Regulatory News:
Quarter EndedDecember 31,
Year EndedDecember 31,
(In millions, except per share data)
2011 2010 % Change
2011 2010 % Change Net
Sales
$ 355.3 $ 311.0 14.2%
$ 1,392.4 $
1,173.6 18.6% Net sales change in constant currency 14.4% 17.1%
Operating Income
49.4 31.0 59%
192.0 129.8 48% Net
Income
39.5 22.9 72%
135.5 77.4 75% Diluted net
income per common share
$ 0.39 $ 0.23 70%
$
1.35 $ 0.77 75% Non-GAAP Measures for y-o-y
comparisons: Adjusted Operating Income (table C)
$
49.4 $ 31.0 59%
$ 189.0 $ 133.3 42% As a % of
sales
13.9% 10.0%
13.6% 11.4% Adjusted Net Income
(table C)
33.7 20.0 69%
124.9 77.5 61% Adjusted
diluted net income per share
$ 0.33 $
0.20 65%
$ 1.24 $ 0.78
59%
Hexcel Corporation (NYSE: HXL) (Paris:HXL), today reported
results for the fourth quarter of 2011. Net sales during the
quarter were $355.3 million, 14.2% higher than the $311.0 million
reported for the fourth quarter of 2010. Operating income for the
period was $49.4 million, compared to $31.0 million last year. Net
income for the fourth quarter of 2011 was $39.5 million, or $0.39
per diluted share, compared to $22.9 million or $0.23 per diluted
share in 2010. Excluding the impact of tax adjustments (Table C),
adjusted diluted net income for the fourth quarter of 2011 was
$0.33 per share compared to $0.20 per share in 2010.
Chief Executive Officer
Comments
Mr. Berges commented, “This was another strong quarter that
completed a very good year for Hexcel. For the quarter, our
adjusted diluted EPS of $0.33 was 65% higher than last year on a
14.4% increase in constant currency sales, while for the year our
adjusted diluted EPS of $1.24 was 59% higher on a 17.1% increase in
constant currency sales. Revenues from the commercial aerospace
market, now nearly 60% of our total sales, grew 21% this quarter
compared to the prior year. Solid gross margins coupled with
continued cost controls allowed us to achieve fourth quarter
operating margins of 13.9% versus 10.0% in 2010. The quarter was
consistent with the strong execution displayed throughout 2011,
enabling us to improve our adjusted operating margin for the year
to 13.6%, as compared to 11.4% in 2010.”
Looking ahead, Mr. Berges said, “Despite concerns about the
global economy, the large backlogs of orders at our major customers
suggest we are well positioned for 2012 and beyond. As previously
disclosed, we are accelerating our capital spending plans to expand
our capacity in line with our outlook. We remain focused on
delivering earnings leverage on our expected higher levels of sales
in the coming years. We reaffirm our previously announced 2012
guidance and look forward to a period of sustained growth.”
Markets
Commercial Aerospace
- Commercial Aerospace sales of $210.7
million increased 21.0% (21.3% in constant currency) for the
quarter as compared to the fourth quarter of 2010. Revenues
attributed to new aircraft programs (A380, A350, B787, B747-8)
increased more than 20% versus the same period last year and
continue to comprise more than 25% of Commercial Aerospace sales.
Airbus and Boeing legacy aircraft related sales for the quarter and
for the year were up over 15% compared to 2010 as we experience
increasing demand related to expected line-rate increases.
- Sales to “Other Commercial Aerospace,”
which include regional and business aircraft customers, were up
over 30% for the fourth quarter compared to 2010.
- For the full year 2011, Commercial
Aerospace sales were up 27.1% in constant currency. Combined sales
to Airbus and Boeing and their subcontractors accounted for 82% of
Commercial Aerospace sales. “Other Commercial Aerospace” sales were
up 34% for the full year and totaled $150 million for the year.
This was down from the $200 million 2008 peak, but about 50% above
the trough which began in late 2009.
Space & Defense
- Space & Defense sales of $77.1
million were 8.4% lower (8.2% in constant currency) than the record
fourth quarter of 2010, due primarily to the timing of shipments.
For the year, Space & Defense sales were up 2.0% in constant
currency over 2010.
Industrial
- Total Industrial sales of $67.5 million
for the fourth quarter of 2011 were 28.1% higher (27.8% in constant
currency) than the fourth quarter of 2010. Wind sales were up
significantly from a weak fourth quarter of 2010. For the year,
wind sales were up more than 15% in constant currency and grew
sequentially in each of the four quarters.
Operations
- This quarter benefitted from strong
sales volume and the continued improvement in operating performance
resulting in gross margin of 24.1% of net sales for the quarter as
compared to 21.7% in the fourth quarter of 2010. In addition,
combined with good selling, general and administrative expense
control, adjusted operating income was 13.9% for the quarter
compared to 10.0% for the fourth quarter of 2010.
- Gross margin for the year was 24.6% as
compared to 24.1% last year. Selling, general and administrative
expenses were only 1.7% higher than 2010 for the year, while sales
increased 18.6% resulting in adjusted operating income leverage of
25.5% on the incremental sales. Adjusted operating income of $189.0
million for the year was $55.7 million higher than 2010, as
adjusted operating income improved from 11.4% of sales in 2010 to
13.6% for 2011.
Tax
- The tax provision was $8.1 million for
the fourth quarter of 2011, an effective tax rate of 17.2%. The
current quarter included benefits of $5.8 million primarily related
to the reversal of valuation allowances against net operating loss
and foreign tax credit carry-forwards, while the fourth quarter of
2010 included $2.9 million of these benefits. Excluding these
benefits, our effective tax rate would have been 29.5% for the
quarter, versus 25.7% for the same period the prior year. Excluding
the tax adjustments in Table C, our effective tax rate was 30.1%
for the full year 2011 and 29.4% for 2010.
Cash and other
- Free cash flow for 2011 was $12.5
million versus $77.7 million in 2010, as higher earnings were more
than offset by increased capital spending. Free cash flow is
defined as cash provided from operating activities less cash paid
for capital expenditures. Total debt, net of cash as of December
31, 2011 was $201.4 million, a decrease of $13.6 million from
December 31, 2010. As of December 31, 2011 we had $254 million in
available borrowing capacity and cash on hand. Our accrual basis
capital expenditures were $184.5 million for the full year 2011,
while cash capital expenditures were $158 million due to
significant commitments made in December 2011 that will be paid for
in the first quarter of 2012.
- Interest expense for the fourth quarter
was $2.3 million compared to $4.2 million last year. For the year,
interest expense was $11.6 million compared to $23.2 million in
2010. The decrease reflects the lower borrowing rate as a result of
the July 2010 refinancing and the February 1, 2011 bond redemption,
as well as lower average outstanding debt for the year.
2012 Outlook
We reaffirm our 2012 outlook, which was previously issued on
December 7, 2011. Our 2012 outlook includes:
- Sales to be in the range of $1,500 to
$1,600 million
- Adjusted diluted earnings per share to
be in the range of $1.33 to $1.45
- Accrual basis capital expenditures to
be in the range of $250 to $275 million. We expect our capital
spending to be funded by our cash from operating activities and our
existing credit facilities.
*****
Hexcel will host a conference call at 11:00 A.M. ET, tomorrow,
January 26, 2012 to discuss the fourth quarter results and respond
to analyst questions. The telephone number for the conference call
is (719) 325-4816 and the confirmation code is 9180149. 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
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 EndedDecember 31,
Year EndedDecember 31,
(In millions, except per share data)
2011
2010
2011 2010 Net
sales
$ 355.3 $ 311.0
$ 1,392.4
$ 1,173.6 Cost of sales
269.7
243.4
1,050.3
891.0 Gross margin
85.6 67.6
342.1 282.6 % Gross margin
24.1 % 21.7 %
24.6 % 24.1 % Selling, general and
administrative expenses
28.0 28.8
120.5 118.5
Research and technology expenses
8.2 7.8
32.6 30.8
Other operating (income) expense (a) —
—
(3.0 )
3.5 Operating income
49.4 31.0
192.0
129.8 Interest expense, net
2.3 4.2
11.6 23.2
Non-operating expense (b) — —
4.9 6.8
Income before income taxes and equity in earnings from
affiliated companies
47.1 26.8
175.5 99.8 Provision
for income taxes (c)
8.1
4.0
41.6 22.9
Income before equity in earnings from affiliated
companies
39.0 22.8
133.9 76.9 Equity in earnings
from affiliated companies
0.5
0.1
1.6 0.5
Net income
$ 39.5
$ 22.9
$ 135.5 $ 77.4
Basic net income per common share:
$ 0.40 $ 0.23
$ 1.37
$ 0.79 Diluted net income per common share:
$ 0.39 $ 0.23
$ 1.35
$ 0.77 Weighted-average common shares:
Basic
99.2 97.7
98.8 97.6 Diluted
101.3 100.1
100.7 99.9
(a) Other operating (income) expense for the year ended December
31, 2011 includes a $5.7 million benefit from the curtailment of a
pension plan. Other operating (income) expense for the full years
2011 and 2010 also includes $2.7 million and $3.5 million,
respectively, for charges to the environmental reserves primarily
for remediation at a manufacturing facility sold in 1986.
(b) Non-operating expense for year ended December 31, 2011 is
the accelerated amortization of deferred financing costs and
expensing of the call premium from redeeming $150 million of 6.75%
senior subordinated notes. The $6.8 million non-operating expense
in the full year 2010 reflects the accelerated amortization of
deferred financing costs as a result of the refinancing of our
Senior Secured Credit Facility.
(c) The quarter ended December 31, 2011 includes a $5.8
million benefit primarily from the reversal of valuation allowances
against net operating loss and foreign tax credit carryforwards.
The year ended December 31, 2011 also includes a tax benefit
from the release of $5.5 million of reserves primarily for
uncertain tax positions as a result of an audit settlement. The
quarter ended December 31, 2010 includes a $2.9 million
benefit from the reversal of valuation allowances against U.S.
deferred tax assets. The year ended December 31, 2010 also
includes a $3.5 million benefit from New Clean Energy Manufacturing
Tax Credits awarded in January 2010 for qualifying capital
investments made in our U.S. wind energy facility in 2009.
Hexcel Corporation and Subsidiaries
Condensed Consolidated Balance
Sheets
Unaudited
(In millions)
December 31, 2011
December 31, 2010
Assets Current assets: Cash and cash equivalents $
49.5 $ 117.2 Accounts receivable, net
199.3 173.9
Inventories, net
215.7 169.9 Prepaid expenses and other
current assets
59.8 36.7
Total current assets
524.3 497.7 Property,
plant and equipment
1,223.5 1,063.9 Less accumulated
depreciation
(501.4 )
(465.6 ) Property, plant and equipment, net
722.1 598.3
Goodwill and other intangible assets, net
57.4 56.2
Investments in affiliated companies
21.7 19.9 Deferred tax
assets
33.0 63.6 Other assets
17.6
22.4 Total assets $
1,376.1 $ 1,258.1
Liabilities
and Stockholders' Equity Current liabilities: Notes payable and
current maturities of capital lease obligations $
12.6 $
27.6 Accounts payable
141.7 83.0 Accrued liabilities
93.2 95.3 Total current
liabilities
247.5 205.9 Long-term notes payable and
capital lease obligations
238.3 304.6 Other non-current
liabilities
88.1 88.2
Total liabilities
573.9 598.7 Stockholders'
equity: Common stock, $0.01 par value, 200.0 shares authorized,
101.0 shares issued at December 31, 2011 and 99.5 shares issued at
December 31, 2010
1.0 1.0 Additional paid-in capital
589.2 552.3 Retained earnings
283.9 148.4 Accumulated
other comprehensive loss
(39.8 )
(15.1 )
834.3 686.6 Less – Treasury stock, at cost,
2.2 shares at December 31, 2011 2010, respectively
(32.1 ) (27.2 ) Total stockholders'
equity
802.2 659.4
Total liabilities and stockholders' equity $
1,376.1
$ 1,258.1
Hexcel Corporation and
Subsidiaries Condensed Consolidated Statements of Cash
Flows Unaudited
Year to Date Ended December 31,
(In millions)
2011 2010
Cash flows
from operating activities Net income
$ 135.5 $
77.4 Reconciliation to net cash provided by operating
activities: Depreciation and amortization
55.3 53.2
Amortization of debt discount and deferred financing costs and call
premium expense
7.1 10.3 Deferred income taxes
23.4
16.1 Equity in earnings from affiliated companies
(1.6
) (0.5 ) Share-based compensation
13.9 12.4 Pension
curtailment gain
(5.7 ) — Excess tax benefits on
share-based compensation
(8.5 ) (2.3 ) Changes
in assets and liabilities: Increase in accounts receivable
(28.2 ) (22.5 ) Increase in inventories
(48.8
) (16.7 ) Increase in prepaid expenses and other current
assets
(1.1 ) (0.2 ) Increase in accounts
payable/accrued liabilities
34.1 4.5 Other – net
(4.9 ) (5.2 ) Net cash provided
by operating activities (a)
170.5
126.5
Cash flows from investing
activities Capital expenditures and deposits for capital
purchases (b)
(158.0 ) (48.8 ) Settlement of foreign
currency hedge
(5.2 ) —
Net cash used in investing activities
(163.2 ) (48.8 )
Cash flows
from financing activities Borrowings from senior secured credit
facility
135.0 — Repayment of 6.75% senior subordinated
notes
(151.5 ) — Repayment of senior secured credit
facility
(57.0 ) — Repayment of senior secured credit
facility – term loan
(5.0 ) (2.5 ) Call premium
payment for 6.75% senior subordinated notes
(3.4 ) —
(Repayments) borrowings from credit line
(2.3 ) 3.9
Repayments of capital lease obligations and other debt, net
(0.7 ) (0.5 ) Borrowings from senior secured credit
facility – new and former term B loan — 100.0 Repayment of senior
secured credit facility – former term loans
— (164.1 )
Issuance costs related to new Senior Secured Credit Facility
— (5.1 ) Activity under stock plans
10.5 3.1 Net cash used in
financing activities
(74.4 )
(65.2 ) Effect of exchange rate changes on cash and
cash equivalents
(0.6 )
(5.4 ) Net (decrease) increase in cash and cash equivalents
(67.7 ) 7.1 Cash and cash equivalents at beginning of
period
117.2 110.1
Cash and cash equivalents at end of period
$
49.5 $ 117.2
Supplemental
Data: Free cash flow (a)+(b)
$ 12.5 $ 77.7 Cash
interest paid
15.5 23.5 Cash taxes paid (refunded)
10.2 (1.5 ) Accrual basis additions to property, plant and
equipment
$ 184.5 $ 60.7
Hexcel Corporation and
Subsidiaries Net Sales to Third-Party Customers by Market
Segment Quarters Ended December 31, 2011 and 2010
(Unaudited) Table A (In millions)
As
Reported Constant Currency (a) Market
Segment 2011 2010
B/(W) %
FX Effect (b)
2010
B/(W) %
Commercial Aerospace
$ 210.7 $ 174.1
21.0 $ (0.4)
$ 173.7
21.3 Space & Defense
77.1 84.2
(8.4) (0.2)
84.0 (8.2) Industrial
67.5 52.7
28.1
0.1
52.8 27.8
Consolidated Total $ 355.3 $
311.0
14.2 $ (0.5)
$
310.5 14.4 Consolidated % of Net Sales
% %
% Commercial Aerospace
59.3 56.0
55.9 Space & Defense
21.7 27.1
27.1 Industrial
19.0 16.9
17.0
Consolidated Total 100.0
100.0
100.0 Years Ended December 31, 2011 and
2010 (Unaudited) Table A (In millions)
As Reported Constant Currency (a)
Market Segment 2011 2010
B/(W) %
FX Effect (b)
2010
B/(W) %
Commercial Aerospace
$ 823.5 $ 644.7
27.7 $ 3.1
$ 647.8
27.1 Space & Defense
319.4 310.5
2.9 2.7
313.2 2.0 Industrial
249.5
218.4
14.2 9.6
228.0 9.4 Consolidated Total
$ 1,392.4 $ 1,173.6
18.6
$ 15.4
$ 1,189.0 17.1
Consolidated % of Net Sales %
%
%
Commercial Aerospace
59.2 54.9
54.5
Space & Defense
22.9 26.5
26.3 Industrial
17.9 18.6
19.2 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, 2010 have been estimated using the same U.S. dollar, British
pound and Euro exchange rates as applied for the respective period
in 2011 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 Fourth Quarter
2011
Net sales to external customers
$ 279.0 $ 76.3 $
— $ 355.3 Intersegment sales
11.4 0.8
(12.2 ) — Total
sales
290.4 77.1 (12.2 ) 355.3
Operating income (loss)
51.1 11.0 (12.7
) 49.4 % Operating margin
17.6 %
14.3 % 13.9 % Depreciation and
amortization
12.6 1.1 — 13.7
Stock-based compensation expense
0.9 0.2 1.5
2.6 Accrual based additions to capital expenditures
77.4 2.3
0.5 80.2 Fourth
Quarter 2010
Net sales to external customers $ 240.6 $ 70.4 $ — $
311.0 Intersegment sales 8.5 0.3
(8.8 ) — Total sales
249.1 70.7 (8.8 ) 311.0 Operating income (loss) (b) 32.0
11.8 (12.8 ) 31.0 % Operating margin 12.8 % 16.7 % 10.0 %
Depreciation and amortization 12.9 1.0 — 13.9 Stock-based
compensation expense 0.7 0.1 1.1 1.9 Accrual based additions to
capital expenditures 34.7 1.9
— 36.6
Full Year
2011
Net sales to external customers
$ 1,074.5 $ 317.9 $ —
$ 1,392.4 Intersegment sales
53.8 1.6
(55.4 ) — Total sales
1,128.3 319.5 (55.4 ) 1,392.4
Operating income (loss) (b)
194.5 51.6
(54.1 ) 192.0 % Operating margin
17.2
% 16.2 % 13.8 % Other
operating (income) expense
(5.7 ) — 2.7
(3.0 ) Depreciation and amortization
50.8
4.3 0.2 55.3 Stock-based compensation expense
4.3 1.1 8.5 13.9 Accrual based
additions to capital expenditures
176.6
6.9 1.0
184.5 Full Year 2010
Net sales to
external customers $ 904.5 $ 269.1 $ — $ 1,173.6 Intersegment sales
38.7 0.6
(39.3 ) — Total sales 943.2 269.7 (39.3 )
1,173.6 Operating income (loss) (b) 139.6 45.7 (55.5 ) 129.8
% Operating margin 14.8 % 16.9 % 11.1 % Other operating
expense — — 3.5 3.5 Depreciation and amortization 49.1 3.9 0.2 53.2
Stock-based compensation expense 4.2 0.7 7.5 12.4 Accrual based
additions to capital expenditures 57.3
3.3 0.1 60.7
(a) We do not allocate corporate expenses to the operating
segments.
(b) The full year 2011 Composite Materials operating income
includes a $5.7 million benefit from the curtailment of a pension
plan. The full years 2011 and 2010 Corporate and Other includes
$2.7 million and $3.5 million, respectively, for charges to the
environmental reserves primarily for remediation at a manufacturing
facility sold in 1986.
Hexcel Corporation and Subsidiaries Reconciliation of
GAAP and Non-GAAP Operating Income and Net Income
Table C Unaudited Quarter Ended
December 31,
Year Ended
December 31,
(In millions)
2011 2010
2011 2010 GAAP operating income
$ 49.4 31.0
$ 192.0 $ 129.8 - Other
operating (income) expense (b)
—
—
(3.0 ) 3.5
Adjusted Operating Income
$ 49.4 31.0
$
189.0 $ 133.3 % of Net Sales
13.9 % 10.0 %
13.6 % 11.4 % - Stock Compensation Expense
$
2.6 1.9
$ 13.9 $ 12.4 - Depreciation and
Amortization
13.7 13.9
55.3 53.2 Adjusted
EBITDA
$ 65.7 46.8
$ 258.2 $ 198.9
Unaudited Quarter Ended December 31,
2011
2010 (In millions, except per diluted share data)
As Reported EPS As Reported EPS
GAAP net income
$ 39.5 $
0.39 $ 22.9 $ 0.23 - Benefit from tax adjustments (a)
(5.8 ) (0.06 )
(2.9 ) (0.03 ) Adjusted net income
$
33.7 $ 0.33 $ 20.0
$ 0.20 Unaudited Year Ended December 31,
2011
2010 (In millions, except per diluted share data)
As Reported EPS As Reported EPS
GAAP net income
$ 135.5 $ 1.35 $ 77.4 $
0.77 - Other operating (income) expense (net of tax) (b)
(2.3 ) (0.02 ) 2.2 0.02 - Non-operating
expense (net of tax) (c)
3.0 0.03 4.3 0.04 - Benefit
from tax audit settlement and other tax adjustments (a)
(11.3 ) (0.11 )
(6.4 ) (0.06 ) Adjusted net income
$
124.9 $ 1.24 $ 77.5
$ 0.78
(a) The quarter ended December 31, 2011 includes a $5.8
million benefit primarily from the reversal of valuation allowances
against net operating loss and foreign tax credit carryforwards.
The year ended December 31, 2011 also includes a tax benefit
from the release of $5.5 million of reserves primarily for
uncertain tax positions as a result of an audit settlement. The
quarter ended December 31, 2010 includes a $2.9 million
benefit from the reversal of valuation allowances against U.S.
deferred tax assets. The year ended December 31, 2010 also
includes a $3.5 million benefit from New Clean Energy Manufacturing
Tax Credits awarded in January 2010 for qualifying capital
investments made in our U.S. wind energy facility in 2009.
(b) Other operating (income) expense for the year ended December
31, 2011 includes a $5.7 million benefit from the curtailment of a
pension plan. In 2011 and 2010, other operating (income) expense
includes increases in environmental reserves of $2.7 million and
$3.5 million, respectively, primarily for remediation of a
manufacturing facility sold in 1986.
(c) Non-operating expense for the year ended December 31, 2011
is the accelerated amortization of deferred financing costs and
expensing of the call premium from redeeming $150 million of 6.75%
senior subordinated notes. Non-operating expense for the year ended
December 31, 2010 is the acceleration of deferred financing costs
due to the refinancing of the Senior Secured Credit Facility.
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 Net
Income Per Common Share Table D Unaudited
Quarter Ended
December 31,
Year Ended
December 31,
(In millions, except per share data)
2011 2010
2011 2010
Basic net income
per common share: Net income
$ 39.5 $ 22.9
$ 135.5 $ 77.4 Weighted average common shares
outstanding
99.2 97.7
98.8 97.6
Basic net income
per common share $ 0.40 $ 0.23
$ 1.37 $ 0.79
Diluted net
income per common share: Net income
$ 39.5 $ 22.9
$ 135.5 $ 77.4 Weighted average common shares
outstanding – Basic
99.2 97.7
98.8 97.6 Plus
incremental shares from assumed conversions: Restricted stock units
0.9 0.9
0.9 1.0 Stock Options
1.2 1.5
1.0
1.3 Weighted average common shares outstanding–Dilutive
101.3 100.1
100.7
99.9
Diluted net income per common
share $ 0.39 $ 0.23
$
1.35 $ 0.77
Hexcel Corporation and
Subsidiaries Schedule of Total Debt, Net of Cash
Table E Unaudited
December 31, September 30, December 31, (In
millions)
2011 2011 2010 Notes
payable and current maturities of capital lease obligations
$ 12.6 $ 11.9 $ 27.6 Long-term notes payable and
capital lease obligations
238.3
236.9 304.6 Total Debt
250.9 248.8 332.2 Less: Cash and cash equivalents
(49.5 ) (48.4 )
(117.2 ) Total debt, net of cash
$ 201.4
$ 200.4 $ 215.0
Hexcel (TG:HXL)
Historical Stock Chart
From Jan 2025 to Feb 2025
Hexcel (TG:HXL)
Historical Stock Chart
From Feb 2024 to Feb 2025
