$HXL

HEXCEL CORP /DE/

CIK:0000717605|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 529.3	$ 489.9	$ 1,030.8	$ 946.4
Cost of sales	391.2	378.4	758.0	732.5
Gross margin	138.1	111.5	272.8	213.9
Selling, general and administrative expenses	47.2	43.0	96.6	86.3
Research and development expenses	17.3	14.3	35.1	28.1
Other operating expense	1.0	24.2	10.9	25.3
Operating income	72.6	30.0	130.2	74.2
Interest expense, net	12.0	9.1	23.8	16.9
Other (income) expense	(0.1)	(0.9)	0.2	(0.5)
Income before income taxes	60.7	21.8	106.2	57.8
Income tax expense	11.4	8.3	19.7	15.4
Net income	$ 49.3	$ 13.5	$ 86.5	$ 42.4
Basic net income per common share	$ 0.65	$ 0.17	$ 1.14	$ 0.53
Diluted net income per common share	$ 0.64	$ 0.17	$ 1.13	$ 0.52
Weighted-average common shares:
Basic	75.7	80.2	75.8	80.7
Diluted	76.5	80.6	76.6	81.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 86.5	$ 42.4
Reconciliation to net cash provided by (used for) operating activities:
Depreciation and amortization	60.5	60.6
Amortization related to financing	0.8	0.1
Deferred income taxes	8.0	(2.7)
Stock-based compensation	14.5	12.4
Restructuring expenses, net of payments	2.1	23.1
Debt Extinguishment costs	0.7	0.4
Loss on divestiture of assets	0.0	1.1
Changes in assets and liabilities:
Increase in accounts receivable	(52.0)	(44.2)
(Increase) decrease in inventories	(22.0)	7.2
Increase in prepaid expenses and other current assets	(9.3)	(19.5)
Increase (decrease) in accounts payable/accrued liabilities	11.1	(68.0)
Other – net	(4.2)	(18.1)
Net cash provided by (used for) operating activities	96.7	(5.2)
Cash flows from investing activities
Capital expenditures	(44.9)	(41.4)
Payments on divestiture of assets	0.0	(1.1)
Net cash used for investing activities	(44.9)	(42.5)
Cash flows from financing activities
Redemption of 4.7% senior notes due 2025	0.0	(300.0)
Proceeds from issuance of 5.875% senior notes due 2035	0.0	300.0
Redemption of 3.95% senior notes due 2027	(400.0)	0.0
Proceeds from issuance of 4.9% senior notes due 2031	400.0	0.0
Repurchases of common stock	0.0	(100.9)
Issuance costs related to senior unsecured credit facilities	(2.3)	0.0
Issuance costs related to senior notes	(4.6)	(4.1)
Repayment of finance lease obligation and other debt, net	(0.2)	0.2
Dividends paid	(27.3)	(27.5)
Activity under stock plans	4.7	(1.8)
Net cash used for financing activities	(59.7)	(4.1)
Effect of exchange rate changes on cash and cash equivalents	(0.9)	3.6
Net decrease in cash and cash equivalents	(8.8)	(48.2)
Cash and cash equivalents at beginning of period	71.0	125.4
Cash and cash equivalents at end of period	62.2	77.2
Supplemental data:
Accrual basis additions to plant, property, and equipment	37.2	31.8
Senior Unsecured Credit Facility 2028 [Member]
Cash flows from financing activities
Borrowing from senior unsecured credit facility	15.0	160.0
Repayment of senior unsecured credit facility	(310.0)	(30.0)
Senior Unsecured Credit Facility 2031 [Member]
Cash flows from financing activities
Borrowing from senior unsecured credit facility	580.0	0.0
Repayment of senior unsecured credit facility	$ (315.0)	$ 0.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 62.2	$ 71.0
Accounts receivable, net	299.2	249.3
Inventories, net	345.2	328.8
Contract assets	41.6	35.9
Prepaid expenses and other Current Assets	44.0	45.7
Total current assets	792.2	730.7
Property, plant and equipment	3,324.2	3,322.4
Less accumulated depreciation	(1,743.1)	(1,710.9)
Net property, plant and equipment	1,581.1	1,611.5
Goodwill and other intangible assets, net	235.6	239.8
Investments in affiliated companies	5.0	5.0
Other assets	116.7	117.0
Total assets	2,730.6	2,704.0
Current liabilities:
Accounts payable	144.6	146.6
Accrued compensation and benefits	73.3	79.0
Financial instruments	4.5	3.8
Accrued liabilities	104.0	93.3
Total current liabilities	326.4	322.7
Long-term debt	959.4	993.0
Retirement obligations	28.8	28.4
Deferred income taxes	88.7	86.7
Other non-current liabilities	29.1	22.5
Total liabilities	1,432.4	1,453.3
Stockholders' equity:
Common stock, $0.01 par value, 200.0 shares authorized, 112.7 shares and 112.1 shares issued at June 30, 2026 and December 31, 2025, respectively	1.1	1.1
Additional paid-in capital	1,002.3	994.9
Retained earnings	2,366.2	2,307.0
Accumulated other comprehensive loss	(43.8)	(12.9)
Total stockholders' equity including treasury stock value	3,325.8	3,290.1
Less - Treasury stock, at cost, 37.2 shares at June 30, 2026 and 36.4 shares at December 31, 2025	(2,027.6)	(2,039.4)
Total stockholders' equity	1,298.2	1,250.7
Total liabilities and stockholders' equity	$ 2,730.6	$ 2,704.0