Hexcel Corp. Files 10-Q for Period Ending March 31, 2024
Ticker: HXL · Form: 10-Q · Filed: Apr 22, 2024 · CIK: 717605
Sentiment: neutral
Topics: 10-Q, HXL, Financials, Debt, Employee Benefits
TL;DR
<b>HXL filed its Q1 2024 10-Q, detailing financial instruments, debt, and employee benefit plans.</b>
AI Summary
HEXCEL CORP /DE/ (HXL) filed a Quarterly Report (10-Q) with the SEC on April 22, 2024. HXL filed a 10-Q for the period ending March 31, 2024. The filing includes data related to pension plans and postretirement benefit plans. It references various financial instruments including foreign exchange forwards and derivatives. The company has senior unsecured notes due in 2025 and 2027. A revolving credit facility matures in June 2024 and another in April 2028.
Why It Matters
For investors and stakeholders tracking HEXCEL CORP /DE/, this filing contains several important signals. The filing provides an update on HXL's financial health and obligations, including details on its debt structure and credit facilities. Information on pension and postretirement benefit plans offers insight into the company's long-term liabilities and employee compensation strategies.
Risk Assessment
Risk Level: medium — HEXCEL CORP /DE/ shows moderate risk based on this filing. The company has multiple debt instruments and credit facilities with upcoming maturity dates, which could impact its financial flexibility.
Analyst Insight
Monitor HXL's upcoming debt maturities and credit facility renewals for potential impacts on liquidity and financial strategy.
Key Numbers
- 2024-03-31 — Period End Date (Conformed Period of Report)
- 2024-04-22 — Filing Date (Filed as of date)
- 2024-06-01 — Revolving Credit Facility Maturity (hxl:SeniorUnsecuredRevolvingCreditFacilityMaturesInJuneTwoThousandTwentyFourMember)
- 2025-01-01 — Senior Notes Maturity (hxl:SeniorNotesFourPointSevenPercentDueTwoThousandTwentyFiveMember)
- 2027-01-01 — Senior Notes Maturity (hxl:SeniorUnsecuredNotesThreePointNineFivePercentDueTwoThousandTwentySevenMember)
Key Players & Entities
- HEXCEL CORP /DE/ (company) — Filer
- 0000717605 (company) — Central Index Key
- 2024-03-31 (date) — Conformed Period of Report
- 2024-04-22 (date) — Filed as of date
- 203-969-0666 (phone) — Business phone
- hxl:SeniorNotesFourPointSevenPercentDueTwoThousandTwentyFiveMember (dollar_amount) — Senior Notes
- hxl:SeniorUnsecuredNotesThreePointNineFivePercentDueTwoThousandTwentySevenMember (dollar_amount) — Senior Notes
- hxl:SeniorUnsecuredRevolvingCreditFacilityMaturesInJuneTwoThousandTwentyFourMember (dollar_amount) — Credit Facility Maturity
FAQ
When did HEXCEL CORP /DE/ file this 10-Q?
HEXCEL CORP /DE/ filed this Quarterly Report (10-Q) with the SEC on April 22, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by HEXCEL CORP /DE/ (HXL).
Where can I read the original 10-Q filing from HEXCEL CORP /DE/?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by HEXCEL CORP /DE/.
What are the key takeaways from HEXCEL CORP /DE/'s 10-Q?
HEXCEL CORP /DE/ filed this 10-Q on April 22, 2024. Key takeaways: HXL filed a 10-Q for the period ending March 31, 2024.. The filing includes data related to pension plans and postretirement benefit plans.. It references various financial instruments including foreign exchange forwards and derivatives..
Is HEXCEL CORP /DE/ a risky investment based on this filing?
Based on this 10-Q, HEXCEL CORP /DE/ presents a moderate-risk profile. The company has multiple debt instruments and credit facilities with upcoming maturity dates, which could impact its financial flexibility.
What should investors do after reading HEXCEL CORP /DE/'s 10-Q?
Monitor HXL's upcoming debt maturities and credit facility renewals for potential impacts on liquidity and financial strategy. The overall sentiment from this filing is neutral.
Risk Factors
- Debt Maturities [medium — financial]: The company has senior unsecured notes due in 2025 and 2027, and revolving credit facilities maturing in June 2024 and April 2028.
- Hedging Instruments [low — financial]: The filing references the use of foreign exchange forwards and other derivatives for hedging purposes.
- Employee Benefit Plans [low — financial]: Information is provided on pension plans and postretirement health care and life insurance benefit plans.
Glossary
- 10-Q
- A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial performance and position during the quarter.)
Filing Stats: 4,607 words · 18 min read · ~15 pages · Grade level 7.3 · Accepted 2024-04-22 16:30:30
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 HXL New York Stock Exchange Indic
Filing Documents
- hxl-20240331.htm (10-Q) — 1576KB
- hxl-ex10_1.htm (EX-10.1) — 26KB
- hxl-ex10_2.htm (EX-10.2) — 27KB
- hxl-ex10_3.htm (EX-10.3) — 99KB
- hxl-ex31_1.htm (EX-31.1) — 14KB
- hxl-ex31_2.htm (EX-31.2) — 13KB
- hxl-ex32.htm (EX-32) — 15KB
- img130925042_0.jpg (GRAPHIC) — 4KB
- 0000950170-24-046457.txt ( ) — 7866KB
- hxl-20240331.xsd (EX-101.SCH) — 1173KB
- hxl-20240331_htm.xml (XML) — 1395KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 17 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 23 ITEM 4.
Controls and Procedures
Controls and Procedures 23 PART II. OTHER INFORMATION 23 ITEM 1.
Legal Proceedings
Legal Proceedings 23 ITEM 1A.
Risk Factors
Risk Factors 23 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 ITEM 6. Exhibits 25 SIGNATURE 26 2
FINANCI AL INFORMATION
PART I. FINANCI AL INFORMATION
Condensed Consolidated F inanc ial Statements
ITEM 1. Condensed Consolidated F inanc ial Statements Hexcel Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, (In millions) 2024 2023 Assets Current assets: Cash and cash equivalents $ 85.9 $ 227.0 Accounts receivable, net 271.0 234.7 Inventories, net 353.8 334.4 Contract assets 31.2 25.1 Prepaid expenses and other current assets 47.8 43.0 Total current assets 789.7 864.2 Property, plant and equipment 3,194.8 3,195.5 Less accumulated depreciation ( 1,536.6 ) ( 1,516.8 ) Net property, plant and equipment 1,658.2 1,678.7 Goodwill and other intangible assets, net 248.7 251.3 Investments in affiliated companies 5.0 5.0 Other assets 119.6 119.3 Total assets $ 2,821.2 $ 2,918.5 Liabilities and Stockholders' Equity Current liabilities: Short-term borrowings $ 0.1 $ 0.1 Accounts payable 128.1 159.1 Accrued compensation and benefits 67.3 75.7 Financial instruments 4.5 6.0 Accrued liabilities 88.6 75.0 Total current liabilities 288.6 315.9 Long-term debt 714.6 699.4 Retirement obligations 44.3 42.6 Deferred income taxes 108.4 110.6 Other non-current liabilities 33.2 33.5 Total liabilities 1,189.1 1,202.0 Stockholders' equity: Common stock, $ 0.01 par value, 200.0 shares authorized, 111.3 shares and 110.8 shares issued at March 31, 2024 and December 31, 2023, respectively 1.1 1.1 Additional paid-in capital 954.6 936.8 Retained earnings 2,192.6 2,168.7 Accumulated other comprehensive loss ( 89.0 ) ( 74.1 ) 3,059.3 3,032.5 Less – Treasury stock, at cost, 28.2 shares at March 31, 2024 and 26.7 shares at December 31, 2023 ( 1,427.2 ) ( 1,316.0 ) Total stockholders' equity 1,632.1 1,716.5 Total liabilities and stockholders' equity $ 2,821.2 $ 2,918.5 The accompanying notes are an integral