- Hexcel (HXL -6%) reported Q3 sales growth of 10% Y/Y to $540.5M, with Composite Materials sales +8.5% Y/Y to $432.8M and Engineered Products +16.3% Y/Y to $107.7M.
- Sales by Markets: Commercial Aerospace $373.1M (+5.8% Y/Y); Space & Defense $90.4M (+9.3% Y/Y) and Industrial $77M (+37% Y/Y).
- Q3 Margins: Gross declined by 110 bps to 26.5% and Adj. operating declined by 20 bps to 17.9%.
- Segment Operating margins: Composite Materials 20.6% a decline of 110 bps, and Engineered Products 14.4% an improvement of 130 bps.
- Free cash flow for the first nine months was $128.2M compared to $87.2M a year ago.
- Company’s Total debt, net of cash was at $942.8M as of September 30 2018.
- Company used $102M to repurchase shares of its common stock during the quarter. The remaining authorization under the share repurchase program at September 30, 2018 was $460M.
- FY18 Guidance: Sales $2.14-2.2B (prior was $2.1-2.2B); Adj. EPS of $2.99-3.07 (previously $2.96-3.1); FCF +$230M and Capex $170-190M.
- Previously: Hexcel beats by $0.02, misses on revenue (Oct. 22)
- Previously: Hexcel declares $0.15 dividend (Oct. 22)
- Now read: More on Synovus Q3: Loans increase; core banking fees decline
Original article