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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 61.00 | 60.50 | 61.00 | 61.00 | 61.00 | 61.00 | 94 | 14:49:08 |
From Dec 2019 to Dec 2024
Regulatory News:
Hexcel Corporation (NYSE:HXL)(Paris:HXL):
Quarter EndedMarch 31,
(In millions, except per share data) 2013 2012 % Change Net Sales $ 416.5 $ 400.1 4.1% Net sales change in constant currency 3.9% Operating Income 63.0 60.6 4.0% Net Income 43.6 39.6 10.1% Diluted net income per common share $ 0.43 $ 0.39 10.3%Hexcel Corporation (NYSE: HXL), today reported results for the first quarter of 2013. Net sales during the quarter were $416.5 million, 4.1% higher than the $400.1 million reported for the first quarter of 2012. Operating income for the period was $63.0 million, compared to $60.6 million last year. Net income for the first quarter of 2013 was $43.6 million, or $0.43 per diluted share, compared to $39.6 million or $0.39 per diluted share in 2012.
Chief Executive Officer Comments
Mr. Berges commented, “This was another good start to the year for Hexcel, as solid execution combined with continued strong aerospace sales delivered excellent results. For the quarter, our adjusted diluted EPS of $0.43 was 10.3% higher than last year, on a 3.9% increase in constant currency sales. Our commercial aerospace and space and defense sales were again up over 10%, and helped offset the nearly 30% decline in industrial sales.”
Looking ahead, Mr. Berges said, “While we expect continued weakness in industrial markets, our growth and operational performance in the rest of our business, combined with an improved tax outlook, give us the confidence to increase our 2013 adjusted diluted EPS guidance to $1.73 - $1.83 (from $1.66 - $1.78). Our sales outlook in total remains at $1,640 million to $1,740 million.”
Markets
Commercial Aerospace
Space & Defense
Industrial
Operations
Cash and other
2013 Outlook
Our 2013 outlook is:
*****
Hexcel will host a conference call at 10:00 A.M. ET, tomorrow, April 23, 2013 to discuss the first quarter results and respond to analyst questions. The telephone number for the conference call is (719) 325-2494 and the confirmation code is 1202908. 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 markets we serve (including changes in commercial aerospace revenues, the estimates and expectations based on aircraft production rates provided or publicly available by Airbus, Boeing and others, 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 current economic environment; the success of particular applications as well as the general overall economy; our ability to manage cash from operating activities and capital spending in relation to future sales levels such that the company funds its capital spending plans from cash flows from operating activities, but, if necessary, maintains adequate borrowings under its credit facilities to cover any shortfalls; and the impact of the above factors on our expectations of financial results for 2013 and beyond. The loss of, or significant reduction in purchases by, Boeing, EADS, Vestas, or any of our other significant customers could materially impair our business, operating results, prospects and financial condition. 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 changes in currency exchange rates, changing market conditions, increased competition, inability to install, staff and qualify necessary capacity or achievement of planned manufacturing improvements, conditions in the financial markets, product mix, achieving expected pricing and manufacturing costs, availability and cost of raw materials, supply chain disruptions, work stoppages or other labor disruptions and changes in or unexpected issues related to environmental regulations, legal matters, interest expense 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 EndedMarch 31,
(In millions, except per share data) 2013 2012 Net sales $ 416.5 $ 400.1 Cost of sales 304.5 293.7 Gross margin 112.0 106.4 % Gross margin 26.9% 26.6% Selling, general and administrative expenses 38.0 36.6 Research and technology expenses 11.0 9.2 Operating income 63.0 60.6 Interest expense, net 1.7 3.0 Income before income taxes and equity in earnings from affiliated companies 61.3 57.6 Provision for income taxes 17.9 18.4 Income before equity in earnings from affiliated companies 43.4 39.2 Equity in earnings from affiliated companies 0.2 0.4 Net income $ 43.6 $ 39.6 Basic net income per common share: $ 0.43 $ 0.40 Diluted net income per common share: $ 0.43 $ 0.39 Weighted-average common shares: Basic 100.4 99.8 Diluted 102.1 101.7 Hexcel Corporation and SubsidiariesCondensed Consolidated Balance Sheets
Unaudited(In millions)
March 31, 2013 December 31, 2012 Assets Current assets: Cash and cash equivalents $ 18.3 $ 32.6 Accounts receivable, net 269.1 229.0 Inventories, net 245.9 232.8 Prepaid expenses and other current assets 65.8 81.3 Total current assets 599.1 575.7 Property, plant and equipment 1,480.0 1,459.2 Less accumulated depreciation (549.1 ) (544.8 ) Property, plant and equipment, net 930.9 914.4 Goodwill and other intangible assets, net 57.2 57.8 Investments in affiliated companies 22.6 22.6 Deferred tax assets 14.4 15.4 Other assets 13.8 17.2 Total assets $ 1,638.0 $ 1,603.1 Liabilities and Stockholders' Equity Current liabilities: Notes payable and current maturities of capital lease obligations $ 15.4 $ 16.6 Accounts payable 125.2 115.7 Accrued liabilities 106.7 103.0 Total current liabilities 247.3 235.3 Long-term notes payable and capital lease obligations 258.5 240.0 Other non-current liabilities 121.8 133.7 Total liabilities 627.6 609.0 Stockholders' equity: Common stock, $0.01 par value, 200.0 shares authorized, 103.5 shares issued at March 31, 2013 and 102.4 shares issued at December 31, 2012 1.0 1.0 Additional paid-in capital 632.5 617.0 Retained earnings 491.8 448.2 Accumulated other comprehensive loss (52.5 ) (31.9 ) 1,072.8 1,034.3 Less – Treasury stock, at cost, 3.3 shares at March 31, 2013 and 2.5 shares at December 31, 2012. (62.4 ) (40.2 ) Total stockholders' equity 1,010.4 994.1 Total liabilities and stockholders' equity $ 1,638.0 $ 1,603.1 Hexcel Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows Unaudited Year to Date EndedMarch 31,
(In millions) 2013 2012 Cash flows from operating activities Net income $ 43.6 $ 39.6 Reconciliation to net cash provided by operating activities: Depreciation and amortization 14.3 14.0 Amortization of debt discount and deferred financing costs and call premium expense 0.5 0.5 Deferred income taxes 1.2 12.0 Equity in earnings from affiliated companies (0.2 ) (0.4 ) Stock-based compensation expense 8.7 7.5 Excess tax benefits on stock-based compensation (3.7 ) (4.7 ) Changes in assets and liabilities: (Increase) in accounts receivable (40.2 ) (48.3 ) (Increase) in inventories (16.2 ) (13.5 ) Decrease in prepaid expenses and other current assets 2.7 2.6 Increase in accounts payable/accrued liabilities 20.8 17.7 Other – net 1.7 (4.8 ) Net cash provided by operating activities (a) 33.2 22.2 Cash flows from investing activities Capital expenditures and deposits for capital purchases (b) (48.1 ) (82.9 ) Net cash used in investing activities (48.1 ) (82.9 ) Cash flows from financing activities Borrowings from senior secured credit facility 21.0 59.0 Repayments (borrowings) of capital lease obligations and other debt, net (1.3 ) 0.5 Repayment of senior secured credit facility – term loan (2.5 ) (1.2 ) Stock repurchases (15.0 ) — Activity under stock plans (0.3 ) 0.8 Net cash used in financing activities 1.9 59.1 Effect of exchange rate changes on cash and cash equivalents (1.3 ) 0.8 Net (decrease) in cash and cash equivalents (14.3 ) (0.8 ) Cash and cash equivalents at beginning of period 32.6 49.5 Cash and cash equivalents at end of period $ 18.3 $ 48.7 Supplemental Data: Free cash flow (a)+(b) $ (14.9 ) $ (60.7 ) Accrual basis additions to property, plant and equipment $ 41.4 $ 44.7 Hexcel Corporation and Subsidiaries Net Sales to Third-Party Customers by Market Segment Quarters Ended March 31, 2013 and 2012 (Unaudited) Table A (In millions) As Reported Constant Currency (a) Market Segment 2013 2012 B/(W) % FXEffect (b)
2012 B/(W)%
Commercial Aerospace $ 268.9 $ 242.3 11.0 $ 0.4 $ 242.7 10.8 Space & Defense 96.0 84.9 13.1 0.1 85.0 12.9 Industrial 51.6 72.9 (29.2 ) 0.3 73.2 (29.5 ) Consolidated Total $ 416.5 $ 400.1 4.1 $ 0.8 $ 400.9 3.9 Consolidated % of Net Sales % % % Commercial Aerospace 64.6 60.6 60.5 Space & Defense 23.0 21.2 21.2 Industrial 12.4 18.2 18.3 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 year ended December 31, 2012 have been estimated using the same U.S. dollar, British pound and Euro exchange rates as applied for the respective period in 2013 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 Engineered Products Corporate & Other (a) Total First Quarter 2013 Net sales to external customers $ 324.8 $ 91.7 $ — $ 416.5 Intersegment sales 16.7 0.6 (17.3 ) — Total sales 341.5 92.3 (17.3 ) 416.5 Operating income (loss) 67.9 13.4 (18.3 ) 63.0 % Operating margin 19.9 % 14.5 % 15.1 % Depreciation and amortization 13.1 1.2 — 14.3 Stock-based compensation expense 2.0 0.5 6.2 8.7 Accrual based additions to capital expenditures 38.4 3.0 — 41.4 First Quarter 2012 Net sales to external customers $ 316.2 $ 83.9 $ — $ 400.1 Intersegment sales 15.9 0.1 (16.0 ) — Total sales 332.1 84.0 (16.0 ) 400.1 Operating income (loss) 65.8 11.8 (17.0 ) 60.6 % Operating margin 19.8 % 14.0 % 15.1 % Depreciation and amortization 12.9 1.1 — 14.0 Stock-based compensation expense 2.1 0.4 5.0 7.5 Accrual based additions to capital expenditures 43.6 1.1 — 44.7(a) We do not allocate corporate expenses to the operating segments.
Hexcel Corporation and Subsidiaries Reconciliation of GAAP and Non-GAAP Measures Table C Unaudited Quarter EndedMarch 31,
(In millions) 2013 2012 GAAP operating income $ 63.0 $ 60.6 - Stock-based compensation expense 8.7 7.5 - Depreciation and amortization 14.3 14.0 Adjusted EBITDA $ 86.0 $ 82.1Management 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. For the first quarters of 2013 and 2012 there were no special items, so adjusted operating income and GAAP operating income are the same for both periods. 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 March 31, December 31, March 31, (In millions) 2013 2012 2012 Notes payable and current maturities of capital lease obligations $ 15.4 $ 16.6 $ 14.5 Long-term notes payable and capital lease obligations 258.5 240.0 294.8 Total Debt 273.9 256.6 309.3 Less: Cash and cash equivalents (18.3 ) (32.6 ) (48.7 ) Total debt, net of cash $ 255.6 $ 224.0 $ 260.6
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