0000950170-23-034075.txt : 20230724 0000950170-23-034075.hdr.sgml : 20230724 20230724162556 ACCESSION NUMBER: 0000950170-23-034075 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230724 DATE AS OF CHANGE: 20230724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEXCEL CORP /DE/ CENTRAL INDEX KEY: 0000717605 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 941109521 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08472 FILM NUMBER: 231105291 BUSINESS ADDRESS: STREET 1: TWO STAMFORD PLAZA STREET 2: 281 TRESSER BLVD., 16TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 203-969-0666 MAIL ADDRESS: STREET 1: TWO STAMFORD PLAZA STREET 2: 281 TRESSER BLVD., 16TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06901 8-K 1 hxl-20230724.htm 8-K 8-K
0000717605false00007176052023-07-242023-07-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

 

July 24, 2023 (July 24, 2023)

____________________________________

Date of report (Date of earliest event reported)

 

Hexcel Corporation

___________________________________________

(Exact Name of Registrant as Specified in Charter)

 

Delaware

 

1-8472

 

94-1109521

 

 

 

 

 

(State of Incorporation)

 

(Commission File No.)

 

(IRS Employer Identification No.)

 

Two Stamford Plaza

281 Tresser Boulevard

Stamford, Connecticut 06901-3238

______________________________________________________

(Address of Principal Executive Offices and Zip Code)

 

(203) 969-0666

__________________________________________________

(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 Communication 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

Common Stock, par value $0.01

 

HXL

 

New York Stock Exchange

 

 

 

 

 

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 2 – Financial Information


 

Item 2.02 Results of Operations and Financial Condition

 

On July 24, 2023 Hexcel Corporation (the “Company”) issued a press release in which the Company announced its financial results for its fiscal quarter ended June 30, 2023. A copy of this earnings press release is being furnished as Exhibit 99.1 and is incorporated herein by reference.

 

Section 7 – Regulation FD

 

Item 7.01 Regulation FD Disclosure

 

The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

 

The information contained in Items 2.02 and 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 July 24, 2023 the Company posted to its website a table which summarizes sales by segment and market for the quarters ended June 30, 2023 and 2022, March 31, 2023 and 2022 and the six-month periods ended June 30, 2023 and 2022. A copy of this information is being filed as Exhibit 99.2 and is incorporated herein by reference. Other information appearing on the Company’s website is not incorporated by reference herein.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1

Press Release issued by the Company on July 24, 2023.

 

99.2

Sales by segment and market for the quarters ended June 30, 2023 and 2022, March 31, 2023 and 2022 and the six-month periods ended June 30, 2023 and 2022.

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2


Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

HEXCEL CORPORATION

 

 

 

July 24, 2023

 

/s/ Amy S. Evans

 

 

Amy S. Evans

 

 

Senior Vice President,

 

 

Chief Accounting Officer

 


EX-99.1 2 hxl-ex99_1.htm EX-99.1 EX-99.1

 

Hexcel Corporation

Two Stamford Plaza| 281 Tresser Blvd., 16thFloor

Stamford, CT 06901 USA

www.hexcel.com

img151215753_0.jpg 

 

 

 

Exhibit 99.1

 

HEXCEL REPORTS 2023 SECOND QUARTER RESULTS

 

Q2 2023 GAAP diluted EPS of $0.50 compared to Q2 2022 GAAP diluted EPS of $0.53.
Q2 2023 adjusted diluted EPS of $0.50, compared to Q2 2022 adjusted diluted EPS of $0.33.
Q2 2023 Sales were $454 million, an increase of 15.6% over Q2 2022 sales of $393 million (14.7% increase in constant currency).
FY 2023 sales guidance revised to $1.765 billion to $1.835 billion, previously $1.725 billion to $1.825 billion. Adjusted EPS revised to $1.80 to $1.94, previously $1.70 to $1.90.

See Table C for reconciliation of GAAP and non-GAAP operating income, net income, earnings per share and operating cash flow to free cash flow. Free cash flow is cash from operations less capital expenditures.

 

Summary of Results from Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

 

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

 

 

June 30,

 

 

 

(In millions, except per share data)

 

2023

 

 

2022

 

 

% Change

 

2023

 

 

2022

 

 

  % Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

454.3

 

 

$

393.0

 

 

15.6 %

 

$

912.0

 

 

$

783.6

 

 

16.4 %

    Net sales change in constant currency

 

 

 

 

 

 

 

14.7 %

 

 

 

 

 

 

 

16.4 %

Operating Income

 

 

61.3

 

 

 

63.8

 

 

(3.9)%

 

 

124.1

 

 

 

93.9

 

 

32.2 %

Net Income

 

 

42.5

 

 

 

44.7

 

 

(4.9)%

 

 

85.2

 

 

 

62.5

 

 

36.3 %

Diluted net income per common share

 

$

0.50

 

 

$

0.53

 

 

(5.7)%

 

$

1.00

 

 

$

0.74

 

 

35.9 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP measures for year-over-year comparison (Table C)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Operating Income

 

$

61.8

 

 

$

44.7

 

 

38.3 %

 

$

124.8

 

 

$

75.8

 

 

64.6 %

As a % of sales

 

 

13.6

%

 

 

11.4

%

 

 

 

 

13.7

%

 

 

9.7

%

 

 

Adjusted Net Income

 

 

42.8

 

 

 

28.1

 

 

52.3 %

 

 

85.7

 

 

 

46.7

 

 

83.5 %

Adjusted diluted net income per share

 

$

0.50

 

 

$

0.33

 

 

51.5 %

 

$

1.00

 

 

$

0.55

 

 

81.8 %

 

STAMFORD, Conn. July 24, 2023 – Hexcel Corporation (NYSE: HXL) today reported second quarter 2023 results including net sales of $454 million and adjusted diluted EPS of $0.50 per share.

 

Chairman, CEO and President Nick Stanage said, “Hexcel's second quarter demonstrated strong execution and delivered a 16% year-over-year increase in sales and a more than 50% increase in adjusted earnings per share. Global demand for our lightweight composite materials, delivering sustainable solutions continues to be robust, and our focus remains on staying agile and aligned with our customers to meet their requirements, as well as collaborating on next-generation innovations. Based on our confidence for the remainder of the year, we are now raising our guidance for Sales and Adjusted EPS.”

 

Mr. Stanage continued, “During May we completed our Morocco engineered products facility expansion that doubled our capacity to support the growing demand for lightweight composite engineered core in

 


 

the region. We also made the strategic decision to acquire the site in Amesbury near Boston, Massachusetts, that is home to our highly specialized engineered products business acquired in 2019, thus ensuring our flexibility as we grow and expand that business going forward. Hexcel is well-positioned globally to support the expected production rate ramps of our customers as well as pursue the significant secular growth opportunities for lightweight composite solutions.”

 

Markets

Sales in the second quarter of 2023 were $454.3 million compared to $393.0 million in the second quarter of 2022.

Commercial Aerospace

Commercial Aerospace sales of $264.3 million for the second quarter of 2023 increased 16.1% (15.4% in constant currency) compared to the second quarter of 2022. The sales growth was led by the Airbus A350 and Boeing 787 programs. Other Commercial Aerospace increased 13.3% for the second quarter of 2023 compared to the second quarter of 2022 reflecting growth in business jets.

 

Space & Defense

Space & Defense sales of $137.5 million increased 22.9% (22.1% in constant currency) for the quarter as compared to the second quarter of 2022. Growth was broad-based including fighter aircraft, particularly the F-35 and Rafale, as well as the Black Hawk, civilian helicopters and space programs.

 

Industrial

Total Industrial sales of $52.5 million in the second quarter of 2023 decreased 1.9% (3.3% in constant currency) compared to the second quarter of 2022 as lower wind energy and recreation sales were only partially offset by growth in automotive and other industrial sales.

 

Consolidated Operations

Gross margin for the second quarter of 2023 was 24.4% compared to 22.8% in the second quarter of 2022 increasing on higher sales volume leverage. As a percentage of sales, selling, general and administrative and R&T expenses for the second quarter of 2023 were 10.8% compared to 11.4% for the second quarter of 2022. Adjusted operating income in the second quarter of 2023 was $61.8 million or 13.6% of sales, compared to $44.7 million, or 11.4% of sales in 2022. Other operating income for the second quarter of 2022 included a pre-tax net gain of $19.4 million from a property sale in California. The impact of exchange rates on operating income as a percent of sales was favorable by approximately 30 basis points in the second quarter of 2023 compared to the second quarter of 2022.

 

Year-to-Date 2023 Results

Sales for the first six months of 2023 were $912.0 million compared to $783.6 million, a 16.4% increase from the same period in 2022.

Commercial Aerospace (60% of YTD sales)

Commercial Aerospace sales of $548.8 million increased 22.9% (22.5% in constant currency) for the first six months of 2023 compared to the first six months of 2022. The A350 and A320neo programs as well as the 787 program drove the growth. Other Commercial Aerospace increased 18.4% for the first six months of 2023 compared to the same period in 2022 on expanding business jet demand.

2

 


 

Space & Defense (29% of YTD sales)

Space & Defense sales of $263.7 million increased 14.6% (14.7% in constant currency) for the first six months of 2023 as compared to the first six months of 2022. Areas of growth included military aircraft, including the Rafale and A400M, and both civil and military rotorcraft, led by the Black Hawk.

 

Industrial (11% of YTD sales)

Total Industrial sales of $99.5 million in the first six months of 2023 decreased 7.0% (6.1% in constant currency) compared to the first six months of 2022 as lower wind energy sales were only partially offset by growth in automotive and other industrial markets.

 

Consolidated Operations

Gross margin for the first six months of 2023 was 26.2% compared to 22.5% in the prior year period benefitting from higher sales volume leverage. As a percentage of sales, selling, general and administrative and R&T expenses for the first six months of 2023 were 12.5% compared to 12.8% for the first six months of 2022, with a number of development projects leading to the R&T cost step-up. Adjusted operating income for the first six months of 2023 was $124.8 million or 13.7% of sales, compared to $75.8 million or 9.7% of sales in 2022. Other operating expense for the first six months of 2023 included restructuring costs. Other operating income for the first six months of 2022 included a pre-tax net gain of $19.4 million from a property sale in California, partially offset by restructuring costs. The impact of exchange rates on operating income as a percent of sales was favorable by approximately 50 basis points in the first six months of 2023 compared to the first six months of 2022.

 

Cash and other

Net cash provided by operating activities in the first six months of 2023 was $30.1 million, compared to $18.3 million for the first six months of 2022. Working capital was a cash use of $113.9 million for the first six months of 2023 and a use of $95.1 million for the comparable period in 2022, increasing to support sales growth. Capital expenditures on a cash basis were $74.8 million for the first six months of 2023 including approximately $38 million for the purchase of the land and building at the Hexcel Amesbury, Massachusetts facility to support future growth. Capital expenditures for the first six months of 2022 were $37.9 million. Net cash used for investing activities for the six months ended June 30, 2022 included the net proceeds of $21.2 million received from the sale of the California facility. Net cash used for financing activities for the first six months of 2023 included $2.5 million of financing fees associated with our new credit agreement that was entered into in April 2023. Free cash flow was ($44.7) million in the first six months of 2023, which includes the Massachusetts property purchase. This compares to ($19.6) million in the first six months of 2022. Free cash flow is defined as cash generated from operating activities less cash paid for capital expenditures. Capital expenditures on an accrual basis were $70.5 million and $28.3 million for the first six months of 2023 and 2022, respectively.
The Company did not repurchase any common stock during the second quarter of 2023. The remaining authorization under the share repurchase program at June 30, 2023, was $217 million.
As announced today, the Board of Directors declared a quarterly dividend of $0.125 per share payable to stockholders of record as of August 4, 2023, with a payment date of August 11, 2023.

 

2023 Guidance

Sales of $1.765 billion to $1.835 billion (previously $1.725 billion to $1.825 billion)
Adjusted diluted earnings per share of $1.80 to $1.94 (previously $1.70 to $1.90)

3

 


 

Free cash flow of greater than $110 million (previously greater than $140 million)
Accrual basis capital expenditures of approximately $130 million (previously approximately $90 million)
Underlying annual effective tax rate is estimated to be 23% (unchanged)

 

*****

Hexcel will host a conference call at 10:00 a.m. ET, on July 25, 2023 to discuss second quarter 2023 results. The live webcast will be available on the Investor Relations section of the Hexcel website via the following link: https://events.q4inc.com/attendee/494184143 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.

 

*****

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.

 

*****

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 the impact of regulatory activity related to, 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, capacity, including the timing of completion of capacity expansions, and qualification of new products; expectations regarding our ability to improve or maintain margins; expectations regarding our ability to attract, motivate, and retain the workforce necessary to execute our business strategy; projections regarding our tax rate; expectations with regard to the continued impact of macroeconomic factors and the conflict between Russia and Ukraine; expectations regarding our strategic initiatives and other goals, including, but not limited to, our sustainability goals; expectations regarding the sale of certain of our assets; expectations with regard to cybersecurity measures taken to protect confidential and proprietary information; expectations regarding the outcome of legal matters or the impact of changes in laws or regulations or government policies; and the anticipated impact of the above factors and various market risks on our expectations of financial results for 2023 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 extent of the impact of the conflict between Russia and Ukraine and the ongoing market recovery following the COVID-19 pandemic, including continued disruption in global financial markets and supply chains, and labor shortages; reductions in sales to any significant customers, particularly Airbus or Boeing, including related to regulatory activity impacting the Boeing 737 MAX or the Boeing 787 or other geopolitical events or conditions, including the

4

 


 

Russia/Ukraine conflict; our ability to effectively adjust production and inventory levels to align with customer demand; our ability to effectively motivate, retain and hire the necessary workforce; availability and cost of raw materials, including the impact of supply shortages and inflation; supply chain disruptions, which have been exacerbated by the conflict between Russia and Ukraine; 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; 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; our ability 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 or other severe weather events, which may be worsened by the impact of climate change, and other severe catastrophic events, including any public health crisis; 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.

 

Contact

Kurt Goddard | Vice President Investor Relations | Kurt.Goddard@Hexcel.com | +1 (203)-352-6826

 

 

*****

 

 

5

 


 

 

Hexcel Corporation and Subsidiaries

 

Condensed Consolidated Statements of Operations

 

 

 

Unaudited

 

 

 

Quarters Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In millions, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net sales

 

$

454.3

 

 

$

393.0

 

 

$

912.0

 

 

$

783.6

 

Cost of sales

 

 

343.5

 

 

 

303.5

 

 

 

673.5

 

 

 

607.4

 

  Gross margin

 

 

110.8

 

 

 

89.5

 

 

 

238.5

 

 

 

176.2

 

% Gross Margin

 

 

24.4

%

 

 

22.8

%

 

 

26.2

%

 

 

22.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

35.7

 

 

 

33.5

 

 

 

86.5

 

 

 

78.2

 

Research and technology expenses

 

 

13.3

 

 

 

11.3

 

 

 

27.2

 

 

 

22.2

 

Other operating expense (income)

 

 

0.5

 

 

 

(19.1

)

 

 

0.7

 

 

 

(18.1

)

  Operating income

 

 

61.3

 

 

 

63.8

 

 

 

124.1

 

 

 

93.9

 

Interest expense, net

 

 

9.2

 

 

 

8.9

 

 

 

18.6

 

 

 

18.0

 

Other income

 

 

-

 

 

 

(0.3

)

 

 

-

 

 

 

(0.3

)

 Income before income taxes, and equity in earnings of affiliated companies

 

 

52.1

 

 

 

55.2

 

 

 

105.5

 

 

 

76.2

 

Income tax expense

 

 

11.5

 

 

 

12.7

 

 

 

23.2

 

 

 

17.4

 

Income before equity in earnings of affiliated companies

 

 

40.6

 

 

 

42.5

 

 

 

82.3

 

 

 

58.8

 

Equity in earnings from affiliated companies

 

 

1.9

 

 

 

2.2

 

 

 

2.9

 

 

 

3.7

 

  Net income

 

$

42.5

 

 

$

44.7

 

 

$

85.2

 

 

$

62.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

$

0.50

 

 

$

0.53

 

 

$

1.01

 

 

$

0.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

$

0.50

 

 

$

0.53

 

 

$

1.00

 

 

$

0.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

    Basic

 

 

84.7

 

 

 

84.4

 

 

 

84.6

 

 

 

84.3

 

    Diluted

 

 

85.6

 

 

 

85.0

 

 

 

85.5

 

 

 

84.9

 

 

 

6

 


 

Hexcel Corporation and Subsidiaries

 

Condensed Consolidated Balance Sheets

 

 

 

Unaudited

 

 

 

June 30,

 

 

December 31,

 

(In millions)

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

104.2

 

 

$

112.0

 

Accounts receivable, net

 

 

257.3

 

 

 

222.7

 

Inventories, net

 

 

360.9

 

 

 

319.3

 

Contract assets

 

 

27.2

 

 

 

32.0

 

Prepaid expenses and other current assets

 

 

51.0

 

 

 

38.9

 

Assets held for sale

 

 

9.5

 

 

 

9.5

 

Total current assets

 

 

810.1

 

 

 

734.4

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

3,163.0

 

 

 

3,087.9

 

Less accumulated depreciation

 

 

(1,482.8

)

 

 

(1,430.1

)

     Net property, plant and equipment

 

 

1,680.2

 

 

 

1,657.8

 

 

 

 

 

 

 

 

Goodwill and other intangible assets, net

 

 

254.2

 

 

 

256.0

 

Investments in affiliated companies

 

 

50.1

 

 

 

47.6

 

Other assets

 

 

127.3

 

 

 

141.5

 

Total assets

 

$

2,921.9

 

 

$

2,837.3

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Short-term borrowings

 

$

0.1

 

 

$

0.2

 

Accounts payable

 

 

117.5

 

 

 

155.5

 

Accrued compensation and benefits

 

 

61.6

 

 

 

69.6

 

Accrued liabilities

 

 

96.9

 

 

 

104.5

 

Total current liabilities

 

 

276.1

 

 

 

329.8

 

 

 

 

 

 

 

 

Long-term debt

 

 

779.0

 

 

 

723.3

 

Retirement obligations

 

 

44.8

 

 

 

42.7

 

Other non-current liabilities

 

 

155.9

 

 

 

187.3

 

Total liabilities

 

$

1,255.8

 

 

$

1,283.1

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.01 par value, 200.0 shares authorized,
110.6 shares issued at June 30, 2023 and 110.4 shares
issued at December 31, 2022

 

$

1.1

 

 

$

1.1

 

Additional paid-in capital

 

 

925.9

 

 

 

905.0

 

Retained earnings

 

 

2,169.2

 

 

 

2,104.9

 

Accumulated other comprehensive loss

 

 

(145.2

)

 

 

(174.4

)

 

 

2,951.0

 

 

 

2,836.6

 

 

 

 

 

 

 

 

Less – Treasury stock, at cost, 26.2 shares at June 30, 2023 and December 31, 2022

 

 

(1,284.9

)

 

 

(1,282.4

)

Total stockholders' equity

 

 

1,666.1

 

 

 

1,554.2

 

Total liabilities and stockholders' equity

 

$

2,921.9

 

 

$

2,837.3

 

 

7

 


 

Hexcel Corporation and Subsidiaries

 

Condensed Consolidated Statements of Cash Flows

 

 

 

Unaudited

 

 

 

Six Months Ended

 

 

 

June 30,

 

(In millions)

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

  Net income

 

$

85.2

 

 

$

62.5

 

Reconciliation to net cash provided by operating activities:

 

 

 

 

 

 

  Depreciation and amortization

 

 

61.7

 

 

 

63.9

 

  Amortization related to financing

 

 

0.4

 

 

 

0.4

 

  Deferred income taxes

 

 

(6.7

)

 

 

(4.1

)

  Equity in earnings from affiliated companies

 

 

(2.9

)

 

 

(3.7

)

  Stock-based compensation

 

 

15.7

 

 

 

12.8

 

  Restructuring expenses, net of payments

 

 

(3.6

)

 

 

(6.0

)

  Impairment of assets

 

 

1.7

 

 

 

-

 

  Gain on sale of assets

 

 

-

 

 

 

(19.4

)

  Gain on sale of investments

 

 

-

 

 

 

(0.3

)

 

 

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 Increase in accounts receivable

 

 

(33.9

)

 

 

(74.5

)

 Increase in inventories

 

 

(36.8

)

 

 

(38.9

)

 Increase in prepaid expenses and other current assets

 

 

(7.3

)

 

 

(10.1

)

(Decrease) increase in accounts payable/accrued liabilities

 

 

(35.9

)

 

 

28.4

 

 Other - net

 

 

(7.5

)

 

 

7.3

 

 Net cash provided by operating activities (a)

 

 

30.1

 

 

 

18.3

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

  Capital expenditures (b)

 

 

(74.8

)

 

 

(37.9

)

  Proceeds from sale of assets

 

 

-

 

 

 

21.2

 

  Proceeds from sale of investments

 

 

2.5

 

 

 

0.5

 

 Net cash used for investing activities

 

 

(72.3

)

 

 

(16.2

)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

  Borrowings from senior unsecured credit facilities

 

 

103.0

 

 

 

35.0

 

  Repayments of senior unsecured credit facilities

 

 

(48.0

)

 

 

(46.0

)

  Issuance costs related to senior unsecured credit facilities

 

 

(2.5

)

 

 

-

 

  Repayment of finance lease obligation and other debt, net

 

 

(0.1

)

 

 

(0.2

)

  Dividends paid

 

 

(21.1

)

 

 

(16.8

)

  Activity under stock plans

 

 

2.7

 

 

 

1.4

 

Net cash provided by (used for) financing activities

 

 

34.0

 

 

 

(26.6

)

Effect of exchange rate changes on cash and cash equivalents

 

 

0.4

 

 

 

(4.0

)

Net decrease in cash and cash equivalents

 

 

(7.8

)

 

 

(28.5

)

Cash and cash equivalents at beginning of period

 

 

112.0

 

 

 

127.7

 

Cash and cash equivalents at end of period

 

$

104.2

 

 

$

99.2

 

 

 

 

 

 

 

 

Supplemental data:

 

 

 

 

 

 

Free Cash Flow (a)+(b)

 

$

(44.7

)

 

$

(19.6

)

Accrual basis additions to property, plant and equipment

 

$

70.5

 

 

$

28.3

 

 

 

8

 


 

Hexcel Corporation and Subsidiaries

 

Net Sales to Third-Party Customers by Market

 

Quarters Ended June 30, 2023 and 2022

Unaudited

 

 

 

 

 

Table A

 

(In millions)

 

As Reported

 

 

Constant Currency (a)

 

 

 

 

 

 

 

 

 

B/(W)

 

 

FX

 

 

 

 

 

B/(W)

 

Market

 

2023

 

 

2022

 

 

%

 

 

Effect (b)

 

 

2022

 

 

%

 

Commercial Aerospace

 

$

264.3

 

 

$

227.6

 

 

 

16.1

 

 

$

1.5

 

 

$

229.1

 

 

 

15.4

 

Space & Defense

 

 

137.5

 

 

 

111.9

 

 

 

22.9

 

 

 

0.7

 

 

 

112.6

 

 

 

22.1

 

Industrial

 

 

52.5

 

 

 

53.5

 

 

 

(1.9

)

 

 

0.8

 

 

 

54.3

 

 

 

(3.3

)

Consolidated Total

 

$

454.3

 

 

$

393.0

 

 

 

15.6

 

 

$

3.0

 

 

$

396.0

 

 

 

14.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated % of Net Sales

 

%

 

 

%

 

 

 

 

 

 

 

 

%

 

 

 

 

Commercial Aerospace

 

 

58.2

 

 

 

57.9

 

 

 

 

 

 

 

 

 

57.9

 

 

 

 

Space & Defense

 

 

30.3

 

 

 

28.5

 

 

 

 

 

 

 

 

 

28.4

 

 

 

 

Industrial

 

 

11.5

 

 

 

13.6

 

 

 

 

 

 

 

 

 

13.7

 

 

 

 

Consolidated Total

 

 

100.0

 

 

 

100.0

 

 

 

 

 

 

 

 

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023 and 2022

Unaudited

 

 

 

 

 

 

 

(In millions)

 

As Reported

 

 

Constant Currency (a)

 

 

 

 

 

 

 

 

 

B/(W)

 

 

FX

 

 

 

 

 

B/(W)

 

Market

 

2023

 

 

2022

 

 

%

 

 

Effect (b)

 

 

2022

 

 

%

 

Commercial Aerospace

 

$

548.8

 

 

$

446.5

 

 

 

22.9

 

 

$

1.4

 

 

$

447.9

 

 

 

22.5

 

Space & Defense

 

 

263.7

 

 

 

230.1

 

 

 

14.6

 

 

 

(0.2

)

 

 

229.9

 

 

 

14.7

 

Industrial

 

 

99.5

 

 

 

107.0

 

 

 

(7.0

)

 

 

(1.0

)

 

 

106.0

 

 

 

(6.1

)

Consolidated Total

 

$

912.0

 

 

$

783.6

 

 

 

16.4

 

 

$

0.2

 

 

$

783.8

 

 

 

16.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated % of Net Sales

 

%

 

 

%

 

 

 

 

 

 

 

 

%

 

 

 

 

Commercial Aerospace

 

 

60.2

 

 

 

57.0

 

 

 

 

 

 

 

 

 

57.2

 

 

 

 

Space & Defense

 

 

28.9

 

 

 

29.4

 

 

 

 

 

 

 

 

 

29.3

 

 

 

 

Industrial

 

 

10.9

 

 

 

13.6

 

 

 

 

 

 

 

 

 

13.5

 

 

 

 

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 and six months ended June 30, 2022 have been estimated using the same U.S. dollar, British pound and Euro exchange rates as applied for the respective periods in 2023 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.

 

 

9

 


 

 

Hexcel Corporation and Subsidiaries

 

Segment Information

 

Unaudited

 

 

Table B

 

(In millions)

 

Composite Materials

 

 

Engineered Products

 

 

Corporate
& Other (a)

 

 

Total

 

Second Quarter 2023

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

378.5

 

 

$

75.8

 

 

$

-

 

 

$

454.3

 

Intersegment sales

 

 

18.5

 

 

 

0.5

 

 

 

(19.0

)

 

 

-

 

Total sales

 

 

397.0

 

 

 

76.3

 

 

 

(19.0

)

 

 

454.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expense

 

 

0.3

 

 

 

0.2

 

 

 

-

 

 

 

0.5

 

Operating income (loss)

 

 

64.2

 

 

 

6.8

 

 

 

(9.7

)

 

 

61.3

 

     % Operating margin

 

 

16.2

%

 

 

8.9

%

 

 

 

 

 

13.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

27.5

 

 

 

3.5

 

 

 

-

 

 

 

31.0

 

Stock-based compensation expense

 

 

1.1

 

 

 

0.3

 

 

 

1.4

 

 

 

2.8

 

Accrual based additions to capital expenditures

 

 

12.9

 

 

 

40.8

 

 

 

-

 

 

 

53.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter 2022

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

318.1

 

 

$

74.9

 

 

$

-

 

 

$

393.0

 

Intersegment sales

 

 

18.5

 

 

 

1.0

 

 

 

(19.5

)

 

 

-

 

Total sales

 

 

336.6

 

 

 

75.9

 

 

 

(19.5

)

 

 

393.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expense (income)

 

 

0.3

 

 

 

-

 

 

 

(19.4

)

 

 

(19.1

)

Operating income

 

 

47.2

 

 

 

9.1

 

 

 

7.5

 

 

 

63.8

 

     % Operating margin

 

 

14.0

%

 

 

12.0

%

 

 

 

 

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

28.1

 

 

 

3.5

 

 

 

0.1

 

 

 

31.7

 

Stock-based compensation expense

 

 

0.9

 

 

 

0.3

 

 

 

1.2

 

 

 

2.4

 

Accrual based additions to capital expenditures

 

 

14.5

 

 

 

2.7

 

 

 

-

 

 

 

17.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Six Months 2023

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

756.7

 

 

$

155.3

 

 

$

-

 

 

$

912.0

 

Intersegment sales

 

 

37.8

 

 

 

1.5

 

 

 

(39.3

)

 

 

-

 

Total sales

 

 

794.5

 

 

 

156.8

 

 

 

(39.3

)

 

 

912.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expense

 

 

0.5

 

 

 

0.2

 

 

 

-

 

 

 

0.7

 

Operating income (loss)

 

 

137.4

 

 

 

18.8

 

 

 

(32.1

)

 

 

124.1

 

     % Operating margin

 

 

17.3

%

 

 

12.0

%

 

 

 

 

 

13.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

54.7

 

 

 

7.0

 

 

 

-

 

 

 

61.7

 

Stock-based compensation expense

 

 

4.2

 

 

 

1.1

 

 

 

10.4

 

 

 

15.7

 

Accrual based additions to capital expenditures

 

 

26.0

 

 

 

44.5

 

 

 

-

 

 

 

70.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Six Months 2022

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

631.9

 

 

$

151.7

 

 

$

-

 

 

$

783.6

 

Intersegment sales

 

 

35.0

 

 

 

1.3

 

 

 

(36.3

)

 

 

-

 

Total sales

 

 

666.9

 

 

 

153.0

 

 

 

(36.3

)

 

 

783.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expense (income)

 

 

1.2

 

 

 

0.1

 

 

 

(19.4

)

 

 

(18.1

)

Operating income (loss)

 

 

89.8

 

 

 

19.7

 

 

 

(15.6

)

 

 

93.9

 

     % Operating margin

 

 

13.5

%

 

 

12.9

%

 

 

 

 

 

12.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

56.7

 

 

 

7.1

 

 

 

0.1

 

 

 

63.9

 

Stock-based compensation expense

 

 

3.5

 

 

 

1.0

 

 

 

8.3

 

 

 

12.8

 

Accrual based additions to capital expenditures

 

 

24.6

 

 

 

3.7

 

 

 

-

 

 

 

28.3

 

 

(a) Hexcel does not allocate corporate expenses to the operating segments.

 

 

10

 


 

Hexcel Corporation and Subsidiaries

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Operating Income, Net Income, EPS and Operating Cash Flow to Free Cash Flow

 

 

 

 

 

Table C

 

 

 

 

Unaudited

 

 

Quarters Ended

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

June 30,

 

 

(In millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

GAAP operating income

 

$

61.3

 

 

$

63.8

 

 

$

124.1

 

 

$

93.9

 

 

Other operating expense (income) (a)

 

 

0.5

 

 

 

(19.1

)

 

 

0.7

 

 

 

(18.1

)

 

Non-GAAP operating income

 

$

61.8

 

 

$

44.7

 

 

$

124.8

 

 

$

75.8

 

 

 

 

 

 

Unaudited

 

 

 

Quarters Ended June 30,

 

 

 

2023

 

 

2022

 

(In millions, except per diluted share data)

 

Net Income

 

 

EPS

 

 

Net Income

 

 

EPS

 

GAAP

 

$

42.5

 

 

$

0.50

 

 

$

44.7

 

 

$

0.53

 

Other operating expense (income), net of tax (a)

 

 

0.3

 

 

 

-

 

 

 

(16.3

)

 

 

(0.20

)

Other income

 

 

-

 

 

 

-

 

 

 

(0.3

)

 

 

-

 

Non-GAAP

 

$

42.8

 

 

$

0.50

 

 

$

28.1

 

 

$

0.33

 

 

 

 

 

Unaudited

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

(In millions, except per diluted share data)

 

Net Income

 

 

EPS

 

 

Net Income

 

 

EPS

 

GAAP

 

$

85.2

 

 

$

1.00

 

 

$

62.5

 

 

$

0.74

 

Other operating expense (income), net of tax (a)

 

 

0.5

 

 

 

-

 

 

 

(15.5

)

 

 

(0.19

)

Other income

 

 

-

 

 

 

-

 

 

 

(0.3

)

 

 

-

 

Non-GAAP

 

$

85.7

 

 

$

1.00

 

 

$

46.7

 

 

$

0.55

 

 

 

 

 

Unaudited

 

 

 

Six Months Ended June 30

 

(In millions)

 

2023

 

 

2022

 

Net cash provided by operating activities

 

$

30.1

 

 

$

18.3

 

Less: Capital expenditures

 

 

(74.8

)

 

 

(37.9

)

Free cash flow (non-GAAP)

 

$

(44.7

)

 

$

(19.6

)

 

(a)
The quarter and six months ended June 30, 2023 included restructuring costs. The quarter and six months ended June 30, 2022 included the net gain of $19.4 million from the sale of the Dublin, California facility, partially offset by restructuring costs.

 

NOTE: Management believes that adjusted operating income, adjusted net income, adjusted diluted net income per share 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.

 

 

11

 


 

Hexcel Corporation and Subsidiaries

 

Schedule of Total Debt, Net of Cash

Table D

 

 

 

Unaudited

 

 

 

June 30,

 

 

December 31,

 

 

June 30,

 

(In millions)

 

2023

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Current portion finance lease

 

$

0.1

 

 

$

0.2

 

 

$

0.5

 

Total current debt

 

 

0.1

 

 

 

0.2

 

 

 

0.5

 

 

 

 

 

 

 

 

 

 

 

Senior unsecured credit facility

 

 

80.0

 

 

 

25.0

 

 

 

114.0

 

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

 

 

(0.8

)

 

 

(0.9

)

 

 

(1.1

)

Senior notes deferred financing costs

 

 

(1.9

)

 

 

(2.2

)

 

 

(2.5

)

Other debt

 

 

1.7

 

 

 

1.4

 

 

 

1.6

 

Total long-term debt

 

 

779.0

 

 

 

723.3

 

 

 

812.0

 

Total Debt

 

 

779.1

 

 

 

723.5

 

 

 

812.5

 

Less: Cash and cash equivalents

 

 

(104.2

)

 

 

(112.0

)

 

 

(99.2

)

Total debt, net of cash

 

$

674.9

 

 

$

611.5

 

 

$

713.3

 

 

12

 


EX-99.2 3 hxl-ex99_2.htm EX-99.2 EX-99.2

 

EXHIBIT 99.2

 

Hexcel Corporation and Subsidiaries

 

Net Sales by Segment and Market

 

For the Quarters Ended June 30, 2023 and 2022, March 31, 2023 and 2022

 

and the Six-Months Ended June 30, 2023 and 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

 

Commercial

 

 

Space &

 

 

 

 

 

(In millions)

 

Aerospace

 

 

Defense

 

 

Industrial

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter 2023

 

 

 

 

 

 

 

 

 

 

Composite Materials

 

$

228.9

 

 

$

97.9

 

 

$

51.7

 

 

$

378.5

 

Engineered Products

 

 

35.4

 

 

 

39.6

 

 

 

0.8

 

 

 

75.8

 

Total

 

$

264.3

 

 

$

137.5

 

 

$

52.5

 

 

$

454.3

 

 

 

58

%

 

 

30

%

 

 

12

%

 

 

100

%

First Quarter 2023

 

 

 

 

 

 

 

 

 

 

Composite Materials

 

$

243.2

 

 

$

88.8

 

 

$

46.2

 

 

$

378.2

 

Engineered Products

 

 

41.3

 

 

 

37.4

 

 

 

0.8

 

 

 

79.5

 

Total

 

$

284.5

 

 

$

126.2

 

 

$

47.0

 

 

$

457.7

 

 

 

62

%

 

 

28

%

 

 

10

%

 

 

100

%

 

 

 

 

 

 

 

 

Second Quarter 2022

 

 

 

 

 

 

 

 

 

 

Composite Materials

 

$

192.0

 

 

$

73.9

 

 

$

52.2

 

 

$

318.1

 

Engineered Products

 

 

35.6

 

 

 

38.0

 

 

 

1.3

 

 

 

74.9

 

Total

 

$

227.6

 

 

$

111.9

 

 

$

53.5

 

 

$

393.0

 

 

 

58

%

 

 

28

%

 

 

14

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2022

 

 

 

 

 

 

 

 

 

Composite Materials

 

$

184.8

 

 

$

76.6

 

 

$

52.4

 

 

$

313.8

 

Engineered Products

 

 

34.1

 

 

 

41.6

 

 

 

1.1

 

 

 

76.8

 

Total

 

$

218.9

 

 

$

118.2

 

 

$

53.5

 

 

$

390.6

 

 

 

56

%

 

 

30

%

 

 

14

%

 

 

100

%

 

 

 

 

 

 

 

 

Year to date June 30, 2023

 

 

 

 

 

 

 

 

 

Composite Materials

 

$

472.1

 

 

$

186.7

 

 

$

97.9

 

 

$

756.7

 

Engineered Products

 

 

76.7

 

 

 

77.0

 

 

 

1.6

 

 

 

155.3

 

Total

 

$

548.8

 

 

$

263.7

 

 

$

99.5

 

 

$

912.0

 

 

 

60

%

 

 

29

%

 

 

11

%

 

 

100

%

 

 

 

 

 

 

 

 

Year to date June 30, 2022

 

 

 

 

 

 

 

 

Composite Materials

 

$

376.8

 

 

$

150.5

 

 

$

104.6

 

 

$

631.9

 

Engineered Products

 

 

69.7

 

 

 

79.6

 

 

 

2.4

 

 

 

151.7

 

Total

 

$

446.5

 

 

$

230.1

 

 

$

107.0

 

 

$

783.6

 

 

 

57

%

 

 

29

%

 

 

14

%

 

 

100

%

 

 


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Document and Entity Information
Jul. 24, 2023
Cover [Abstract]  
Entity Registrant Name Hexcel Corporation
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 24, 2023
Entity Central Index Key 0000717605
Entity File Number 1-8472
Entity Incorporation State Country Code DE
Entity Tax Identification Number 94-1109521
Entity Address Address Line1 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
Entity Emerging Growth Company false
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
Trading Symbol HXL
Security Exchange Name NYSE
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