Hexcel Reports Net Sales of $378.7 Million and Adjusted Diluted EPS of $0.08 per Share

August 03 2020

• Q2 2020 GAAP diluted EPS was ($0.01) with adjusted diluted EPS of $0.08, compared to Q2 2019 GAAP diluted EPS and adjusted diluted EPS of $0.94.
• Q2 2020 Sales were $379 million, compared to $609 million in Q2 2019.
• Free Cash Flow YTD of $33 million, with $52 million generated in the second quarter.
• Liquidity remains strong, increasing to $689 million, with cash on hand of $257 million and revolver borrowing availability of $432 million, at June 30, 2020.

Hexcel Corporation reported second quarter 2020 results including net sales of $378.7 million and adjusted diluted EPS of $0.08 per share.

Commercial Aerospace sales of $203.9 million decreased 51.0% (51.5% in constant currency) for the quarter compared to the second quarter of 2019.

Sales to “Other Commercial Aerospace,” which include regional and business aircraft, fell by 25.0% for the second quarter of 2020 compared to the second quarter of 2019.

Space & Defense sales of $108.4 million decreased 3.0% (3.6% in constant currency) for the quarter as compared to 2019.

Total Industrial sales of $66.4 million in the second quarter were down 17.7% (16.6% in constant currency) compared to the second quarter of 2019.

Wind energy sales (the largest submarket in Industrial), experienced a decline of 13.6% in constant currency compared to the second quarter of 2019.

Gross margin for the second quarter was 14.5% compared to 27.7% in the prior year period. Selling, general and administrative and R&T expenses for the second quarter of 2020 were 34% lower than the prior year.

The quarterly dividend remains temporarily suspended. The Board of Directors will continue to evaluate capital allocation strategies on at least a quarterly basis. The Company continues to withhold financial guidance due to the market uncertainties arising from the global pandemic.

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