Total current liabilities 241.4 247.5 Long-term notes payable and capital lease obligations 280.7 238.3 Other non-current liabilities 100.7 88.1 Total liabilities 622.8 573.9 Stockholders' equity: Common stock, $0.01 par value, 200.0 shares authorized, 102.2 shares issued at June 30, 2012 and 101.0 shares issued at December 31, 2011 1.0 1.0 Additional paid-in capital 609.2 589.2 Retained earnings 371.5 283.9 Accumulated other comprehensive loss (48.1 ) (39.8 ) 933.6 834.3 Less – Treasury stock, at cost, 2.5 shares and 2.2 shares at June 30, 2012 and December 31, 2011, respectively (39.1 ) (32.1 ) Total stockholders' equity 894.5 802.2 Total liabilities and stockholders' equity $ 1,517.3 $ 1,376.1 Hexcel Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows Unaudited Year to Date EndedJune 30,
(In millions) 2012 2011 Cash flows from operating activities Net income $ 87.6 $ 63.8 Reconciliation to net cash provided by operating activities: Depreciation and amortization 28.3 27.9 Amortization of deferred financing costs and call premium expense 2.1 5.9 Deferred income taxes 15.3 6.7 Equity in earnings from affiliated companies (0.7 ) (0.7 ) Share-based compensation 10.5 8.8 Gain on sale of land (4.9 ) Pension curtailment gain — (5.7 ) Excess tax benefits on share-based compensation (5.4 ) (3.6 ) Changes in assets and liabilities: Increase in accounts receivable (54.4 ) (25.4 ) Increase in inventories (28.7 ) (31.5 ) (Increase) decrease in other current assets 1.5 (3.1 ) Increase in accounts payable and accrued liabilities 28.0 36.0 Other – net (5.4 ) (1.8 ) Net cash provided by operating activities (a) 73.8 77.3 Cash flows from investing activities Proceeds from sale of land 5.3 — Capital expenditures (b) (144.4 ) (67.8 ) Net cash used for investing activities (139.1 ) (67.8 ) Cash flows from financing activities Borrowings from senior secured credit facility 121.0 135.0 Repayments of capital lease obligations and other debt, net 4.1 (3.5 ) Issuance costs related to senior secured credit facility (0.6 ) — Call premium payment for 6.75% senior subordinated notes (0.8 ) (3.4 ) Repayment of senior secured credit facility – term loan (2.5 ) (2.5 ) Repayment of 6.75% senior subordinated notes (73.5 ) (150.0 ) Repayment of senior secured credit facility — (60.0 ) Activity under stock plans 2.5 7.4 Net cash provided by (used in) financing activities 50.2 (77.0 ) Effect of exchange rate changes on cash and cash equivalents (1.8 ) 6.2 Net decrease in cash and cash equivalents (16.9 ) (61.3 ) Cash and cash equivalents at beginning of period 49.5 117.2 Cash and cash equivalents at end of period $ 32.6 $ 55.9 Supplemental Data: Free cash flow (a)+(b) $ (70.6 ) $ 9.5 Accrual basis additions to property, plant and equipment $ 114.5 $ 55.1 Hexcel Corporation and Subsidiaries Net Sales to Third-Party Customers by Market Segment Quarters Ended June 30, 2012 and 2011 (Unaudited) Table A (In millions) As Reported Constant Currency (a) Market Segment 2012 2011 B/(W) % FXEffect (b)
2011 B/(W)%
Commercial Aerospace $ 233.5 $ 207.8 12.4 $ (3.3) $ 204.5 14.2 Space & Defense 88.1 81.7 7.8 (1.8) 79.9 10.3 Industrial 77.6 64.2 20.9 (3.7) 60.5 28.3 Consolidated Total $ 399.2 $ 353.7 12.9 $ (8.8) $ 344.9 15.7 Consolidated % of Net Sales % % % Commercial Aerospace 58.5 58.7 59.3 Space & Defense 22.1 23.1 23.2 Industrial 19.4 18.2 17.5 Consolidated Total 100.0 100.0 100.0 Six Months Ended June 30, 2012 and 2011 (Unaudited) (In millions) As Reported Constant Currency (a) Market Segment 2012 2011 B/(W) % FXEffect (b)
2011 B/(W)%
Commercial Aerospace $ 475.8 $ 405.4 17.4 $ (5.1) $ 400.3 18.9 Space & Defense 173.0 161.4 7.2 (2.5) 158.9 8.9 Industrial 150.5 118.5 27.0 (4.9) 113.6 32.5 Consolidated Total $ 799.3 $ 685.3 16.6 $ (12.5) $ 672.8 18.8 Consolidated % of Net Sales % % % Commercial Aerospace 59.5 59.1 59.5 Space & Defense 21.7 23.6 23.6 Industrial 18.8 17.3 16.9 Consolidated Total 100.0 100.0 100.0(a) To assist in the analysis of our net sales trend, total net sales and sales by market for the quarter and six months ended June 30, 2011 have been estimated using the same U.S. dollar, British pound and Euro exchange rates as applied for the respective period in 2012 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 Materials (b) Engineered Products Corporate & Other (a)(b) Total Second Quarter 2012 Net sales to external customers $ 316.7 $ 82.5 $ — $ 399.2 Intersegment sales 14.9 0.2 (15.1 ) — Total sales 331.6 82.7 (15.1 ) 399.2 Operating income (loss) 80.9 11.7 (18.7 ) 73.9 % Operating margin 24.4 % 14.1 % 18.5 % Other operating (income) expense (b) (14.5 ) — 5.0 (9.5 ) Depreciation and amortization 13.3 1.0 — 14.3 Stock-based compensation expense 0.9 0.1 2.0 3.0 Accrual based additions to capital expenditures 67.0 2.6 0.2 69.8 Second Quarter 2011 Net sales to external customers $ 276.8 $ 76.9 $ — $ 353.7 Intersegment sales 13.9 0.2 (14.1 ) — Total sales 290.7 77.1 (14.1 ) 353.7 Operating income (loss) (b) 48.5 11.9 (11.0 ) 49.4 % Operating margin 16.7 % 15.4 % 14.0 % Depreciation and amortization 12.8 1.0 — 13.8 Stock-based compensation expense 0.9 0.1 1.4 2.4 Accrual based additions to capital expenditures 28.4 1.5 — 29.9First Six Months 2012
Net sales to external customers $ 632.9 $ 166.4 $ — $ 799.3 Intersegment sales 30.8 0.3 (31.1 ) — Total sales 663.7 166.7 (31.1 ) 799.3 Operating income (loss) 146.7 23.5 (35.7 ) 134.5 % Operating margin 22.1 % 14.1 % 16.8 % Other operating (income) expense (b) (14.5 ) — 5.0 (9.5 ) Depreciation and amortization 26.2 2.1 — 28.3 Stock-based compensation expense 3.0 0.5 7.0 10.5 Accrual based additions to capital expenditures 110.6 3.7 0.2 114.5 First Six Months 2011 Net sales to external customers $ 533.1 $ 152.2 $ — $ 685.3 Intersegment sales 27.8 0.5 (28.3 ) — Total sales 560.9 152.7 (28.3 ) 685.3 Operating income (loss) 98.3 24.4 (26.1 ) 96.6 % Operating margin 17.5 % 16.0 % 14.1 % Other operating (income) expense (b) (5.7 ) — — (5.7 ) Depreciation and amortization 25.7 2.1 0.1 27.9 Stock-based compensation expense 2.5 0.4 5.9 8.8 Accrual based additions to capital expenditures 52.7 2.4 — 55.1(a) We do not allocate corporate expenses to the operating segments.
(b) Other operating income for the three and six months ended June 30, 2012 includes income from a $9.6 million business interruption insurance settlement related to a prior year claim, a $4.9 million gain on the sale of land and a $5.0 million charge for additional environmental reserves primarily for remediation of a manufacturing facility sold in 1986. For the six months ended June 30, 2011 other operating income is a $5.7 million benefit from the curtailment of a pension plan.
Hexcel Corporation and Subsidiaries Reconciliation of GAAP and Non-GAAP Operating Income and Net Income Table C Unaudited Quarter EndedJune 30,
Six Months EndedJune 30,
(In millions) 2012 2011 2012 2011 GAAP operating income $ 73.9 49.4 $ 134.5 $ 96.6 - Other operating (income) expense (a) (9.5 ) — (9.5 ) (5.7 ) Adjusted Operating Income $ 64.4 49.4 $ 125.0 $ 90.9 % of Net Sales 16.1 % 14.0 % 15.6 % 13.3 % - Stock Compensation Expense $ 3.0 2.4 $ 10.5 $ 8.8 - Depreciation and Amortization 14.3 13.8 28.3 27.9 Adjusted EBITDA $ 81.7 65.6 $ 163.8 $ 127.6 Unaudited Quarter Ended June 30, 2012 2011 (In millions, except per diluted share data) As Reported EPS As Reported EPS GAAP net income $ 48.0 $ 0.47 $ 37.4 $ 0.37 - Other operating (income) expense (net of tax) (a) (6.0 ) (0.06 ) — — - Non-operating expense (net of tax) (b) 0.7 0.01 — — - Benefit from tax audit settlement (c) — — (5.5 ) (0.05 ) Adjusted net income $ 42.7 $ 0.42 $ 31.9 $ 0.32 Unaudited Six Months Ended June 30, 2012 2011 (In millions, except per diluted share data) As Reported EPS As Reported EPS GAAP net income $ 87.6 $ 0.86 $ 63.8 $ 0.63 - Other operating (income) expense (net of tax) (a) (6.0 ) (0.06 ) (4.1 ) (0.04 ) - Non-operating expense (net of tax) (b) 0.7 0.01 3.0 0.03 - Benefit from tax audit settlement (c) — — (5.5 ) (0.05 ) Adjusted net income $ 82.3 $ 0.81 $ 57.2 $ 0.57(a) Other operating income for the three and six months ended June 30, 2012 includes income from a $9.6 million business interruption insurance settlement related to a prior year claim, a $4.9 million gain on the sale of land and a $5.0 million charge for additional environmental reserves primarily for remediation of a manufacturing facility sold in 1986. For the six months ended June 30, 2011 other operating income for the six months ended June 30, 2011 is a $5.7 million benefit from the curtailment of a pension plan.
(b) Non-operating expense is the accelerated amortization of deferred financing costs and expensing of the call premium from redeeming $73.5 million in June 2012 and $150 million in February 2011 of the Company’s 6.75% senior subordinated notes.
(c) Tax benefit from the release of $5.5 million of reserves primarily for uncertain tax positions as a result of an audit settlement.
Management believes that adjusted operating income, adjusted EBITDA, adjusted net income and free cash flow (defined as cash provided by operating activities less cash payments for capital expenditures), which are non-GAAP measurements, 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. In addition, management believes that total debt, net of cash, which is also a non-GAAP measure, is an important measure of Hexcel’s liquidity. Such 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 June 30, March 31, December 31, (In millions) 2012 2012 2011 Notes payable and current maturities of capital lease obligations $ 19.2 $ 14.5 $ 12.6 Long-term notes payable and capital lease obligations 280.7 294.8 238.3 Total Debt 299.9 309.3 250.9 Less: Cash and cash equivalents (32.6 ) (48.7 ) (49.5 ) Total debt, net of cash $ 267.3 $ 260.6 $ 201.4
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