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Hexcel (HXL) Q4 FY2023 earnings: revenue $458 million, up 6.5% on the year

Hexcel Corp. (HXL) reported revenue of $458 million for Q4 FY2023, the quarter ended 31 December 2023, up 6.5% on the same quarter a year earlier. Net income was -$18 million, and diluted earnings per share $-0.21. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2024.

Revenue$458 millionup 6.5%
Net income-$18 million
Diluted EPS$-0.21
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue458420n/an/a
Cost of revenue354328n/an/a
Gross profit10391.6n/an/a
Gross margin22.5%21.8%n/a
Research and development12.113.4n/an/a
Selling, general and administrative41.935.4n/an/a
Operating income47.643.6n/an/a
Operating margin10.4%10.4%n/a
Interest expense7.67.8n/an/a
Pre-tax income-31.635.8n/an/a
Income tax-10.4-0.7n/an/a
Effective tax raten/a-2.0%n/a
Net income-18.238.7n/an/a
Net margin-4.0%9.2%n/a
Diluted EPS-$0.21n/an/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow15968.0n/an/a
Capital expenditure13.819.6n/an/a
Free cash flow14548.4n/an/a
Free cash flow margin31.7%11.5%n/a
Cash from investing30.9-9.3n/an/a
Cash from financing-62.9-63.7n/an/a
Depreciation and amortisation31.631.5n/an/a
Share-based compensation2.62.6n/an/a
Dividends paid10.510.6n/an/a
Dividend per sharen/a$0.12n/an/a
Diluted shares, weighted84m86mn/an/a
Shares outstanding at period end84m84mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity1,7161,646n/an/a
Debt699754n/an/a
Operating lease liabilities22.0n/an/an/a
Finance lease liabilities0.1n/an/an/a
Other liabilities480446n/an/a
Total liabilities and equity2,9182,846n/an/a
Fixed assets1,6791,653n/an/a
Goodwill189187n/an/a
Intangible assets58.563.9n/an/a
Cash and equivalents22797.7n/an/a
Receivables235237n/an/a
Inventory334351n/an/a
Other assets196257n/an/a
Total assets2,9182,846n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue420458472500456474456490456491502529
Cost of revenue328354354374350355354378356370367391
Gross profit91.610311812710611810211299.9121135138
Gross margin22%23%25%25%23%25%22%23%22%25%27%26%
R&D13.412.115.114.713.813.513.814.314.014.317.817.3
SG&A35.441.949.039.939.847.943.343.041.141.649.447.2
Operating income43.647.652.971.852.58.944.230.036.061.457.672.6
Operating margin10%10%11%14%12%2%10%6%8%12%11%14%
Interest expense7.87.66.58.18.58.17.89.19.211.611.812.0
Pre-tax income35.8-31.646.463.744.00.836.0n/an/an/a45.5n/a
Tax rate-2%n/a21%22%10%-625%20%n/an/an/a18%n/a
Net income38.7-18.236.550.039.85.828.913.520.646.437.249.3
Net margin9%-4%8%10%9%1%6%3%5%9%7%9%
Diluted EPSn/a-$0.21n/an/a$0.49$0.07$0.35$0.17$0.26$0.60$0.49$0.64
Operating cash flow68.0159-7.044.290.1163-28.523.311012619.077.7
Capital expenditure19.613.828.722.916.818.626.115.313.718.225.219.7
Free cash flow48.4145-35.721.373.3144-54.68.096.5107-6.258.0
Buybacksn/an/a10110150.40.050.450.50.03530.00.0
Dividends paid10.610.512.612.412.212.113.813.713.512.913.713.6
Shares outstanding84m84m83m81,748,036m81m81m80m80m80m76m75m76m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 7 February 2024, accession 0000950170-24-012245: the filing on EDGAR. All of Hexcel Corp.'s filings: EDGAR company page.

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