Hexcel (HXL) Q2 FY2024 earnings: revenue $500 million, up 10.1% on the year

Hexcel Corp. (HXL) reported revenue of $500 million for Q2 FY2024, the quarter ended 30 June 2024, up 10.1% on the same quarter a year earlier. Net income was $50 million, up 17.6% on the year. The figures are the company's own, from the 10-Q it filed with the SEC on 18 July 2024.

Revenue$500 millionup 10.1%

Net income$50 millionup 17.6%

Diluted EPSn/a

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	500	472	n/a	n/a
Cost of revenue	374	354	n/a	n/a
Gross profit	127	118	n/a	n/a
Gross margin	25.3%	25.0%	n/a
Research and development	14.7	15.1	n/a	n/a
Selling, general and administrative	39.9	49.0	n/a	n/a
Operating income	71.8	52.9	n/a	n/a
Operating margin	14.3%	11.2%	n/a
Interest expense	8.1	6.5	n/a	n/a
Pre-tax income	63.7	46.4	n/a	n/a
Income tax	13.7	9.9	n/a	n/a
Effective tax rate	21.5%	21.3%	n/a
Net income	50.0	36.5	n/a	n/a
Net margin	10.0%	7.7%	n/a

$ million except per share.

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

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	44.2	-7.0	n/a	n/a
Capital expenditure	22.9	28.7	n/a	n/a
Free cash flow	21.3	-35.7	n/a	n/a
Free cash flow margin	4.3%	-7.6%	n/a
Cash from investing	-22.9	-28.7	n/a	n/a
Cash from financing	-31.7	-104	n/a	n/a
Depreciation and amortisation	31.0	31.0	n/a	n/a
Share-based compensation	3.3	13.1	n/a	n/a
Buybacks	101	101	n/a	n/a
Dividends paid	12.4	12.6	n/a	n/a
Dividend per share	$0.15	$0.15	n/a	n/a
Diluted shares, weighted	n/a	85m	n/a	n/a
Shares outstanding at period end	81,748,036m	83m	n/a	n/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

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,571	1,632	n/a	n/a
Debt	795	715	n/a	n/a
Other liabilities	462	474	n/a	n/a
Total liabilities and equity	2,828	2,821	n/a	n/a
Fixed assets	1,649	1,658	n/a	n/a
Goodwill	188	188	n/a	n/a
Intangible assets	59.2	60.9	n/a	n/a
Cash and equivalents	75.4	85.9	n/a	n/a
Receivables	283	271	n/a	n/a
Inventory	352	354	n/a	n/a
Other assets	222	204	n/a	n/a
Total assets	2,828	2,821	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	420	458	472	500	456	474	456	490	456	491	502	529
Cost of revenue	328	354	354	374	350	355	354	378	356	370	367	391
Gross profit	91.6	103	118	127	106	118	102	112	99.9	121	135	138
Gross margin	22%	23%	25%	25%	23%	25%	22%	23%	22%	25%	27%	26%
R&D	13.4	12.1	15.1	14.7	13.8	13.5	13.8	14.3	14.0	14.3	17.8	17.3
SG&A	35.4	41.9	49.0	39.9	39.8	47.9	43.3	43.0	41.1	41.6	49.4	47.2
Operating income	43.6	47.6	52.9	71.8	52.5	8.9	44.2	30.0	36.0	61.4	57.6	72.6
Operating margin	10%	10%	11%	14%	12%	2%	10%	6%	8%	12%	11%	14%
Interest expense	7.8	7.6	6.5	8.1	8.5	8.1	7.8	9.1	9.2	11.6	11.8	12.0
Pre-tax income	35.8	-31.6	46.4	63.7	44.0	0.8	36.0	n/a	n/a	n/a	45.5	n/a
Tax rate	-2%	n/a	21%	22%	10%	-625%	20%	n/a	n/a	n/a	18%	n/a
Net income	38.7	-18.2	36.5	50.0	39.8	5.8	28.9	13.5	20.6	46.4	37.2	49.3
Net margin	9%	-4%	8%	10%	9%	1%	6%	3%	5%	9%	7%	9%
Diluted EPS	n/a	-$0.21	n/a	n/a	$0.49	$0.07	$0.35	$0.17	$0.26	$0.60	$0.49	$0.64
Operating cash flow	68.0	159	-7.0	44.2	90.1	163	-28.5	23.3	110	126	19.0	77.7
Capital expenditure	19.6	13.8	28.7	22.9	16.8	18.6	26.1	15.3	13.7	18.2	25.2	19.7
Free cash flow	48.4	145	-35.7	21.3	73.3	144	-54.6	8.0	96.5	107	-6.2	58.0
Buybacks	n/a	n/a	101	101	50.4	0.0	50.4	50.5	0.0	353	0.0	0.0
Dividends paid	10.6	10.5	12.6	12.4	12.2	12.1	13.8	13.7	13.5	12.9	13.7	13.6
Shares outstanding	84m	84m	83m	81,748,036m	81m	81m	80m	80m	80m	76m	75m	76m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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-Q for the period ended 30 June 2024, filed 18 July 2024, accession 0000950170-24-084437: the filing on EDGAR. All of Hexcel Corp.'s filings: EDGAR company page.

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