Newsletter

Hexcel Corporation reported fourth quarter 2022 results, including net sales of $429 million and adjusted diluted EPS of $0.40 per share.
Sales in the fourth quarter of 2022 were $429.4 million compared to $360.3 million in the fourth quarter of 2022.
Commercial Aerospace: Commercial Aerospace sales of $256.2 million increased 28.3% (28.9% in constant currency) for the fourth quarter of 2022 compared to the fourth quarter of 2021. Other Commercial Aerospace increased 44.6% for the fourth quarter of 2022 compared to the fourth quarter of 2021.
Space & Defense: Space & Defense sales of $126.5 million increased 19.5% (22.0% in constant currency) for the quarter compared to the fourth quarter of 2021.
Industrial: Total Industrial sales of $46.7 million in the fourth quarter of 2022 decreased 14.6% (7.0% in constant currency) compared to the fourth quarter of 2021.
Consolidated Operations: Gross margin for the fourth quarter of 2022 was 23.1% compared to 19.2% in the fourth quarter of 2021 as higher sales volume drove favorable operating leverage. As a percentage of sales, selling, general and administrative and R&T expenses for the fourth quarter of 2022 were 12.3% compared to 12.2% for the fourth quarter of 2021. Adjusted operating income in the fourth quarter of 2022 was $46.3 million or 10.8% of sales, compared to $25.2 million, or 7.0% of sales in 2021.
FY 2022 Results
Sales for the full year of 2022 were $1,577.7 million compared to $1,324.7 million for 2021.
Commercial Aerospace (58% of sales): Commercial Aerospace sales of $911.8 million increased 36.5% (37.4% in constant currency) for 2022 compared to 2021. Other Commercial Aerospace increased 62.9% for 2022 compared to 2021.
Space & Defense (29% of sales): Space & Defense sales of $465.2 million increased 7.0% (8.9% in constant currency) for 2022 as compared to 2021.
Industrial (13% of sales): Total Industrial sales of $200.7 million decreased 9.4% (2.5% in constant currency) compared to 2021.
Gross margin for 2022 was 22.6% compared to 18.9% in the prior year strengthening on improved cost absorption from higher sales volume, partially offset by inflationary cost impacts. Adjusted operating income for 2022 was $163.3 million or 10.4% of sales, compared to $70.0 million, or 5.3% of sales in 2021. Other operating income for 2022 included a pre-tax net gain of $19.4 million. Other operating expenses for 2021 included expenses primarily related to severance and restructuring. The impact of exchange rates on operating income as a percent of sales was favorable by approximately 30 basis points for 2022 compared to 2021.