Regulatory News:
Hexcel Corporation (NYSE:HXL)(Paris:HXL):
Quarter Ended
December 31,
Year Ended
December 31,
(In millions, except per share data)
2012 2011 % Change
2012 2011 % Change Net
Sales
$ 387.3 $ 355.3 9.0%
$ 1,578.2 $
1,392.4 13% Net sales change in constant currency 9.5% 15%
Operating Income
54.3 49.4 9.9%
248.8 192.0 30% Net
Income
36.9 39.5 (6.6)%
164.3 135.5 21% Diluted net
income per common share
$ 0.36 $ 0.39 (7.7)%
$
1.61 $ 1.35 19% Non-GAAP Measures for comparisons
(see Table C): Adjusted Operating Income
$ 54.3 $
49.4 9.9%
$ 239.3 $ 189.0 27% As a % of sales
14.0% 13.9%
15.2% 13.6% Adjusted Net Income
36.9 33.7 9.5%
159.0 124.9 27% Adjusted diluted net
income per share
$ 0.36 $ 0.33
9.1%
$ 1.56 $ 1.24 26%
Hexcel Corporation (NYSE: HXL), today reported results for the
fourth quarter of 2012. Net sales during the quarter were $387.3
million, 9.0% higher than the $355.3 million reported for the
fourth quarter of 2011. Operating income for the period was $54.3
million, compared to $49.4 million last year. Net income for the
fourth quarter of 2012 was $36.9 million, or $0.36 per diluted
share, compared to $39.5 million or $0.39 per diluted share in
2011. Excluding the impact of tax adjustments in 2011 (Table C),
adjusted diluted net income for the fourth quarter of 2011 was
$0.33 per share.
Chief Executive Officer
Comments
Mr. Berges commented, “This was another strong quarter that
completed a great year for Hexcel. For the year, sales were up 15%
in constant currency and our adjusted operating income of 15.2% was
160 basis points higher than 2011. Despite the expected dip in
sales to wind turbines (down 15% in constant currency for the
quarter) and higher investment in Research & Technology, this
was our best fourth quarter (and full year) in history for sales,
gross margin, operating income and adjusted net income. Our 2012
adjusted diluted EPS was 26% higher than 2011.”
Looking ahead, Mr. Berges said, “Despite continued uncertainty
about the global economy, the large backlog of orders at our major
customers suggest we are well positioned for 2013 and beyond. We
remain focused on delivering earnings leverage and cash on
anticipated higher sales in the coming years. We reaffirm our
previously announced 2013 guidance and look forward to a period of
sustained growth.”
Markets
Commercial Aerospace
- Commercial Aerospace sales of $234.2
million increased 11.2% (11.0% in constant currency) for the
quarter as compared to the fourth quarter of 2011. Revenues
attributed to new aircraft programs (A380, A350, B787, B747-8)
increased more than 20% versus the same period of the prior year
and continue to comprise more than 30% of our Commercial Aerospace
market. Sales for Airbus and Boeing legacy aircraft were up nearly
10% compared to the fourth quarter 2011.
- Sales to “Other Commercial Aerospace,”
which include regional and business aircraft customers, were about
the same as the fourth quarter of 2011.
- For the full year 2012, Commercial
Aerospace sales were up 15.5% in constant currency, with new
program sales up over 25%, legacy aircraft sales up more than 10%
and “Other Commercial Aerospace” sales up about 7%. Combined sales
to Airbus and Boeing and their subcontractors accounted for 83% of
Commercial Aerospace sales.
Space & Defense
- Space & Defense revenues of $93.4
million for the fourth quarter of 2012 were 21.1% higher (21.9% in
constant currency) than 2011 and 2.8% higher than the third quarter
of 2012. Europe and Asia Pacific rotorcraft sales were particularly
strong this quarter. Thanks to the continued penetration of
advanced materials, sales to rotorcraft programs now account for
60% of our Space & Defense market. For the year, Space &
Defense sales were up 13.5% in constant currency over 2011.
Industrial
- Total Industrial revenues of $59.7
million for the fourth quarter of 2012 were 11.6% lower (9.7% lower
in constant currency) than in the fourth quarter of 2011. For the
quarter, wind sales were down about 15% in constant currency from
both the prior year and sequentially. For the year in constant
currency, wind sales were up about 30%, driven by the strong first
half of 2012.
Operations
- Growth and continued improvement in
operating performance resulted in gross margin of 24.7% of net
sales as compared to 24.1% in the fourth quarter of 2011. Selling,
General and Administrative expenses for the quarter were $31.3
million or 11.8% higher than 2011 and at the same run rate as the
previous two quarters reflecting added infrastructure to support
our growth. Increased focus on new product and process developments
resulted in Research and Technology expenses of $10.0 million for
the quarter versus $8.2 million in 2011, a level of spending we
expect to continue in 2013.
- For the 2012 full year, adjusted
operating income leverage was 23.5% on the incremental sales after
adjusting for the impact of exchange rates.
Tax
- The tax provision was $15.6 million for
the fourth quarter of 2012, an effective tax rate of 29.7%,
compared to 29.5% for the prior year after adjusting for the 2011
one-time benefits of $5.8 million (see Table C). For the 2012 full
year, our effective tax rate was 31.2%, up from 2011’s adjusted
effective tax rate of 30.1%.
Cash and other
- Free cash flow for 2012 was a use of
$31.3 million versus a source of $12.5 million in 2011, as higher
earnings were more than offset by a $105 million increase in cash
used for capital expenditures. 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, 2012, was
$224.0 million, an increase of $22.6 million from December 31,
2011. As of December 31, 2012, we had $225 million in available
borrowing capacity and cash on hand. Our accrual basis capital
expenditures were $241 million for the full year 2012.
- Interest expense for the fourth quarter
was $1.8 million compared to $2.3 million in the same period of the
prior year. For the year, interest expense was $10.0 million in
2012 compared to $11.6 million in 2011. The decrease primarily
reflects the lower borrowing rate as a result of the June 2012 bond
redemption.
2013 Outlook
We reaffirm our 2013 outlook, which was previously issued on
December 12, 2012. Our 2013 outlook:
- Sales of $1,640 to $1,740 million
- Adjusted diluted earnings per share of
$1.66 to $1.78
- Free cash flow of $20 to $60 million,
with the typical use of cash in the first quarter
- Accrual basis capital expenditures of
$180 to $200 million
*****
Hexcel will host a conference call at 11:00 A.M. ET, tomorrow,
January 24, 2013 to discuss the fourth quarter results and respond
to analyst questions. The telephone number for the conference call
is (719) 325-2455 and the confirmation code is 6340827. 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 markets we serve (including changes in commercial
aerospace revenues, the estimates and expectations based on
aircraft production rates provided or publicly available by Airbus,
Boeing and others, 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, recreation and other industrial applications); our ability
to maintain and improve margins in light of the current economic
environment; the success of particular applications as well as the
general overall economy; our ability to manage cash from operating
activities and capital spending in relation to future sales levels
such that the company funds its capital spending plans from cash
flows from operating activities, but, if necessary, maintains
adequate borrowings under its credit facilities to cover any
shortfalls; and the impact of the above factors on our expectations
of financial results for 2013 and beyond. The loss of, or
significant reduction in purchases by, Boeing, EADS, Vestas, or any
of our other significant customers could materially impair our
business, operating results, prospects and financial condition.
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 changes in currency exchange rates,
changing market conditions, increased competition, inability to
install, staff and qualify necessary capacity or achievement of
planned manufacturing improvements, conditions in the financial
markets, product mix, achieving expected pricing and manufacturing
costs, availability and cost of raw materials, supply chain
disruptions, work stoppages or other labor disruptions and changes
in or unexpected issues related to environmental regulations, legal
matters, interest expense 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 Ended
December 31,
Year Ended
December 31,
(In millions, except per share data)
2012
2011
2012 2011 Net
sales
$ 387.3 $ 355.3
$ 1,578.2
$ 1,392.4 Cost of sales
291.7
269.7
1,171.5 1,050.3
Gross margin
95.6 85.6
406.7 342.1 % Gross
margin
24.7% 24.1%
25.8% 24.6% Selling,
general and administrative expenses
31.3 28.0
130.7
120.5 Research and technology expenses
10.0 8.2
36.7
32.6 Other operating (income) expense (a) —
—
(9.5) (3.0)
Operating income
54.3 49.4
248.8 192.0
Interest expense, net
1.8 2.3
10.0 11.6 Non-operating
expense (b)
— —
1.1 4.9 Income before income taxes and
equity in earnings from affiliated companies
52.5 47.1
237.7 175.5 Provision for income taxes (c)
15.6 8.1
74.1
41.6 Income before equity in earnings from affiliated
companies
36.9 39.0
163.6 133.9 Equity in earnings
from affiliated companies
— 0.5
0.7 1.6 Net income
$ 36.9 $ 39.5
$ 164.3
$ 135.5 Basic net income per common
share:
$ 0.37 $ 0.40
$ 1.64 $ 1.37
Diluted net income per common share:
$ 0.36 $
0.39
$ 1.61 $ 1.35 Weighted-average
common shares: Basic
100.4 99.2
100.2 98.8
Diluted
102.2 101.3
102.0 100.7
(a) Other operating income for the year ended December 31, 2012
includes income from a $9.6 million business interruption insurance
settlement related to a prior year claim, a $4.9 million gain on
the sale of land and a $5.0 million charge for additional
environmental reserves primarily for remediation of a manufacturing
facility sold in 1986. Other operating income for the year ended
December 31, 2011 includes a $5.7 million benefit from the
curtailment of a pension plan and $2.7 million for charges to the
environmental reserves primarily for remediation at a manufacturing
facility sold in 1986.
(b) Non-operating expense is the accelerated amortization of
deferred financing costs and expensing of the call premium from
redeeming $73.5 million in June 2012 and $150 million in February
2011 of the Company’s 6.75% senior subordinated notes.
(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.
Hexcel Corporation and Subsidiaries
Condensed Consolidated Balance
Sheets
Unaudited
(In millions)
December 31, 2012 December 31,
2011
Assets Current assets: Cash and cash
equivalents $
32.6 $ 49.5 Accounts receivable, net
229.0 199.3 Inventories, net
232.8 215.7 Prepaid
expenses and other current assets
81.3
59.8 Total current assets
575.7 524.3
Property, plant and equipment
1,459.2 1,223.5 Less
accumulated depreciation
(544.8 )
(501.4 ) Property, plant and equipment, net
914.4 722.1 Goodwill and other intangible assets, net
57.8 57.4 Investments in affiliated companies
22.6
21.7 Deferred tax assets
15.4 33.0 Other assets
17.2 17.6 Total assets
$
1,603.1 $ 1,376.1
Liabilities and Stockholders' Equity Current liabilities:
Notes payable and current maturities of capital lease obligations $
16.6 $ 12.6 Accounts payable
115.7 141.7 Accrued
liabilities
103.0 93.2
Total current liabilities
235.3 247.5
Long-term notes payable and capital lease obligations
240.0
238.3 Other non-current liabilities
133.7
88.1 Total liabilities
609.0
573.9 Stockholders' equity: Common stock, $0.01 par value,
200.0 shares authorized, 102.4 shares issued at December 31, 2012
and 101.0 shares issued at December 31, 2011
1.0 1.0
Additional paid-in capital
617.0 589.2 Retained earnings
448.2 283.9 Accumulated other comprehensive loss
(31.9 ) (39.8 )
1,034.3
834.3 Less – Treasury stock, at cost, 2.5 shares at December 31,
2012 and 2.2 shares at 2011
(40.2 )
(32.1 ) Total stockholders' equity
994.1 802.2 Total liabilities
and stockholders' equity $
1,603.1 $
1,376.1
Hexcel Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
Unaudited Year to Date Ended
December 31,
(In millions)
2012 2011
Cash flows
from operating activities Net income
$ 164.3 $
135.5 Reconciliation to net cash provided by operating
activities: Depreciation and amortization
57.2 55.3
Amortization of debt discount and deferred financing costs and call
premium expense
3.1 7.1 Deferred income taxes
30.9
23.4 Equity in earnings from affiliated companies
(0.7
) (1.6 ) Share-based compensation
15.8 13.9 Gain on
sale of land
(4.9 ) — Pension curtailment gain
— (5.7 ) Excess tax benefits on share-based compensation
(6.8 ) (8.5 ) Changes in assets and
liabilities: Increase in accounts receivable
(28.1 )
(28.2 ) Increase in inventories
(15.2 ) (48.8 )
Decrease (increase) in prepaid expenses and other current assets
0.7 (1.1 ) Increase in accounts payable/accrued liabilities
20.3 34.1 Other – net
(4.2 )
(4.9 ) Net cash provided by operating activities (a)
232.4 170.5
Cash flows from investing activities Proceeds from sale of
surplus real estate
5.3 — Capital expenditures and deposits
for capital purchases (b)
(263.7 ) (158.0 )
Settlement of foreign currency hedge
—
(5.2 ) Net cash used in investing activities
(258.4 ) (163.2 )
Cash
flows from financing activities Borrowings from senior secured
credit facility
87.0 135.0 Repayments of Capital lease
obligations and other debt, net
(0.5 ) (3.0 )
Issuance costs related to new Senior Secured Credit Facility
(0.6 ) — Call premium payment for 6.75% senior
subordinated notes
(0.8 ) (3.4 ) Repayment of senior
secured credit facility – term loan
(7.5 ) (5.0 )
Repayment of 6.75% senior subordinated notes
(73.5 )
(151.5 ) Repayment of senior secured credit facility — (57.0 )
Activity under stock plans
4.1
10.5 Net cash provided by (used in) financing
activities
8.2 (74.4 )
Effect of exchange rate changes on cash and cash equivalents
0.9 (0.6 ) Net decrease
in cash and cash equivalents
(16.9 ) (67.7 ) Cash and
cash equivalents at beginning of period
49.5
117.2 Cash and cash equivalents at end
of period
$ 32.6 $ 49.5
Supplemental Data: Free cash flow (a)+(b)
$
(31.3 ) $ 12.5 Cash interest paid
12.6 15.5
Cash taxes paid
23.4 10.2 Accrual basis additions to
property, plant and equipment
$ 241.3 $ 184.5
Hexcel Corporation and Subsidiaries Net Sales to
Third-Party Customers by Market Segment Quarters Ended
December 31, 2012 and 2011 (Unaudited) Table
A (In millions)
As Reported Constant
Currency (a) Market Segment 2012
2011
B/(W) % FX
Effect (b)
2011 B/(W)
%
Commercial Aerospace
$ 234.2 $ 210.7
11.2 $ 0.2
$ 210.9
11.0 Space & Defense
93.4 77.1
21.1 (0.5 )
76.6 21.9 Industrial
59.7
67.5
(11.6 ) (1.4 )
66.1 (9.7 )
Consolidated Total $ 387.3 $
355.3
9.0 $ (1.7 )
$
353.6 9.5 Consolidated % of Net
Sales % %
%
Commercial Aerospace
60.5 59.3
59.6 Space &
Defense
24.1 21.7
21.7 Industrial
15.4 19.0
18.7 Consolidated Total
100.0 100.0
100.0
Years Ended December 31, 2012 and 2011
(Unaudited) Table A (In millions)
As
Reported Constant Currency (a) Market
Segment 2012 2011
B/(W) % FX
Effect (b)
2011 B/(W)
%
Commercial Aerospace
$ 944.1 $ 823.5
14.6 $
(6.2 )
$ 817.3 15.5 Space & Defense
357.0 319.4
11.8 (4.8 )
314.6 13.5
Industrial
277.1 249.5
11.1 (9.7 )
239.8
15.6 Consolidated Total $
1,578.2 $ 1,392.4
13.3 $
(20.7 )
$ 1,371.7 15.1
Consolidated % of Net Sales %
%
%
Commercial Aerospace
59.8 59.2
59.6
Space & Defense
22.6 22.9
22.9 Industrial
17.6 17.9
17.5 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, 2011 have been estimated using the same U.S. dollar, British
pound and Euro exchange rates as applied for the respective period
in 2012 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
2012
Net sales to external customers
$ 298.1 $ 89.2 $
— $ 387.3 Intersegment sales
12.0 0.8
(12.8 ) — Total
sales
310.1 90.0 (12.8 ) 387.3
Operating income (loss)
53.6 12.2 (11.5
) 54.3 % Operating margin
17.3 %
13.6 % 14.0 % Depreciation and
amortization
13.0 1.2 — 14.2
Stock-based compensation expense
0.8 0.2 1.7
2.7 Accrual based additions to capital expenditures
62.4 4.2
— 66.6 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
Full Year 2012
Net sales to external customers
$ 1,230.9
$ 347.3 $ — $ 1,578.2
Intersegment sales
56.8
2.0 (58.8 )
— Total sales
1,287.7 349.3
(58.8 ) 1,578.2 Operating income (loss)
257.3 50.6 (59.1 ) 248.8 %
Operating margin
20.0 % 14.5 %
15.8 % Other operating (income) expense (b)
(14.5 ) — 5.0 (9.5 )
Depreciation and amortization
52.6 4.5 0.1
57.2 Stock-based compensation expense
4.5 0.9
10.4 15.8 Accrual based additions to capital
expenditures
228.6
12.5 0.2
241.3 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) 194.5 51.6 (54.1 ) 192.0 % Operating margin 17.2 %
16.2 % 13.8 % Other operating (income) expense (b) (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
(a) We do not allocate corporate expenses to the operating
segments.
(b) Other operating (income) expense for the year ended December
31, 2012 includes income from a $9.6 million business interruption
insurance settlement related to a prior year claim, a $4.9 million
gain on the sale of land and a $5.0 million charge for additional
environmental reserves primarily for remediation of a manufacturing
facility sold in 1986. The full year 2011 other operating (income)
expense includes a $5.7 million benefit from the curtailment of a
pension plan and $2.7 million 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)
2012 2011
2012 2011 GAAP
operating income
$ 54.3 49.4
$ 248.8 $
192.0 - Other operating (income) expense (a)
—
—
(9.5 )
(3.0 ) Adjusted Operating Income
$ 54.3
49.4
$ 239.3 $ 189.0 % of Net Sales
14.0
% 13.9 %
15.2 % 13.6 % - Stock Compensation
Expense
$ 2.7 2.6
$ 15.8 $ 13.9 -
Depreciation and Amortization
14.2
13.7
57.2
55.3 Adjusted EBITDA
$ 71.2
65.7
$ 312.3
$ 258.2 Unaudited
Quarter Ended December 31,
2012 2011 (In millions,
except per diluted share data)
As Reported
EPS As Reported EPS GAAP
net income
$ 36.9 $ 0.36 $ 39.5 $ 0.39 -
Benefit from tax adjustments (c)
—
— (5.8 ) (0.06 ) Adjusted
net income
$ 36.9 $ 0.36
$ 33.7 $ 0.33 Unaudited Year
Ended December 31,
2012 2011 (In millions, except per
diluted share data)
As Reported EPS
As Reported EPS GAAP net income
$
164.3 $ 1.61 $ 135.5 $ 1.35 - Other operating
(income) expense (net of tax) (a)
(6.0 ) (0.06
) (2.3 ) (0.02 ) - Non-operating expense (net of tax) (b)
0.7 0.01 3.0 0.03 - Benefit from tax audit settlement
and other tax adjustments (c)
—
— (11.3 ) (0.11 ) Adjusted net
income
$ 159.0 $ 1.56
$ 124.9 $ 1.24
(a) Other operating income for the year ended December 31, 2012
includes income from a $9.6 million business interruption insurance
settlement related to a prior year claim, a $4.9 million gain on
the sale of land and a $5.0 million charge for additional
environmental reserves primarily for remediation of a manufacturing
facility sold in 1986. Other operating (income) expense for the
year ended December 31, 2011 includes a $5.7 million benefit from
the curtailment of a pension plan and an increase in environmental
reserves of $2.7 million primarily for remediation of a
manufacturing facility sold in 1986.
(b) Non-operating expense is the accelerated amortization of
deferred financing costs and expensing of the call premium from
redeeming $73.5 million in June 2012 and $150 million in February
2011 of the Company’s 6.75% senior subordinated notes.
(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.
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)
2012 2011
2012 2011
Basic
net income per common share: Net income
$ 36.9 $
39.5
$ 164.3 $ 135.5 Weighted average common shares
outstanding
100.4 99.2
100.2 98.8
Basic net
income per common share $ 0.37 $
0.40
$ 1.64 $ 1.37
Diluted net income per common share: Net income
$
36.9 $ 39.5
$ 164.3 $ 135.5 Weighted average
common shares outstanding – Basic
100.4 99.2
100.2
98.8 Plus incremental shares from assumed conversions:
Restricted stock units
0.7 0.9
0.8 0.9 Stock Options
1.1 1.2
1.0 1.0 Weighted average common shares
outstanding–Dilutive
102.2 101.3
102.0 100.7
Diluted net income per common share $
0.36 $ 0.39
$ 1.61
$ 1.35
Hexcel Corporation and Subsidiaries Schedule of
Total Debt, Net of Cash Table E Unaudited
December 31, September 30, December 31, (In
millions)
2012 2012 2011 Notes
payable and current maturities of capital lease obligations
$ 16.6 $ 17.1 $ 12.6 Long-term notes payable and
capital lease obligations
240.0
279.3 238.3 Total Debt
256.6 296.4 250.9 Less: Cash and cash equivalents
(32.6 ) (43.2 )
(49.5 ) Total debt, net of cash
$ 224.0
$ 253.2 $ 201.4
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