Hexcel Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>HXL filed its 2023 10-K, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

HEXCEL CORP /DE/ (HXL) filed a Annual Report (10-K) with the SEC on February 7, 2024. HXL filed its 2023 10-K report on February 7, 2024. The filing covers the fiscal year ending December 31, 2023. HXL's principal business is in Plastics, Materials, and Synthetic Resins. The company is incorporated in Delaware and headquartered in Stamford, CT. The filing includes references to various financial instruments and accounting standards.

Why It Matters

For investors and stakeholders tracking HEXCEL CORP /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hexcel's financial health, operational performance, and strategic positioning for investors and stakeholders. The detailed financial statements and risk factors within the report are crucial for understanding the company's current standing and future outlook in the materials industry.

Risk Assessment

Risk Level: medium — HEXCEL CORP /DE/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not present immediate red flags or significant deviations from typical corporate reporting, suggesting a medium level of risk associated with its standard disclosure format.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess HXL's performance and identify potential investment opportunities or concerns.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240207 — Filing Date (FILED AS OF DATE)
• 001-08472 — SEC File Number (SEC FILE NUMBER)
• 24604760 — Film Number (FILM NUMBER)

Key Players & Entities

• HEXCEL CORP /DE/ (company) — FILER
• HXL (company) — tk
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240207 (date) — FILED AS OF DATE
• 0000717605 (company) — CENTRAL INDEX KEY
• STAMFORD (location) — CITY
• CT (location) — STATE
• 203-969-0666 (phone) — BUSINESS PHONE

FAQ

Industry Context

Hexcel Corporation operates in the materials sector, specifically focusing on advanced composite materials for aerospace and industrial applications. The SIC code 2821 indicates a focus on Plastics, Materials, Synthetic Resins & Nonvulcan Elastomers.

Regulatory Implications

The filing is a standard 10-K under the Securities Exchange Act of 1934, requiring public companies to provide comprehensive annual financial information to the SEC.

What Investors Should Do

1. Analyze HXL's financial statements for revenue trends, profitability, and debt levels.
2. Review the business description and risk factors to understand HXL's market position and potential challenges.
3. Compare HXL's performance metrics with industry peers if available.

Key Dates

• 2024-02-07: 10-K Filing — Filing of the annual report for the fiscal year ended December 31, 2023.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — ch registered COMMON STOCK, par value $0.01 HXL New York Stock Exchange Secur
• $1,474.2 million — s segment to third-party customers were $1,474.2 million in 2023, $1,279.7 million in 2022, and
• $1,279.7 million — ustomers were $1,474.2 million in 2023, $1,279.7 million in 2022, and $1,019.4 million in 2021,
• $1,019.4 million — in 2023, $1,279.7 million in 2022, and $1,019.4 million in 2021, which represented about 80% of
• $314.8 million — s segment to third-party customers were $314.8 million in 2023, $298.0 million in 2022, and $3
• $298.0 million — customers were $314.8 million in 2023, $298.0 million in 2022, and $305.3 million in 2021, wh
• $305.3 million — on in 2023, $298.0 million in 2022, and $305.3 million in 2021, which represented approximatel
• $44.7 million — to Boeing and received net proceeds of $44.7 million. The following table identifies the k

Filing Documents

• hxl-20231231.htm (10-K) — 4199KB
• hxl-ex3_5.htm (EX-3.5) — 20KB
• hxl-ex4_6.htm (EX-4.6) — 33KB
• hxl-ex10_18.htm (EX-10.18) — 82KB
• hxl-ex10_19.htm (EX-10.19) — 105KB
• hxl-ex10_31.htm (EX-10.31) — 97KB
• hxl-ex10_38.htm (EX-10.38) — 66KB
• hxl-ex10_39.htm (EX-10.39) — 68KB
• hxl-ex10_40.htm (EX-10.40) — 68KB
• hxl-ex21.htm (EX-21) — 29KB
• hxl-ex23_1.htm (EX-23.1) — 20KB
• hxl-ex31_1.htm (EX-31.1) — 13KB
• hxl-ex31_2.htm (EX-31.2) — 13KB
• hxl-ex32.htm (EX-32) — 13KB
• hxl-ex97.htm (EX-97) — 55KB
• img130030351_0.jpg (GRAPHIC) — 10KB
• 0000950170-24-012245.txt (&nbsp;) — 21254KB
• hxl-20231231.xsd (EX-101.SCH) — 2433KB
• hxl-20231231_htm.xml (XML) — 5127KB

Business

Business 3 Item 1A:

Risk Factors

Risk Factors 14 Item 1B: Unresolved Staff Comments 22 Item 1C: Cybersecurity 22 Item 2:

Properties

Properties 24 Item 3:

Legal Proceedings

Legal Proceedings 24 Item 4: Mine Safety Disclosures 24 Part II Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6: [Reserved] 25 Item 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 8:

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 25 Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 25 Item 9A:

Controls and Procedures

Controls and Procedures 25 Item 9B: Other Information 25 Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 26 Part III Item 10: Directors, Executive Officers and Corporate Governance 26 Item 11:

Executive Compensation

Executive Compensation 26 Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13: Certain Relationships and Related Transactions and Director Independence 26 Item 14: Principal Accountant Fees and Services 26 Part IV Item 15: Exhibits and Financial Statement Schedules 27 Item 16: 10-K Summary 30

Signatures

Signatures 31 2 PA RT I

Bu siness

ITEM 1. Bu siness. General Hexcel Corporation and its subsidiaries (herein referred to as "Hexcel", "the Company", "we", "us", or "our"), is a global leader in advanced lightweight composites technology. We propel the future of flight, energy generation, transportation, and recreation through excellence in providing innovative high-performance material solutions that are lighter, stronger and tougher, helping to create a better world for us all. Our broad product range includes carbon fiber, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core and composite structures for use in commercial aerospace, space and defense, and industrial applications. We serve international markets through manufacturing facilities, sales offices and representatives located in the Americas, Europe, Asia Pacific, India, and Africa. We also had a presence in Malaysia where we were a partner in a joint venture which manufactures composite structures for Commercial Aerospace applications. In December 2023, we sold our interest in the joint venture. We are a manufacturer of products within a single industry: Advanced Composites. We have two reportable segments: Composite Materials and Engineered Products. The Composite Materials segment is comprised of our carbon fiber, specialty reinforcements, resin systems, prepregs and other fiber-reinforced matrix materials, and honeycomb core product lines and pultruded profiles. The Engineered Products segment is comprised of lightweight high strength composite structures, radio frequency/electromagnetic interference ("RF/EMI") and microwave absorbing materials, engineered core and specialty machined honeycomb products with added functionality and thermoplastic additive manufacturing. We continue to monitor developments in ongoing geopolitical issues and conflicts globally. Although we are not experiencing direct material adverse effects upon our business, the global implications o

View Full Filing

View this 10-K filing on SEC EDGAR