- Q3 2019 GAAP diluted EPS was $0.93 compared to Q3 2018
diluted EPS of $0.91.
- Adjusted diluted EPS for Q3 2019 was $0.90, a 12.5%
year-over-year increase compared to adjusted diluted EPS of $0.80
in Q3 2018.
- Q3 2019 Sales were $572.5 million, an increase of 5.9% over
third quarter 2018 (6.6% increase in constant currency).
- Adjusted diluted EPS guidance maintained. Sales guidance
revised to $2.340 billion to $2.400 billion (previously $2.375
billion to $2.475 billion).
Hexcel Corporation (NYSE: HXL):
Summary of Results from
Operations
Quarters Ended
Nine Months Ended
September 30,
September 30,
(In millions, except per share data)
2019
2018
% Change
2019
2018
% Change
Net Sales
$
572.5
$
540.5
5.9
%
$
1,791.4
$
1,628.1
10.0
%
Net sales change in constant currency
6.6
%
11.2
%
Operating Income
109.9
96.5
13.9
%
327.8
275.4
19.0
%
As a % of sales
19.2
%
17.9
%
18.3
%
16.9
%
Net Income
80.3
80.1
0.2
%
233.4
210.5
10.9
%
Diluted net income per common share
$
0.93
$
0.91
2.2
%
$
2.71
$
2.35
15.3
%
Adjusted Operating Income
$
109.9
$
96.5
13.9
%
$
327.8
$
275.4
19.0
%
Adjusted Net Income
77.3
70.5
9.6
%
230.4
199.6
15.4
%
Adjusted diluted net income per share
$
0.90
$
0.80
12.5
%
$
2.68
$
2.23
20.2
%
Hexcel Corporation (NYSE: HXL) today reported third quarter 2019
results including net sales of $572.5 million and adjusted diluted
EPS of $0.90.
Nick Stanage, Chairman, CEO and President said: “Hexcel
delivered 90 cents of adjusted diluted EPS, or growth of 12.5%
compared to the third quarter of 2018. I’m especially pleased with
our teams’ performance, delivering strong leverage and a 19.2%
operating margin. These strong results reflect our relentless focus
on continuous improvement and Operational Excellence. Our
generation of Cash from Operations continued to be strong and is
now $277 million YTD. As we look forward, we see further growth in
our markets, tempered by the extended uncertainty for the timing of
the Boeing 737 MAX return to service, which is pushing a portion of
our growth originally expected in 2019 into future periods. As a
result of this, combined with the continued strong dollar FX
impact, we are reducing our 2019 sales guidance while maintaining
our 2019 guidance for EPS, capital expenditures and free cash flow.
Despite the market uncertainty related to the 737 MAX
recertification timing, we are confident on delivering earnings and
cash flow in line with our annual guidance and continuing to drive
strong shareholder value.”
Markets
Sales for the third quarter of 2019 were $572.5 million, an
increase of 5.9% (6.6% in constant currency) compared to the third
quarter of 2018.
Commercial Aerospace
- Commercial Aerospace sales of $385.9 million increased 3.4%
(3.6% in constant currency) in the third quarter of 2019 as
compared to the prior year period. Growth was driven by production
rate increases for the Airbus A320neo and the Boeing 787. Overall,
growth in the quarter was impacted by the reduced demand from the
Boeing 737 MAX program, with Boeing continuing to operate at a
build rate of 42 planes per month.
- Sales to “Other Commercial Aerospace” which includes regional
and business aircraft were up strongly by 16.8% for the third
quarter of 2019 as compared to 2018. Strong sales to certain
Gulfstream programs were the primary drivers.
Space & Defense
- Space & Defense sales of $109.8 million increased 21.5%
(22.7% in constant currency) for the quarter as compared to the
third quarter of 2018. Growth in the F-35 Joint Strike Fighter was
the primary driver in the quarter supported by other fixed-wing
programs. The quarter included sales from ARC Technologies acquired
in the first quarter of 2019.
Industrial
- Total Industrial sales of $76.8 million for the third quarter
of 2019 were in line with the third quarter of 2018 (+2.7% in
constant currency). Wind energy sales (the largest sub-market in
Industrial) increased 10.2% in constant currency compared to Q3
2018. This was a slower rate of growth than recent quarters which
saw a strong growth ramp up that began in the second half of 2018.
Other Industrial sales, including automotive, have a tendency to
fluctuate quarter to quarter and were down in the third quarter of
2019 due to program timing.
Consolidated Operations
- Gross margin for the third quarter of 2019 was 27.6% compared
to 26.5% in the third quarter of 2018. The year-over-year
improvement reflects strong operational execution combined with the
decline in a number of operational headwinds incurred in 2018.
- Operating expenses were managed tightly in the third quarter
and were in line with Company expectations. Selling, General and
Administrative expenses increased 5.4% in constant currency, and
Research & Technology expenses increased 4.0% in constant
currency.
- Operating income in the third quarter of 2019 was $109.9
million, or 19.2% of sales, compared to $96.5 million, or 17.9% of
sales, in 2018. Exchange rates, after taking hedges into account,
favorably impacted the third quarter by approximately ten basis
points compared to 2018.
Year-to-Date 2019
Results
Sales of $1,791.4 million for the nine months ended September
30, 2019 increased 11.2% in constant currency compared to the same
period in 2018.
Commercial Aerospace (68% of YTD sales)
- Commercial Aerospace sales of $1,217.9 million increased 7.3%
in constant currency compared to the first nine months of 2018.
Growth was driven by the transition to the latest generation of
narrowbodies that have higher composite content as well as build
rate increases for the A320neo, and the Airbus A350 and Boeing 787
programs.
- Sales to “Other Commercial Aerospace,” which include regional
and business aircraft customers, increased 9.9% year to date,
driven by higher business jet sales, notably Gulfstream.
Space & Defense (18% of YTD sales)
- Space & Defense sales of $329.4 million increased 22.6% in
constant currency compared to the first nine months of 2018. Strong
sales for the F-35 Joint Strike Fighter program, other fixed-wing
programs, and the acquisition of ARC Technologies drove the
increase.
Industrial (14% of YTD sales)
- Total Industrial sales of $244.1 million increased 18.0% in
constant currency compared to the first nine months of 2018.
- For the first nine months of 2019, wind energy sales increased
almost 40% in constant currency compared to last year.
Consolidated Operations
- Gross margin for the first nine months of 2019 was 27.6%
compared to 26.5% for the first nine months of 2018. Sustained
strong operational performance drove the margin improvement year
over year . Depreciation expense increased $16.3 million over the
first nine months of 2018, due to continued investment for expected
future growth.
- Selling, general and administrative expenses for the first nine
months of 2019 were approximately 9.9% higher in constant currency
than the prior year to support general growth and the acquisition
of ARC Technologies. Research and technology expenses for the first
nine months of 2019 increased approximately 9.1% in constant
currency compared to the prior 2018 period, reflecting continued
investment in innovative composite products and solutions to
support customers and next-generation applications.
- Operating income in the first nine months of 2019 was $327.8
million, or 18.3% of sales, compared to $275.4 million, or 16.9% of
sales, in 2018. The year-over-year impact of exchange rates was
favorable by approximately 35 basis points.
Cash and Other
- The tax provision was $18.2 million for the third quarter of
2019, reflecting an effective tax rate of 18.4%, compared to 9.1%
in 2018. The third quarter of 2018 was significantly impacted by
transition adjustments related to U.S. tax reform. The third
quarter of 2019 benefitted primarily from tax credits identified
during the quarter of $3.0 million. Excluding these benefits, the
adjusted effective tax rate was 21.4% compared to 20.3% in 2018.
Both periods benefited from deductions associated with share-based
compensation payments. The underlying effective tax rate is
expected to be 24% for the final quarter of the year.
- Net cash generated from operating activities for the first nine
months of 2019 was $277.3 million, compared to $278.4 million in
the first nine months of the prior year. Capital expenditures were
$162.7 million for the first nine months of 2019, compared to
$150.2 million for the first nine months of 2018. Free cash flow
was $114.6 million for the first nine months of 2019, compared to
$128.2 million for the same period of the prior year. Free cash
flow is defined as cash provided from operating activities less
cash paid for capital expenditures. Working capital use YTD is
$83.7 million compared to a use of $64.6 million 2018.
- The Company used $55.7 million to repurchase shares of its
common stock during the third quarter of 2019 and used $66.9
million for share repurchases in the first nine months of 2019. The
Company has $318 million remaining under the authorized share
repurchase program.
- As announced today, the Board of Directors declared a quarterly
dividend of $0.17 per share. The dividend is payable to
stockholders of record as of November 1, 2019, with a payment date
of November 8, 2019.
2019 Guidance
- Sales of $2.340 billion to $2.400 billion (previously $2.375
billion to $2.475 billion)
- Adjusted diluted earnings per share of $3.43 to $3.53
(unchanged)
- Free cash flow greater than $250 million (unchanged)
- Accrual basis capital expenditures of $170 million to $190
million (unchanged)
* The Company is not providing a quantitative reconciliation of
our non-GAAP guidance to the corresponding GAAP information because
the GAAP measures that we exclude from our non-GAAP guidance are
difficult to predict and are primarily dependent on future
uncertainties.
*****
Hexcel will host a conference call at 10:00 a.m. ET, on October
22, 2019 to discuss the third quarter 2019 results. The event will
be webcast via the Investor Relations webpage at www.Hexcel.com.
The event can also be accessed by dialing +1 (647) 689-5685 and the
conference ID is 1749595. Replays of the call will be available on
the website.
*****
Hexcel Corporation is a leading advanced composites company. It
develops, manufactures and markets lightweight, high-performance
structural materials, including carbon fibers, specialty
reinforcements, prepregs and other fiber-reinforced matrix
materials, honeycomb, adhesives, engineered core and composite
structures, used in commercial aerospace, space and defense and
industrial applications. Learn more at www.Hexcel.com.
*****
Disclaimer on Forward Looking Statements
This news release contains statements that are forward looking
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, including statements relating to the estimates
and expectations based on aircraft production rates made publicly
available by Airbus, Boeing and others; the revenues we may
generate from an aircraft model or program; the impact of the
possible 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 of
composite content on new commercial aircraft programs and our share
of those requirements; expectations of growth in revenues from
space and defense applications, including whether certain programs
might be curtailed or discontinued; expectations regarding growth
in sales for wind energy, recreation, automotive and other
industrial applications; expectations regarding working capital
trends and expenditures; expectations as to the level of capital
expenditures and when we will complete the construction of capacity
expansions and qualification of new products; expectations
regarding our ability to maintain and improve margins as we add new
facilities and in view of the current economic environment;
projections regarding our tax rate; and the anticipated impact of
the above factors and various market risks on our expectations of
financial results for 2019 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 reductions in sales to any significant customers, particularly
Airbus, Boeing or Vestas, including any reduction in sales to
Boeing related to a decrease in production volume of the 737 MAX;
changes in sales mix; changes in current pricing and cost levels;
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; supply chain disruptions; inability to install,
staff and qualify necessary capacity or achievement of planned
manufacturing improvements; cybersecurity 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 and the exit of the U.K. from
the European Union; work stoppages or other labor disruptions;
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
Consolidated Statements of
Operations
Unaudited
Quarters Ended
Nine Months Ended
September 30,
September 30,
(In millions, except per share data)
2019
2018
2019
2018
Net sales
$
572.5
$
540.5
$
1,791.4
$
1,628.1
Cost of sales
414.6
397.5
1,297.5
1,197.7
Gross margin
157.9
143.0
493.9
430.4
% Gross Margin
27.6
%
26.5
%
27.6
%
26.4
%
Selling, general and administrative
expenses
33.8
32.6
122.8
114.3
Research and technology expenses
14.2
13.9
43.3
40.7
Operating income
109.9
96.5
327.8
275.4
Interest expense, net
11.0
10.6
34.9
27.3
Income before income taxes, and equity in
earnings/(loss) of affiliated companies
98.9
85.9
292.9
248.1
Provision for income taxes
18.2
7.8
62.4
41.9
Income before equity in earnings/(loss) of
affiliated companies
80.7
78.1
230.5
206.2
Equity in earnings/(loss) from affiliated
companies
(0.4
)
2.0
2.9
4.3
Net income
$
80.3
$
80.1
$
233.4
$
210.5
Basic net income per common share:
$
0.94
$
0.92
$
2.74
$
2.37
Diluted net income per common share:
$
0.93
$
0.91
$
2.71
$
2.35
Weighted-average common shares:
Basic
85.1
87.0
85.1
88.6
Diluted
86.1
88.1
86.1
89.7
Hexcel Corporation and
Subsidiaries
Consolidated Balance Sheets
Unaudited
September 30,
December 31,
(In millions)
2019
2018
Assets
Cash and cash equivalents
$
47.0
$
32.7
Accounts receivable, net
288.9
260.9
Inventories, net
352.2
297.8
Contract assets
56.4
50.5
Prepaid expenses and other current
assets
27.1
33.9
Total current assets
771.6
675.8
Property, plant and equipment
3,014.5
2,902.1
Less accumulated depreciation
(1,090.8
)
(1,025.6
)
Net property, plant and equipment
1,923.7
1,876.5
Goodwill and other intangible assets,
net
279.4
142.3
Investments in affiliated companies
45.8
48.7
Other assets
134.7
80.8
Total assets
$
3,155.2
$
2,824.1
Liabilities and Stockholders'
Equity
Liabilities:
Short-term borrowings
$
9.3
$
9.4
Accounts payable
164.5
161.9
Accrued compensation and benefits
70.6
75.8
Accrued liabilities
102.6
79.6
Total current liabilities
347.0
326.7
Long-term debt
1,115.2
947.4
Retirement obligations
41.9
42.0
Other non-current liabilities
233.3
186.0
Total liabilities
$
1,737.4
$
1,502.1
Stockholders' equity:
Common stock, $0.01 par value, 200.0
shares authorized,
109.3 shares issued at September 30, 2019
and 108.5 shares
issued at December 31, 2018
$
1.1
$
1.1
Additional paid-in capital
826.7
798.3
Retained earnings
1,920.0
1,726.5
Accumulated other comprehensive loss
(161.1
)
(108.0
)
2,586.7
2,417.9
Less – Treasury stock, at cost, 24.7 at
September 30, 2019 and 23.7 shares issued at December 31, 2018,
respectively
(1,168.9
)
(1,095.9
)
Total stockholders' equity
1,417.8
1,322.0
Total liabilities and stockholders'
equity
$
3,155.2
$
2,824.1
Hexcel Corporation and
Subsidiaries
Consolidated Statements of Cash
Flows
Unaudited
Nine Months Ended
September 30,
(In millions)
2019
2018
Cash flows from operating
activities
Net income
$
233.4
$
210.5
Reconciliation to net cash provided by
operating activities:
Depreciation and amortization
107.1
90.8
Amortization related to financing
1.1
1.2
Deferred income taxes
9.3
27.5
Equity in earnings from affiliated
companies
(2.9
)
(4.3
)
Stock-based compensation
15.9
14.0
Changes in assets and liabilities:
Increase in accounts receivable
(29.5
)
(27.7
)
Increase in inventories
(56.8
)
(32.1
)
Increase in prepaid expenses and other
current assets
(12.5
)
(5.0
)
Increase in accounts payable/accrued
liabilities
15.1
0.2
Other - net
(2.9
)
3.3
Net cash provided by operating activities
(a)
277.3
278.4
Cash flows from investing
activities
Capital expenditures (b)
(162.7
)
(150.2
)
Acquisitions of business and investments
in affiliates
(163.2
)
(0.7
)
Net cash used in investing activities
(325.9
)
(150.9
)
Cash flows from financing
activities
Net borrowing from senior unsecured credit
facilities
177.0
185.0
Repayment of capital lease obligation and
other debt, net
(9.6
)
(3.9
)
Issuance costs related to senior credit
facility
(2.2
)
-
Dividends paid
(39.9
)
(35.5
)
Repurchase of stock
(66.9
)
(282.8
)
Activity under stock plans
6.4
0.4
Net cash provided by (used in) financing
activities
64.8
(136.8
)
Effect of exchange rate changes on cash
and cash equivalents
(1.9
)
(3.6
)
Net increase (decrease) in cash and cash
equivalents
14.3
(12.9
)
Cash and cash equivalents at beginning of
period
32.7
60.1
Cash and cash equivalents at end of
period
$
47.0
$
47.2
Supplemental data:
Free Cash Flow (a)+(b)
$
114.6
$
128.2
Accrual basis additions to property, plant
and equipment
$
160.9
$
133.5
Hexcel Corporation and
Subsidiaries
Net Sales to Third-Party Customers by
Market
Quarters Ended September 30, 2019 and
2018
Unaudited
Table A
(In millions)
As Reported
Constant Currency (a)
B/(W)
FX
B/(W)
Market
2019
2018
%
Effect (b)
2018
%
Commercial Aerospace
$
385.9
$
373.1
3.4
$
(0.5
)
$
372.6
3.6
Space & Defense
109.8
90.4
21.5
(0.9
)
89.5
22.7
Industrial
76.8
77.0
(0.3
)
(2.2
)
74.8
2.7
Consolidated Total
$
572.5
$
540.5
5.9
$
(3.6
)
$
536.9
6.6
Consolidated % of Net Sales
%
%
%
Commercial Aerospace
67.4
69.0
69.4
Space & Defense
19.2
16.8
16.7
Industrial
13.4
14.2
13.9
Consolidated Total
100.0
100.0
100.0
Nine Months Ended September 30, 2019
and 2018
Unaudited
(In millions)
As Reported
Constant Currency (a)
B/(W)
FX
B/(W)
Market
2019
2018
%
Effect (b)
2018
%
Commercial Aerospace
$
1,217.9
$
1,139.6
6.9
$
(4.3
)
$
1,135.3
7.3
Space & Defense
329.4
272.2
21.0
(3.6
)
268.6
22.6
Industrial
244.1
216.3
12.9
(9.4
)
206.9
18.0
Consolidated Total
$
1,791.4
$
1,628.1
10.0
$
(17.3
)
$
1,610.8
11.2
Consolidated % of Net Sales
%
%
%
Commercial Aerospace
68.0
70.0
70.5
Space & Defense
18.4
16.7
16.7
Industrial
13.6
13.3
12.8
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 September
30, 2018 have been estimated using the same U.S. dollar, British
pound and Euro exchange rates as applied for the respective period
in 2019 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
Third Quarter 2019
Net sales to external customers
$
448.0
$
124.5
$
-
$
572.5
Intersegment sales
23.3
-
(23.3
)
-
Total sales
471.3
124.5
(23.3
)
572.5
Operating income (loss)
100.1
20.3
(10.5
)
109.9
% Operating margin
21.2
%
16.3
%
19.2
%
Depreciation and amortization
30.7
3.7
-
34.4
Stock-based compensation expense
1.2
0.2
1.0
2.4
Accrual based additions to capital
expenditures
51.0
2.3
-
53.3
Third Quarter 2018
Net sales to external customers
$
432.8
$
107.7
$
-
$
540.5
Intersegment sales
17.2
-
(17.2
)
-
Total sales
450.0
107.7
(17.2
)
540.5
Operating income (loss)
92.5
15.5
(11.5
)
96.5
% Operating margin
20.6
%
14.4
%
17.9
%
Depreciation and amortization
28.9
2.3
-
31.2
Stock-based compensation expense
1.2
0.2
0.6
2.0
Accrual based additions to capital
expenditures
41.4
2.1
-
43.5
Nine Months Ended September 30,
2019
Net sales to external customers
$
1,419.7
$
371.7
$
-
$
1,791.4
Intersegment sales
64.0
0.1
(64.1
)
-
Total sales
1,483.7
371.8
(64.1
)
1,791.4
Operating income (loss)
324.4
51.4
(48.0
)
327.8
% Operating margin
21.9
%
13.8
%
18.3
%
Depreciation and amortization
95.7
11.3
0.1
107.1
Stock-based compensation expense
6.4
1.4
8.1
15.9
Accrual based additions to capital
expenditures
156.8
4.1
-
160.9
Nine Months Ended September 30, 2018
Net sales to external customers
$
1,323.2
$
304.9
$
-
$
1,628.1
Intersegment sales
56.7
-
(56.7
)
-
Total sales
1,379.9
304.9
(56.7
)
1,628.1
Operating income (loss)
276.6
41.3
(42.5
)
275.4
% Operating margin
20.0
%
13.5
%
16.9
%
Depreciation and amortization
83.9
6.8
0.1
90.8
Stock-based compensation expense
5.7
1.0
7.3
14.0
Accrual based additions to capital
expenditures
130.1
3.4
-
133.5
(a) Hexcel does not allocate corporate
expenses to the operating segments.
Hexcel Corporation and
Subsidiaries
Reconciliation of GAAP to Non-GAAP Net
Income, EPS and Tax Rate
Table C
Unaudited
Quarters Ended September 30,
2019
2018
(In millions, except per diluted share
data)
Net Income
EPS
Tax Rate %
Net Income
EPS
Tax Rate %
GAAP
$
80.3
$
0.93
18.4
$
80.1
$
0.91
9.1
Discrete Tax Benefit (a)
(3.0
)
(0.03
)
3.0
(9.6
)
(0.11
)
11.2
Non-GAAP
$
77.3
$
0.90
21.4
$
70.5
$
0.80
20.3
Unaudited
Nine Months Ended September
30,
2019
2018
(In millions, except per diluted share
data)
Net Income
EPS
Tax Rate %
Net Income
EPS
Tax Rate %
GAAP
$
233.4
$
2.71
21.3
$
210.5
$
2.35
16.9
Discrete Tax Benefit (a)
(3.0
)
(0.03
)
1.0
(10.9
)
(0.12
)
4.4
Non-GAAP
$
230.4
$
2.68
22.3
$
199.6
$
2.23
21.3
(a)
The quarter ended September 30, 2019 benefited primarily from
tax credits identified during the quarter of $3.0 million. The
third quarter of 2018 included discrete benefits of $9.6 million
primarily related to a change in accounting method and release of a
valuation allowance in a foreign jurisdiction. The nine months
ended September 30, 2018 also included a discrete benefit of $1.3
million from the release of reserves for uncertain tax
positions.
NOTE: Management believes that adjusted net income,
adjusted diluted net income per share, the adjusted tax rate, and
free cash flow (defined as cash provided by operating activities
less cash payments for capital expenditures), which are non-GAAP
measures, 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.
Hexcel Corporation and
Subsidiaries
Schedule of Total Debt, Net of
Cash
Table D
Unaudited
September 30,
December 31,
September 30,
(In millions)
2019
2018
2018
Current portion capital lease
$
0.6
$
0.3
$
-
Euro term loan
8.7
9.1
9.3
Total current debt
9.3
9.4
9.3
Non-current portion of Euro term loan
40.3
51.4
52.5
Senior unsecured credit facility
379.0
202.0
235.0
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
(1.8
)
(2.0
)
(2.1
)
Senior notes deferred financing costs
(4.3
)
(4.8
)
(5.0
)
Other debt
2.0
0.8
0.3
Total long-term debt
1,115.2
947.4
980.7
Total Debt
1,124.5
956.8
990.0
Less: Cash and cash equivalents
(47.0
)
(32.7
)
(47.2
)
Total debt, net of cash
$
1,077.5
$
924.1
$
942.8
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191021005769/en/
Kurt Goddard, Vice President – Investor Relations (203) 352-6826
Kurt.Goddard@Hexcel.com
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