Quarterly Report (10-q)
25 Juli 2022 - 10:32PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2022
or
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
Commission File Number 1-8472
Hexcel Corporation
(Exact name of registrant as specified in its charter)
|
|
|
Delaware |
|
94-1109521 |
(State or Other Jurisdiction of Incorporation or Organization) |
|
(I.R.S. Employer Identification No.) |
Two Stamford Plaza
281 Tresser Boulevard
Stamford, Connecticut 06901-3238
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (203) 969-0666
Securities registered pursuant to Section 12(b) of the Act:
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|
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|
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
Non-accelerated filer |
|
Smaller reporting company ☐ |
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|
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
|
|
Class |
|
Outstanding at July 21, 2022 |
COMMON STOCK |
|
84,102,467 |
HEXCEL CORPORATION AND SUBSIDIARIES
INDEX
2
PART I. FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Financial Statements
Hexcel Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
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|
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|
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(Unaudited) |
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|
|
June 30, |
|
|
December 31, |
|
(In millions) |
|
2022 |
|
|
2021 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
99.2 |
|
|
$ |
127.7 |
|
Accounts receivable, net |
|
|
234.2 |
|
|
|
160.3 |
|
Inventories, net |
|
|
271.5 |
|
|
|
245.7 |
|
Contract assets |
|
|
30.1 |
|
|
|
30.5 |
|
Prepaid expenses and other current assets |
|
|
44.3 |
|
|
|
39.5 |
|
Assets held for sale |
|
|
12.6 |
|
|
|
12.6 |
|
Total current assets |
|
|
691.9 |
|
|
|
616.3 |
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
3,045.4 |
|
|
|
3,110.0 |
|
Less accumulated depreciation |
|
|
(1,375.1 |
) |
|
|
(1,363.9 |
) |
Net property, plant and equipment |
|
|
1,670.3 |
|
|
|
1,746.1 |
|
|
|
|
|
|
|
|
Goodwill and other intangible assets, net |
|
|
258.8 |
|
|
|
267.5 |
|
Investments in affiliated companies |
|
|
46.1 |
|
|
|
44.6 |
|
Other assets |
|
|
152.3 |
|
|
|
144.9 |
|
Total assets |
|
$ |
2,819.4 |
|
|
$ |
2,819.4 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term borrowings |
|
$ |
0.5 |
|
|
$ |
0.9 |
|
Accounts payable |
|
|
103.4 |
|
|
|
113.2 |
|
Accrued compensation and benefits |
|
|
71.3 |
|
|
|
54.4 |
|
Financial instruments |
|
|
20.7 |
|
|
|
5.7 |
|
Accrued liabilities |
|
|
75.3 |
|
|
|
73.4 |
|
Total current liabilities |
|
|
271.2 |
|
|
|
247.6 |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
812.0 |
|
|
|
822.4 |
|
Retirement obligations |
|
|
48.7 |
|
|
|
52.6 |
|
Deferred income taxes |
|
|
128.6 |
|
|
|
140.0 |
|
Other non-current liabilities |
|
|
78.6 |
|
|
|
71.3 |
|
Total liabilities |
|
|
1,339.1 |
|
|
|
1,333.9 |
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock, $0.01 par value, 200.0 shares authorized, 110.3 shares and 110.1 shares issued at June 30, 2022 and December 31, 2021, respectively |
|
|
1.1 |
|
|
|
1.1 |
|
Additional paid-in capital |
|
|
894.1 |
|
|
|
878.6 |
|
Retained earnings |
|
|
2,058.0 |
|
|
|
2,012.5 |
|
Accumulated other comprehensive loss |
|
|
(191.3 |
) |
|
|
(126.5 |
) |
|
|
|
2,761.9 |
|
|
|
2,765.7 |
|
Less – Treasury stock, at cost, 26.2 shares at June 30, 2022 and 26.1 shares
at December 31, 2021 |
|
|
(1,281.6 |
) |
|
|
(1,280.2 |
) |
Total stockholders' equity |
|
|
1,480.3 |
|
|
|
1,485.5 |
|
Total liabilities and stockholders' equity |
|
$ |
2,819.4 |
|
|
$ |
2,819.4 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
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|
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|
|
|
Hexcel Corporation and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
Quarter Ended June 30, |
|
|
Six Months Ended June 30, |
|
(In millions, except per share data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net sales |
|
$ |
393.0 |
|
|
$ |
320.3 |
|
|
$ |
783.6 |
|
|
$ |
630.6 |
|
Cost of sales |
|
|
303.5 |
|
|
|
258.4 |
|
|
|
607.4 |
|
|
|
515.6 |
|
Gross margin |
|
|
89.5 |
|
|
|
61.9 |
|
|
|
176.2 |
|
|
|
115.0 |
|
Selling, general and administrative expenses |
|
|
33.5 |
|
|
|
31.1 |
|
|
|
78.2 |
|
|
|
70.7 |
|
Research and technology expenses |
|
|
11.3 |
|
|
|
11.5 |
|
|
|
22.2 |
|
|
|
23.1 |
|
Other operating (income) expense |
|
|
(19.1 |
) |
|
|
3.1 |
|
|
|
(18.1 |
) |
|
|
15.2 |
|
Operating income |
|
|
63.8 |
|
|
|
16.2 |
|
|
|
93.9 |
|
|
|
6.0 |
|
Interest expense, net |
|
|
8.9 |
|
|
|
9.3 |
|
|
|
18.0 |
|
|
|
19.6 |
|
Other income |
|
|
(0.3 |
) |
|
|
- |
|
|
|
(0.3 |
) |
|
|
- |
|
Income (loss) before income taxes, and equity in earnings from affiliated companies |
|
|
55.2 |
|
|
|
6.9 |
|
|
|
76.2 |
|
|
|
(13.6 |
) |
Income tax expense (benefit) |
|
|
12.7 |
|
|
|
4.0 |
|
|
|
17.4 |
|
|
|
(3.5 |
) |
Income (loss) before equity in earnings from affiliated companies |
|
|
42.5 |
|
|
|
2.9 |
|
|
|
58.8 |
|
|
|
(10.1 |
) |
Equity in earnings (losses) from affiliated companies |
|
|
2.2 |
|
|
|
(0.7 |
) |
|
|
3.7 |
|
|
|
(1.7 |
) |
Net income (loss) |
|
$ |
44.7 |
|
|
$ |
2.2 |
|
|
$ |
62.5 |
|
|
$ |
(11.8 |
) |
Basic net income (loss) per common share |
|
$ |
0.53 |
|
|
$ |
0.03 |
|
|
$ |
0.74 |
|
|
$ |
(0.14 |
) |
Diluted net income (loss) per common share |
|
$ |
0.53 |
|
|
$ |
0.03 |
|
|
$ |
0.74 |
|
|
$ |
(0.14 |
) |
Weighted-average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
84.4 |
|
|
|
84.1 |
|
|
|
84.3 |
|
|
|
84.0 |
|
Diluted |
|
|
85.0 |
|
|
|
84.7 |
|
|
|
84.9 |
|
|
|
84.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hexcel Corporation and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive (Loss) Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
Quarter Ended June 30, |
|
|
Six Months Ended June 30, |
|
(In millions) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income (loss) |
|
$ |
44.7 |
|
|
$ |
2.2 |
|
|
$ |
62.5 |
|
|
$ |
(11.8 |
) |
Currency translation adjustments |
|
|
(34.8 |
) |
|
|
4.2 |
|
|
|
(50.5 |
) |
|
|
(7.8 |
) |
Net unrealized pension and other benefit actuarial gains (losses) and prior service credits (net of tax) |
|
|
4.5 |
|
|
|
(0.2 |
) |
|
|
7.7 |
|
|
|
(1.9 |
) |
Net unrealized gains (losses) on financial instruments (net of tax) |
|
|
(16.9 |
) |
|
|
1.5 |
|
|
|
(22.0 |
) |
|
|
(3.9 |
) |
Total other comprehensive (loss) income |
|
|
(47.2 |
) |
|
|
5.5 |
|
|
|
(64.8 |
) |
|
|
(13.6 |
) |
Comprehensive (loss) income |
|
$ |
(2.5 |
) |
|
$ |
7.7 |
|
|
$ |
(2.3 |
) |
|
$ |
(25.4 |
) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Hexcel Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
Six Months Ended June 30, |
|
(In millions) |
|
2022 |
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
62.5 |
|
|
$ |
(11.8 |
) |
Reconciliation to net cash used by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
63.9 |
|
|
|
68.7 |
|
Amortization related to financing |
|
|
0.4 |
|
|
|
2.1 |
|
Deferred income taxes |
|
|
(4.1 |
) |
|
|
(10.7 |
) |
Equity in (earnings) losses from affiliated companies |
|
|
(3.7 |
) |
|
|
1.7 |
|
Stock-based compensation |
|
|
12.8 |
|
|
|
13.3 |
|
Merger and restructuring expenses, net of payments |
|
|
(6.0 |
) |
|
|
(2.5 |
) |
Gain on sale of asset |
|
|
(19.4 |
) |
|
|
- |
|
Gain on sale of investment |
|
|
(0.3 |
) |
|
|
- |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
Increase in accounts receivable |
|
|
(74.5 |
) |
|
|
(45.9 |
) |
Increase in inventories |
|
|
(38.9 |
) |
|
|
(21.8 |
) |
Increase in prepaid expenses and other current assets |
|
|
(10.1 |
) |
|
|
(2.6 |
) |
Increase in accounts payable/accrued liabilities |
|
|
28.4 |
|
|
|
50.7 |
|
Other – net |
|
|
7.3 |
|
|
|
(2.3 |
) |
Net cash provided by operating activities |
|
|
18.3 |
|
|
|
38.9 |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Capital expenditures |
|
|
(37.9 |
) |
|
|
(9.2 |
) |
Proceeds from sale of asset |
|
|
21.2 |
|
|
|
- |
|
Proceeds from sale of investments |
|
|
0.5 |
|
|
|
- |
|
Net cash used for investing activities |
|
|
(16.2 |
) |
|
|
(9.2 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Borrowing from senior unsecured credit facility - 2024 |
|
|
35.0 |
|
|
|
- |
|
Repayment of senior unsecured credit facility - 2024 |
|
|
(46.0 |
) |
|
|
(21.0 |
) |
Repayment of finance lease obligation and other debt, net |
|
|
(0.2 |
) |
|
|
(0.4 |
) |
Dividends paid |
|
|
(16.8 |
) |
|
|
- |
|
Activity under stock plans |
|
|
1.4 |
|
|
|
4.8 |
|
Net cash used for financing activities |
|
|
(26.6 |
) |
|
|
(16.6 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(4.0 |
) |
|
|
(1.1 |
) |
Net (decrease) increase in cash and cash equivalents |
|
|
(28.5 |
) |
|
|
12.0 |
|
Cash and cash equivalents at beginning of period |
|
|
127.7 |
|
|
|
103.3 |
|
Cash and cash equivalents at end of period |
|
$ |
99.2 |
|
|
$ |
115.3 |
|
Supplemental data: |
|
|
|
|
|
|
Accrual basis additions to plant, property and equipment |
|
$ |
28.3 |
|
|
$ |
7.8 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
5
Hexcel Corporation and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
For the Quarter and Six Months ended June 30, 2022, and June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
|
|
|
Total |
|
|
|
|
|
|
Paid-In |
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Stockholders’ |
|
(In millions) |
|
Par |
|
|
Capital |
|
|
Earnings |
|
|
Loss |
|
|
Stock |
|
|
Equity |
|
Balance, December 31, 2020 |
|
$ |
1.1 |
|
|
$ |
849.7 |
|
|
$ |
1,996.4 |
|
|
$ |
(59.6 |
) |
|
$ |
(1,277.4 |
) |
|
$ |
1,510.2 |
|
Net loss |
|
— |
|
|
— |
|
|
|
(14.0 |
) |
|
— |
|
|
— |
|
|
|
(14.0 |
) |
Change in other comprehensive (loss)– net of tax |
|
— |
|
|
— |
|
|
— |
|
|
|
(19.1 |
) |
|
— |
|
|
|
(19.1 |
) |
Stock based compensation |
|
— |
|
|
|
11.8 |
|
|
— |
|
|
— |
|
|
|
(2.0 |
) |
|
|
9.8 |
|
Balance, March 31, 2021 |
|
$ |
1.1 |
|
|
$ |
861.5 |
|
|
$ |
1,982.4 |
|
|
$ |
(78.7 |
) |
|
$ |
(1,279.4 |
) |
|
$ |
1,486.9 |
|
Net income |
|
— |
|
|
— |
|
|
|
2.2 |
|
|
— |
|
|
— |
|
|
|
2.2 |
|
Change in other comprehensive income – net of tax |
|
— |
|
|
— |
|
|
— |
|
|
|
5.5 |
|
|
— |
|
|
|
5.5 |
|
Stock based compensation |
|
— |
|
|
|
8.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
8.2 |
|
Balance, June 30, 2021 |
|
$ |
1.1 |
|
|
$ |
869.7 |
|
|
$ |
1,984.6 |
|
|
$ |
(73.2 |
) |
|
$ |
(1,279.4 |
) |
|
$ |
1,502.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
|
|
|
|
Total |
|
|
|
|
|
|
Paid-In |
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Stockholders’ |
|
(In millions) |
|
Par |
|
|
Capital |
|
|
Earnings |
|
|
Loss |
|
|
Stock |
|
|
Equity |
|
Balance, December 31, 2021 |
|
$ |
1.1 |
|
|
$ |
878.6 |
|
|
$ |
2,012.5 |
|
|
$ |
(126.5 |
) |
|
$ |
(1,280.2 |
) |
|
$ |
1,485.5 |
|
Net income |
|
— |
|
|
— |
|
|
|
17.8 |
|
|
— |
|
|
— |
|
|
|
17.8 |
|
Dividends on common stock ($0.10 per share) |
|
— |
|
|
— |
|
|
|
(8.5 |
) |
|
— |
|
|
— |
|
|
|
(8.5 |
) |
Change in other comprehensive (loss) – net of tax |
|
— |
|
|
— |
|
|
— |
|
|
|
(17.6 |
) |
|
— |
|
|
|
(17.6 |
) |
Stock based compensation |
|
— |
|
|
|
11.3 |
|
|
— |
|
|
— |
|
|
|
(1.4 |
) |
|
|
9.9 |
|
Balance, March 31, 2022 |
|
$ |
1.1 |
|
|
$ |
889.9 |
|
|
$ |
2,021.8 |
|
|
$ |
(144.1 |
) |
|
$ |
(1,281.6 |
) |
|
$ |
1,487.1 |
|
Net income |
|
— |
|
|
— |
|
|
|
44.7 |
|
|
— |
|
|
— |
|
|
|
44.7 |
|
Dividends on common stock ($0.10 per share) |
|
— |
|
|
— |
|
|
|
(8.5 |
) |
|
— |
|
|
— |
|
|
|
(8.5 |
) |
Change in other comprehensive (loss) – net of tax |
|
— |
|
|
— |
|
|
— |
|
|
|
(47.2 |
) |
|
— |
|
|
|
(47.2 |
) |
Stock based compensation |
|
— |
|
|
|
4.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
4.2 |
|
Balance, June 30, 2022 |
|
$ |
1.1 |
|
|
$ |
894.1 |
|
|
$ |
2,058.0 |
|
|
$ |
(191.3 |
) |
|
$ |
(1,281.6 |
) |
|