Hexcel Corporation (NYSE: HXL):
- Q2 2024 GAAP diluted EPS of $0.60 compared to Q2 2023 GAAP
diluted EPS of $0.50.
- Q2 2024 adjusted diluted EPS of $0.60, compared to Q2 2023
adjusted diluted EPS of $0.50.
- Q2 2024 Sales were $500 million, an increase of 10.1% over
Q2 2023 sales of $454 million (10.5% increase in constant
currency).
- Full year 2024 guidance revised.
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)
2024
2023
% Change
2024
2023
% Change
Net Sales
$
500.4
$
454.3
10.1%
$
972.7
$
912.0
6.7%
Net sales change in constant currency
10.5%
6.7%
Operating Income
71.8
61.3
17.1%
124.7
124.1
0.5%
Net Income
50.0
42.5
17.6%
86.5
85.2
1.5%
Diluted net income per common share
$
0.60
$
0.50
20.0%
$
1.03
$
1.00
3.0%
Non-GAAP measures for year-over-year
comparison (Table C)
Adjusted Operating Income
$
72.0
$
61.8
16.5%
$
126.1
$
124.8
1.0%
As a % of sales
14.4
%
13.6
%
13.0
%
13.7
%
Adjusted Net Income
50.2
42.8
17.3%
87.6
85.7
2.2%
Adjusted diluted net income per share
$
0.60
$
0.50
20.0%
$
1.04
$
1.00
4.0%
Hexcel Corporation (NYSE: HXL) today reported second quarter
2024 results including net sales of $500 million and adjusted
diluted EPS of $0.60 per share.
CEO and President Tom Gentile said, “Our Hexcel team delivered a
solid financial performance in the second quarter with strong
overall revenue growth that drove continued recovery in margins. We
are well-positioned and ready to support our customers’ rate
increases and remain excited about the medium-term outlook and
opportunity. In the near term, aircraft delivery levels and public
comments by our customers on production plans warrant a more
cautious stance, which we are reflecting in our revised 2024
guidance. We remain strongly positioned for growth with available
plant capacity, and we continue employee training and operational
optimization for the production ramp ahead. Reflecting our
continued confidence in Hexcel’s future, we repurchased another
$100 million of Hexcel common stock during the second quarter,
bringing the total 2024 share repurchases to $200 million.”
Mr. Gentile continued, “Since joining Hexcel earlier this year,
I have had the chance to visit more than half of our manufacturing
sites, which has accelerated my learning about our products and
capabilities. Hexcel’s broad portfolio of lightweight materials is
helping current programs reduce carbon emissions and suppress
noise, and our R&T team is advancing technologies that will
help next generation products drive more efficient and sustainable
aviation.”
Markets
Sales in the second quarter of 2024 were $500.4 million compared
to $454.3 million in the second quarter of 2023.
Commercial Aerospace
- Commercial Aerospace sales of $320.7 million for the second
quarter of 2024 increased 21.3% (21.6% in constant currency)
compared to the second quarter of 2023. Both widebody and
narrowbody sales increased by double digit percentages. Other
Commercial Aerospace increased 15.4% for the second quarter of 2024
compared to the second quarter of 2023 with growth in business jets
and regional jets.
Space & Defense
- Space & Defense sales of $138.9 million in the second
quarter of 2024 increased 1.0% (1.4% in constant currency) for the
quarter as compared to the second quarter of 2023. Military
helicopters were strong globally including the CH-53K and Apache,
partially offset by declining V-22 sales as the program winds
down.
Industrial
- Total Industrial sales of $40.8 million in the second quarter
of 2024 decreased 22.3% (21.8% in constant currency) compared to
the second quarter of 2023. Growth in Automotive was more than
offset by declines in other sub-markets. The focus will continue to
be high end premium industrial segments that utilize carbon
fiber.
Consolidated Operations
Gross margin for the second quarter of 2024 was 25.3% compared
to 24.4% in the second quarter of 2023 as higher sales drove
favorable cost leverage. As a percentage of sales, selling, general
and administrative expenses for the second quarter of 2024 were
8.0% compared to 7.9% for the second quarter of 2023. R&T
expenses as a percentage of sales were 2.9% in the second quarter
of 2024 compared to 2.9% in Q2 2023. Adjusted operating income in
the second quarter of 2024 was $72.0 million or 14.4% of sales,
compared to $61.8 million, or 13.6% of sales in the second quarter
of 2023. The impact of exchange rates on operating income as a
percent of sales was favorable by approximately 40 basis points in
the second quarter of 2024 compared to the second quarter of
2023.
Year-to-Date 2024
Results
Sales for the first six months of 2024 were $972.7 million
compared to $912.0 million, a 6.7% increase from the same period in
2023.
Commercial Aerospace (64% of YTD sales)
- Commercial Aerospace sales of $620.0 million increased 13.0%
(13.1% in constant currency) for the first six months of 2024
compared to the first six months of 2023 led by growth in
widebodies. Other Commercial Aerospace increased 4.1% for the first
six months of 2024 compared to the same period in 2023 reflecting
growth in regional jets and turboprops.
Space & Defense (28% of YTD sales)
- Space & Defense sales of $278.0 million increased 5.4%
(5.5% in constant currency) for the first six months of 2024 as
compared to the first six months of 2023. Growth was led by F-35
and a number of military helicopter programs, both domestic and
international, partially offset by significantly lower V-22
sales.
Industrial (8% of YTD sales)
- Total Industrial sales of $74.7 million in the first six months
of 2024 decreased 24.9% (25.0% in constant currency) compared to
the first six months of 2023 due to declines in all
sub-markets.
Consolidated Operations
Gross margin for the first six months of 2024 was 25.2% compared
to 26.2% in the prior year period. The first quarter of 2023
benefited from particularly favorable cost absorption and sales
mix. As a percentage of sales, selling, general and administrative
expenses for the first six months of 2024 were 9.1% compared to
9.5% for the first six months of 2023. R&T expenses as a
percentage of sales were 3.1% in the first six months of 2024
compared to 3.0% in the first half of 2023. Adjusted operating
income for the first six months of 2024 was $126.1 million or 13.0%
of sales, compared to $124.8 million or 13.7% of sales in 2023.
Other operating expense for the first six months of 2024 and 2023
included restructuring costs. The impact of exchange rates on
operating income as a percent of sales was favorable by
approximately 30 basis points in the first six months of 2024
compared to the first six months of 2023.
Cash and other
- Net cash provided by operating activities in the first six
months of 2024 was $37.2 million, compared to $30.1 million for the
first six months of 2023. Working capital was a cash use of $118.3
million for the first six months of 2024 and a use of $113.9
million for the comparable period in 2023. Capital expenditures on
a cash basis were $51.6 million for the first six months of 2024.
For the first six months of 2023, capital expenditures on a cash
basis were $74.8 million, including approximately $38 million for
the purchase of the land and building at the Hexcel Amesbury,
Massachusetts facility. Free cash flow was ($14.4) million in the
first six months of 2024 compared to ($44.7) million in the first
six months of 2023. Free cash flow is defined as cash generated
from operating activities less cash paid for capital expenditures.
Capital expenditures on an accrual basis were $41.1 million and
$70.5 million for the first six months of 2024 and 2023,
respectively.
- The Company used $101.1 million to repurchase shares of its
common stock during the second quarter of 2024 and $201.8 million
during the first six months of 2024. The aggregate remaining
authorization under the share repurchase program as of June 30,
2024, was $285.3 million.
- As announced today, the Board of Directors declared a quarterly
dividend of $0.15 per share payable to stockholders of record as of
August 2, 2024, with a payment date of August 9, 2024.
2024 Guidance
- Sales of $1.90 billion to $1.98 billion (previously $1.925
billion to $2.025 billion)
- Adjusted diluted earnings per share of $2.02 to $2.18
(previously $2.10 - $2.30)
- Free cash flow of around $200 million (previously greater than
$200 million)
- Capital expenditures less than $100 million (unchanged)
- Effective tax rate of 22.0%. (unchanged)
Market-Specific Sales
Outlook
- Commercial Aerospace: Up low double-digits to mid-teens
(previously up mid-teens)
- Space & Defense: Up mid-single digits (no change)
- Industrial: Down low double-digits (previously up low to
mid-single digits)
Hexcel will host a conference call at 10:00 a.m. ET, on July 18,
2024 to discuss second quarter 2024 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/579495300 The event can also be
accessed by dialing +1 (646) 307-1963. The conference ID is
2360739. 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, and the revenues we may generate from an
aircraft model or program; expectations with regard to the impact
of regulatory activity related to the Boeing 737 MAX or Boeing 787
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 industrial applications;
expectations regarding cash generation, working capital trends, 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 or geopolitical issues or
conflicts; expectations regarding our strategic initiatives,
including, our sustainability goals; expectations with regard to
the effectiveness of cybersecurity measures; expectations regarding
the outcome of legal matters or the impact of changes in laws or
regulations; and our expectations of financial results for 2024 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
macroeconomic factors or geopolitical issues or conflicts;
reductions in sales to any significant customers, particularly
Airbus or Boeing, including related to regulatory activity or
public scrutiny impacting the Boeing 737 MAX or the Boeing 787; 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; the availability and cost
of raw materials, including the impact of supply disruptions and
inflation; our ability to successfully implement or realize our
strategic initiatives, including our sustainability goals and any
restructuring or alignment activities in which we may engage;
changes in sales mix; changes in current pricing due to cost
levels; changes in aerospace delivery rates; changes in government
defense procurement budgets; timely new product development or
introduction; 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 the
effect of change in global trade policies, such as sanctions; 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; 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.
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)
2024
2023
2024
2023
Net sales
$
500.4
$
454.3
$
972.7
$
912.0
Cost of sales
373.8
343.5
727.9
673.5
Gross margin
126.6
110.8
244.8
238.5
% Gross Margin
25.3
%
24.4
%
25.2
%
26.2
%
Selling, general and administrative
expenses
39.9
35.7
88.9
86.5
Research and technology expenses
14.7
13.3
29.8
27.2
Other operating expense
0.2
0.5
1.4
0.7
Operating income
71.8
61.3
124.7
124.1
Interest expense, net
8.1
9.2
14.6
18.6
Income before income taxes, and equity in
earnings of affiliated companies
63.7
52.1
110.1
105.5
Income tax expense
13.7
11.5
23.6
23.2
Income before equity in earnings of
affiliated companies
50.0
40.6
86.5
82.3
Equity in earnings from affiliated
companies
-
1.9
-
2.9
Net income
$
50.0
$
42.5
$
86.5
$
85.2
Basic net income per common share:
$
0.61
$
0.50
$
1.04
$
1.01
Diluted net income per common share:
$
0.60
$
0.50
$
1.03
$
1.00
Weighted-average common shares:
Basic
82.5
84.7
83.2
84.6
Diluted
83.2
85.6
84.0
85.5
Hexcel Corporation and
Subsidiaries
Condensed Consolidated Balance
Sheets
Unaudited
June 30,
December 31,
(In millions)
2024
2023
Assets
Cash and cash equivalents
$
75.4
$
227.0
Accounts receivable, net
283.1
234.7
Inventories, net
351.5
334.4
Contract assets
34.5
25.1
Prepaid expenses and other current
assets
63.1
43.0
Total current assets
807.6
864.2
Property, plant and equipment
3,211.8
3,195.5
Less accumulated depreciation
(1,563.1
)
(1,516.8
)
Net property, plant and equipment
1,648.7
1,678.7
Goodwill and other intangible assets,
net
246.8
251.3
Investments in affiliated companies
5.0
5.0
Other assets
119.5
119.3
Total assets
$
2,827.6
$
2,918.5
Liabilities and Stockholders'
Equity
Liabilities:
Short-term borrowings
$
0.1
$
0.1
Accounts payable
124.8
159.1
Accrued compensation and benefits
80.2
75.7
Accrued liabilities
88.6
81.0
Total current liabilities
293.7
315.9
Long-term debt
794.9
699.4
Retirement obligations
31.1
42.6
Other non-current liabilities
136.7
144.1
Total liabilities
$
1,256.4
$
1,202.0
Stockholders' equity:
Common stock, $0.01 par value, 200.0
shares authorized, 111.4 shares issued at June 30, 2024 and 110.8
shares issued at December 31, 2023
$
1.1
$
1.1
Additional paid-in capital
959.6
936.8
Retained earnings
2,230.2
2,168.7
Accumulated other comprehensive loss
(91.3
)
(74.1
)
3,099.6
3,032.5
Less – Treasury stock, at cost, 29.7
shares at June 30, 2024 and 26.7 shares at December 31, 2023
(1,528.4
)
(1,316.0
)
Total stockholders' equity
1,571.2
1,716.5
Total liabilities and stockholders'
equity
$
2,827.6
$
2,918.5
Hexcel Corporation and
Subsidiaries
Condensed Consolidated Statements of
Cash Flows
Unaudited
Six Months Ended
June 30,
(In millions)
2024
2023
Cash flows from operating
activities
Net income
$
86.5
$
85.2
Reconciliation to net cash provided by
operating activities:
Depreciation and amortization
62.0
61.7
Amortization related to financing
0.2
0.4
Deferred income taxes
(3.0
)
(6.7
)
Equity in earnings from affiliated
companies
-
(2.9
)
Stock-based compensation
16.4
15.7
Restructuring expenses, net of
payments
0.2
(3.6
)
Impairment of assets
-
1.7
Changes in assets and liabilities:
Increase in accounts receivable
(50.4
)
(33.9
)
Increase in inventories
(21.8
)
(36.8
)
Increase in prepaid expenses and other
current assets
(28.2
)
(7.3
)
Decrease in accounts payable/accrued
liabilities
(17.9
)
(35.9
)
Other - net
(6.8
)
(7.5
)
Net cash provided by operating activities
(a)
37.2
30.1
Cash flows from investing
activities
Capital expenditures (b)
(51.6
)
(74.8
)
Proceeds from sale of investments
-
2.5
Net cash used for investing activities
(51.6
)
(72.3
)
Cash flows from financing
activities
Borrowings from senior unsecured credit
facilities
95.0
103.0
Repayments of senior unsecured credit
facilities
-
(48.0
)
Issuance costs related to senior unsecured
credit facilities
-
(2.5
)
Repurchases of common stock
(201.8
)
-
Proceeds (repayment) of finance lease
obligation and other debt, net
0.1
(0.1
)
Dividends paid
(25.0
)
(21.1
)
Activity under stock plans
(4.3
)
2.7
Net cash (used for) provided by financing
activities
(136.0
)
34.0
Effect of exchange rate changes on cash
and cash equivalents
(1.2
)
0.4
Net decrease in cash and cash
equivalents
(151.6
)
(7.8
)
Cash and cash equivalents at beginning of
period
227.0
112.0
Cash and cash equivalents at end of
period
$
75.4
$
104.2
Supplemental data:
Free Cash Flow (a)+(b)
$
(14.4
)
$
(44.7
)
Accrual basis additions to property, plant
and equipment
$
41.1
$
70.5
Hexcel Corporation and
Subsidiaries
Net Sales to Third-Party Customers by
Market
Quarters Ended June 30, 2024 and
2023
Unaudited
Table A
(In millions)
As Reported
Constant Currency (a)
B/(W)
FX
B/(W)
Market
2024
2023
%
Effect (b)
2023
%
Commercial Aerospace
$
320.7
$
264.3
21.3
$
(0.6
)
$
263.7
21.6
Space & Defense
138.9
137.5
1.0
(0.5
)
137.0
1.4
Industrial
40.8
52.5
(22.3
)
(0.3
)
52.2
(21.8
)
Consolidated Total
$
500.4
$
454.3
10.1
$
(1.4
)
$
452.9
10.5
Consolidated % of Net Sales
%
%
%
Commercial Aerospace
64.1
58.2
58.2
Space & Defense
27.8
30.3
30.2
Industrial
8.1
11.5
11.6
Consolidated Total
100.0
100.0
100.0
Six Months Ended June 30, 2024 and
2023
Unaudited
(In millions)
As Reported
Constant Currency (a)
B/(W)
FX
B/(W)
Market
2024
2023
%
Effect (b)
2023
%
Commercial Aerospace
$
620.0
$
548.8
13.0
$
(0.7
)
$
548.1
13.1
Space & Defense
278.0
263.7
5.4
(0.2
)
263.5
5.5
Industrial
74.7
99.5
(24.9
)
0.1
99.6
(25.0
)
Consolidated Total
$
972.7
$
912.0
6.7
$
(0.8
)
$
911.2
6.7
Consolidated % of Net Sales
%
%
%
Commercial Aerospace
63.7
60.2
60.3
Space & Defense
28.6
28.9
28.9
Industrial
7.7
10.9
10.8
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 and six months ended June 30, 2023 have been estimated
using the same U.S. dollar, British pound and Euro exchange rates
as applied for the respective periods in 2024 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
Second Quarter 2024
Net sales to external customers
$
408.6
$
91.8
$
-
$
500.4
Intersegment sales
23.9
0.6
(24.5
)
-
Total sales
432.5
92.4
(24.5
)
500.4
Other operating expense
-
0.2
-
0.2
Operating income (loss)
74.3
13.0
(15.5
)
71.8
% Operating margin
17.2
%
14.1
%
14.3
%
Depreciation and amortization
27.3
3.7
-
31.0
Stock-based compensation expense
1.1
0.3
1.9
3.3
Accrual based additions to capital
expenditures
18.6
3.9
-
22.5
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
First Six Months 2024
Net sales to external customers
$
788.1
$
184.6
$
-
$
972.7
Intersegment sales
47.2
0.9
(48.1
)
-
Total sales
835.3
185.5
(48.1
)
972.7
Other operating expense
0.8
0.6
-
1.4
Operating income (loss)
138.0
25.9
(39.2
)
124.7
% Operating margin
16.5
%
14.0
%
12.8
%
Depreciation and amortization
54.5
7.5
-
62.0
Stock-based compensation expense
4.2
1.1
11.1
16.4
Accrual based additions to capital
expenditures
35.3
5.8
-
41.1
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
(a) Hexcel does not allocate corporate
expenses to the operating segments.
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)
2024
2023
2024
2023
GAAP operating income
$
71.8
$
61.3
$
124.7
$
124.1
Other operating expense (a)
0.2
0.5
1.4
0.7
Non-GAAP operating income
$
72.0
$
61.8
$
126.1
$
124.8
Unaudited
Quarters Ended June 30,
2024
2023
(In millions, except per diluted share
data)
Net Income
EPS
Net Income
EPS
GAAP
$
50.0
$
0.60
$
42.5
$
0.50
Other operating expense, net of tax
(a)
0.2
-
0.3
-
Non-GAAP
$
50.2
$
0.60
$
42.8
$
0.50
Unaudited
Six Months Ended June 30,
2024
2023
(In millions, except per diluted share
data)
Net Income
EPS
Net Income
EPS
GAAP
$
86.5
$
1.03
$
85.2
$
1.00
Other operating expense, net of tax
(a)
1.1
0.01
0.5
-
Non-GAAP
$
87.6
$
1.04
$
85.7
$
1.00
Unaudited
Six Months Ended June 30
(In millions)
2024
2023
Net cash provided by operating
activities
$
37.2
$
30.1
Less: Capital expenditures
(51.6
)
(74.8
)
Free cash flow (non-GAAP)
$
(14.4
)
$
(44.7
)
(a) The quarters and six months ended June 30, 2024 and 2023
included 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.
Hexcel Corporation and
Subsidiaries
Schedule of Total Debt, Net of
Cash
Table D
Unaudited
June 30,
December 31,
June 30,
(In millions)
2024
2023
2023
Current portion finance lease
$
0.1
$
0.1
$
0.1
Total current debt
0.1
0.1
0.1
Senior unsecured credit facility
95.0
-
80.0
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
(0.5
)
(0.7
)
(0.8
)
Senior notes deferred financing costs
(1.2
)
(1.6
)
(1.9
)
Other debt
1.6
1.7
1.7
Total long-term debt
794.9
699.4
779.0
Total Debt
795.0
699.5
779.1
Less: Cash and cash equivalents
(75.4
)
(227.0
)
(104.2
)
Total debt, net of cash
$
719.6
$
472.5
$
674.9
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240718583018/en/
Kurt Goddard | Vice President Investor Relations |
Kurt.Goddard@Hexcel.com | +1 (203)-352-6826
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