美国
证券交易委员会
华盛顿特区20549
表格
截至季度末
或者
过渡期从 到
委员会文件号
(根据其章程规定的注册人准确名称)
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(成立或组织的州或其他司法辖区) |
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（纳税人识别号码） |
（总部地址及邮政编码）
公司电话号码，包括区号：（
在法案第12(b)条的规定下注册的证券：
每一类的名称 |
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交易 符号: |
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在其上注册的交易所的名称 |
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请在以下方框内打勾，以指示注册人是否（1）已在过去12个月内（或在注册人需要提交此类报告的较短期间内）提交了交易所法案第13或15（d）条规定的所有要求提交的报告，并且（2）在过去90天内一直需要遵守提交要求。
☑ 否 ☐
请在勾选标志处表示注册人是否已经在过去12个月内（或者在注册人要求提交这些文件的较短时期内）按照规则405 of协议S-T（本章节的§232.405）提交了每个交互式数据文件。 ☒ 没有 ☐
请勾选标记以说明注册人是大型快速申报人、加速申报人、非加速申报人、较小的报告公司还是新兴成长型公司。请查看《交易所法》第120亿.2条中“大型快速申报人”、“加速申报人”、“较小的报告公司”和“新兴成长型公司”的定义。
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加速报告人 |
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非加速报告人 |
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小型报告公司 |
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新兴成长公司 |
如果是新兴成长型企业，请勾选复选标记，表明注册者已选择不使用延长过渡期来符合根据证券交易法第13(a)条规定提供的任何新财务会计准则。
请勾选“是”，如果报告人是外壳公司（定义见证券交易法规则12b-2）。是
请注明在最新适用日期时本发行人每种普通股的流通股数。
班级 |
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2024年10月18日优秀 |
普通股 |
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赫氏公司及其子公司
指数
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第I部分 |
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3 |
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项目1。 |
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7 |
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项目2。 |
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18 |
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项目3。 |
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24 |
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项目4。 |
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第二部分 |
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项目1。 |
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项目1A. |
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项目2。 |
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24 |
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项目6。 |
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27 |
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2
第一部分. 财务财务信息
第 1 项。 精简合并 F失控的口头声明
赫氏公司及其子公司
压缩合并资产负债表
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(未经审计) |
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2020年9月30日 |
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12月31日 |
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（以百万计） |
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2024 |
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2023 |
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资产 |
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流动资产： |
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现金及现金等价物 |
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$ |
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$ |
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2,687,823 |
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净存货 |
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合同资产 |
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资产预付款和其他流动资产的变动 |
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总流动资产 |
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资产：固定资产 |
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减少已计提折旧额 |
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净固定资产 |
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商誉和其他无形资产，净额 |
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附属公司投资 |
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其他 |
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总资产 |
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$ |
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$ |
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负债和股东权益 |
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流动负债: |
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短期借款 |
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$ |
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$ |
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应付账款 |
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应计的薪酬和福利 |
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基本报表注释 |
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应计负债 |
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流动负债合计 |
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长期债务 |
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养老义务 |
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延迟所得税 |
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其他非流动负债 |
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负债合计 |
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股东权益: |
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普通股，每股面值为 $0.0001； |
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额外实收资本 |
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保留盈余 |
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累计其他综合损失 |
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较少 - 库存股，按成本计量， |
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股东权益合计 |
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负债和股东权益合计 |
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$ |
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$ |
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随附说明是这些简明合并财务报表的一部分。
3
赫氏公司及其子公司 |
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简明的汇总操作表 |
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(未经审计) |
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(未经审计) |
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截至9月30日的季度 |
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截至9月30日的九个月 |
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（以百万计，每股数据除外） |
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2024 |
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2023 |
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2024 |
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2023 |
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净销售额 |
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$ |
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$ |
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$ |
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$ |
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销售成本 |
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毛利率 |
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销售，总务及管理费用 |
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研究和科技支出 |
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其他营业支出（收益） |
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营业利润 |
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利息费用，净额 |
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税前收入，及从关联公司股权收益中的收入 |
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所得税费用（收益） |
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从关联公司股权盈利前的收入 |
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关联公司股权盈利 |
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净利润 |
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$ |
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$ |
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$ |
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$ |
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每股基本净利润 |
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$ |
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$ |
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$ |
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$ |
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每股稀释净利润 |
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$ |
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$ |
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$ |
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$ |
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加权平均普通股股数: |
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基本 |
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稀释 |
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赫氏公司及其子公司 |
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综合所得简化联合财务报表 |
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(未经审计) |
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(未经审计) |
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截至9月30日的季度 |
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截至9月30日的九个月 |
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（以百万计） |
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2024 |
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2023 |
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2024 |
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2023 |
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净收入 |
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$ |
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$ |
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$ |
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$ |
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货币转换差异 |
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( |
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( |
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净未实现养老金和其他福利精算（损失）收益以及往期服务信贷（税后净额） |
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( |
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( |
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净金融工具未实现收益（损失）（税后净额） |
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( |
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其他综合收益（损失）总额 |
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综合收益 |
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$ |
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$ |
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$ |
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$ |
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随附说明是这些简明合并财务报表的一部分。
4
赫氏公司及其子公司
C现金流量表汇编
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(未经审计) |
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截至9月30日的九个月 |
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（以百万计） |
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2024 |
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2023 |
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经营活动现金流 |
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净收入 |
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$ |
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$ |
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营运活动提供的现金流量调节: |
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折旧和摊销 |
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与融资相关的摊销 |
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延迟所得税 |
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( |
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( |
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关联公司收益中的权益 |
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( |
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以股票为基础的报酬计划 |
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重组费用，支付净额 |
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( |
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资产减值 |
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资产出售收益 |
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资产和负债变动： |
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应收账款增加 |
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( |
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( |
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存货的增加 |
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( |
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( |
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预付费支出和其他流动资产增加额 |
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( |
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( |
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应付账款/应计负债减少 |
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( |
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( |
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其他 –净 |
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( |
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( |
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经营活动产生的现金流量净额 |
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投资活动现金流量 |
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资本支出 |
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( |
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资产出售所得 |
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出售投资所得款 |
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投资活动产生的净现金流出 |
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( |
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( |
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筹资活动现金流量 |
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从无担保信贷融资机构借款-2028年 |
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偿还无担保信贷融资机构贷款-2028年 |
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从无担保信贷融资机构借款-2024年 |
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偿还无担保信贷融资机构贷款-2024年 |
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购回普通股 |
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与无担保信用设施相关的发行成本 |
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偿还融资租赁债务及其他债务，净额 |
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分红派息 |
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( |
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股票计划下的活动 |
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( |
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筹集净现金流量 |
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( |
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( |
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汇率变动对现金及现金等价物的影响 |
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( |
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现金及现金等价物净减少 |
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( |
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( |
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期初现金及现金等价物余额 |
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期末现金及现金等价物 |
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$ |
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$ |
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补充资料： |
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计提基础下对厂房、房地产和设备的增加 |
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$ |
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$ |
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随附说明是这些简明合并财务报表的一部分。
5
赫氏公司及其子公司
压缩合并报表股东权益表格（未经审计）
截至2024年9月30日和2023年9月30日的季度和九个月
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累积的 |
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额外的 |
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其他 |
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总费用 |
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实缴 |
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留存收益 |
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综合 |
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国库 |
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股东的 |
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（以百万计） |
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股票名义价值 |
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资本 |
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收益 |
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损失 |
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股票 |
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股权 |
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2022年12月31日的余额 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
( |
) |
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$ |
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净收入 |
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— |
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— |
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— |
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— |
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普通股分红 ($ |
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— |
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— |
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( |
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— |
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— |
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( |
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其他综合收益的变动-税后 |
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— |
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— |
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— |
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— |
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股权奖励活动 |
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— |
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— |
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— |
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( |
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2023年3月31日的结存 |
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$ |
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$ |
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$ |
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$ |
( |
) |
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$ |
( |
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$ |
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净收入 |
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— |
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— |
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— |
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— |
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普通股分红 ($ |
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— |
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— |
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( |
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— |
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— |
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( |
) |
||||
其他综合收益变动-税后 |
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— |
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— |
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— |
|
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|
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— |
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||||||
股权奖励活动 |
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— |
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— |
|
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— |
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( |
) |
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|||||
2023年6月30日，余额 |
|
$ |
|
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$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
净收入 |
|
— |
|
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— |
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|
|
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— |
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— |
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||||||
普通股分红 ($ |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
||||
购回普通股 |
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— |
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— |
|
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— |
|
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— |
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( |
) |
|
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( |
) |
||||
其他综合收益变动-税后 |
|
— |
|
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— |
|
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— |
|
|
|
( |
) |
|
— |
|
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( |
) |
||||
股权奖励活动 |
|
— |
|
|
|
|
|
— |
|
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— |
|
|
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( |
) |
|
|
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|||||
2023年9月30日余额 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
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||||
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||||||
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累积的 |
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||||||
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额外的 |
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其他 |
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总费用 |
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||||||
|
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实缴 |
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留存收益 |
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综合 |
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国库 |
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股东的 |
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||||||
（以百万计） |
|
股票名义价值 |
|
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资本 |
|
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收益 |
|
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损失 |
|
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股票 |
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股权 |
|
||||||
2023年12月31日的余额 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
净收入 |
|
— |
|
|
— |
|
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|
|
|
— |
|
|
— |
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|
||||||
普通股分红 ($ |
|
— |
|
|
— |
|
|
|
( |
) |
|
— |
|
|
— |
|
|
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( |
) |
||||
购回普通股 |
|
— |
|
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— |
|
|
— |
|
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— |
|
|
|
( |
) |
|
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( |
) |
||||
其他综合（损失）收益变动-税后 |
|
— |
|
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— |
|
|
— |
|
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|
( |
) |
|
— |
|
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|
( |
) |
||||
股权奖励活动 |
|
— |
|
|
|
|
— |
|
|
— |
|
|
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( |
) |
|
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|
||||||
2024 年 3 月 31 日余额 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
净收入 |
|
— |
|
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— |
|
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|
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|
— |
|
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— |
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|
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|
||||||
普通股分红 ($ |
|
— |
|
|
— |
|
|
|
( |
) |
|
— |
|
|
— |
|
|
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( |
) |
||||
购回普通股 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
||||
其他综合损益（亏损）-税后 |
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
|
— |
|
|
|
( |
) |
||||
股权奖励活动 |
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
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( |
) |
|
|
|
|||||
2024年6月30日结余 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
净收入 |
|
— |
|
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
|
|
||||||
普通股分红 ($ |
|
— |
|
|
— |
|
|
|
( |
) |
|
— |
|
|
— |
|
|
|
( |
) |
||||
购回普通股 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
||||
其他综合收益（亏损）-税后 |
|
— |
|
|
— |
|
|
— |
|
|
|
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|
— |
|
|
|
|
||||||
股权奖励活动 |
|
— |
|
|
|
|
|
— |
|
|
— |
|
|
|
( |
) |
|
|
|
|||||
2024年9月30日余额 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
||||
随附说明是这些简明合并财务报表的一部分。
6
赫氏公司及其子公司
简明合并财务报表附注
(未经审计)
注1 — 重大协议狩猎政策
在这些附注中，“Hexcel”、“公司”、“我们” 或 “我们的” 等术语是指Hexcel公司和子公司。随附的简明合并财务报表是Hexcel公司的简明合并财务报表。有关我们重要会计政策的讨论，请参阅截至2023年12月31日止年度的10-k表年度报告中包含的合并财务报表附注1。
演示基础
随附的简明合并财务报表是根据美国证券交易委员会（“SEC”）的规章制度和美利坚合众国普遍接受的中期财务信息会计原则（“GAAP”）根据Hexcel未经审计的会计记录编制的。根据美国证券交易委员会的规章制度，某些通常包含在财务报表中的信息和脚注披露已被省略。管理层认为，简明合并财务报表包括所有正常的经常性调整以及公允列报中期财务状况表、经营业绩、现金流量和股东权益表所必需的任何非经常性调整。截至2023年12月31日的简明合并资产负债表来自经审计的2023年合并资产负债表。中期业绩不一定代表任何其他中期或全年的预期业绩。这些合并财务报表应与我们的2023年10-k表年度报告中包含的合并财务报表及其附注一起阅读。
对关联公司的投资
附注2 — 每股普通股净利润
|
|
截至9月30日的季度 |
|
|
截至9月30日的九个月 |
|
||||||||||
（以百万计，每股数据除外） |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
每股基本净收益： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
净收入 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
加权平均流通股份 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
每股基本净利润 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
每股摊薄净收益： |
|
|
|
|
|
|
|
|
|
|
|
|
||||
净收入 |
|
$ |
|
|
$ |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
加权平均流通在外的普通股—基本 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
加上假设转换的额外股份: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
限制性股票单位 |
|
|
|
|
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|
|
|
|
|
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|
||||
期权 |
|
|
|
|
|
|
|
|
|
|
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|
||||
加权平均普通股份流通量 — 稀释 |
|
|
|
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|
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|
|
|
||||
|
|
|
|
|
|
|
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|
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|
||||
每股稀释净利润 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
净利润每股计算中排除了共计普通股等价物
7
注意事项 3 — 库存
|
|
|
|
|
|
|
||
（以百万计） |
|
2024年9月30日 |
|
|
2023 年 12 月 31 日 |
|
||
原材料 |
|
$ |
|
|
$ |
|
||
工作进行中 |
|
|
|
|
|
|
||
成品 |
|
|
|
|
|
|
||
总库存 |
|
$ |
|
|
$ |
|
||
注4 — 养老金和其他离退休福利计划
我们提供合格和非合格的确定福利退休计划，覆盖某些现任和前任美国和欧洲雇员，为合格的美国和英国雇员提供的退休储蓄计划，以及为合格的美国退休员工提供的某些离退休医疗保健和寿险福利计划。我们还参与一个由工会发起的多雇主养老金计划，覆盖具有工会背景的某些美国雇员。
确定福利退休计划
2024年和2023年截至9月30日的季度和九个月的确定福利退休计划净周期性福利成本分别如下：
|
|
截至9月30日的季度 |
|
|
截至9月30日的九个月 |
|
||||||||||
（以百万计） |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
美国非合格定义福利养老计划 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
服务成本 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
利息费用 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
净摊销 |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
（以百万计） |
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
负责任的美国非合格定义的福利退休计划的平衡表上认可的金额： |
|
|
|
|
|
|
||
应计负债 |
|
$ |
|
|
$ |
|
||
其他非流动负债 |
|
|
|
|
|
|
||
|
$ |
|
|
$ |
|
|||
|
|
截至9月30日的季度 |
|
|
截至9月30日的九个月 |
|
||||||||||
（以百万计） |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
欧洲的养老金福利计划 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
服务成本 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
利息费用 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
计划资产预期回报 |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
净摊销和推迟 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
净周期福利费用 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
（以百万计） |
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
在欧洲确定的养老金退休计划资产负债表上公布的金额： |
|
|
|
|
|
|
||
应计负债 |
|
|
|
|
|
|
||
其他非流动负债 |
|
|
|
|
|
|
||
累计总福利 |
|
$ |
|
|
$ |
|
||
我们全部养老金相关成本均作为经营收入的一部分，包括在我们的简明合并利润表中。截至2024年和2023年9月30日的季度，与服务成本无关的金额为
8
和框架。有关详细信息，请参阅UBS集团报酬报告$
捐款
通常在发生效益支付时为我们的美国非合格的定义福利养老计划提供资金。 我们在2024年的头九个月内捐款约 $
2024年9月30日结束的九个月内，我们对欧洲的确定福利养老计划的基金大约为$
养老后医疗保健和寿险福利计划
我们记录了$
（以百万计） |
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
资产负债表上确认的金额： |
|
|
|
|
|
|
||
应计负债 |
|
$ |
|
|
$ |
|
||
其他非流动负债 |
|
|
|
|
|
|
||
累积的全部福利 |
|
$ |
|
|
$ |
|
||
截至2024年9月30日和2023年底的九个月，我们与我们的养老计划相关的缴款金额都不重要。我们定期为养老计划提供资金，以支付发生的费用。我们预计将在2024年贡献约$
注5 –– 债务
（以百万计） |
|
2024年9月30日 |
|
|
2023年12月31日 |
|
||
融资租赁的流动部分 |
|
$ |
|
|
$ |
|
||
偿还短期债务 |
|
|
|
|
|
|
||
无抵押资产优先债务信贷额度 |
|
|
|
|
|
|
||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
高级票据 --- 原始发行折让 |
|
|
( |
) |
|
|
( |
) |
高级票据 --- 递延融资成本 |
|
|
( |
) |
|
|
( |
) |
融资租赁及其他债务的非流动部分 |
|
|
|
|
|
|
||
长期债务 |
|
|
|
|
|
|
||
总债务 |
|
$ |
|
|
$ |
|
||
2023年4月25日公司于2023年4月25日签订了一份新的信贷协议（“信贷协议”），以重新融资其无担保高级循环信贷设施（“设施”）。根据信贷协议的条款，借款能力为$
9
信贷协议包含习惯契约，除其他外，对公司任何子公司承担债务、授予留置权以及出售公司及其子公司的全部或几乎所有资产进行了限制。信贷协议还包含财务契约，要求公司维持最低利息覆盖率和最大合并净杠杆比率。截至2024年9月30日，公司遵守了所有债务契约。
截至2024年9月30日，该融资机制下的借款总额为美元
2017年，该公司发行了美元
2015年，该公司发行了美元
注6 — 衍生金融工具
利率互换和利率锁定协议
2024年9月30日和2023年12月31日，我们持有
公司具有资金锁定协议，被指定为现金流量套期保值工具，以对冲与发行我们的优先无担保票据相关的基准国库利率不利波动。作为我们发行优先票据的一部分，我们以总额为$结算了这些衍生品，其他综合收益(损失)中的递延收益将在优先票据的存续期内归还给利息费用。这些已了结的国库锁定的影响约将使优先票据的有效利率降低大约
跨货币和利率互换协议
2020年11月，我们进行了一项跨货币和利率互换，在该协议中被指定为一项€现金流避险
外汇远期交易合同
我们的多家欧洲子公司面临美元与子公司的功能货币（欧元或英镑）之间的汇率波动影响。我们已经签订了合同，通过2027年3月交换美元至欧元和英镑。这些合同的名义金额总计为 $
10
减少货币兑换汇率波动的风险 期货生效部分的对冲，分别为截至2024年9月30日的本季度和九个月获得收益 $
In addition, we enter into foreign exchange forward contracts which are not designated as hedges. These are used to provide an offset to transactional gains or losses arising from the remeasurement of non-functional monetary assets and liabilities such as accounts receivable. The change in the fair value of the derivatives is recorded in the statement of operations. There are
在2024年9月30日和2023年9月30日结束的季度和九个月内，按照对冲指定记录的外币远期汇率合同公允价值变动已支付的净税额列入累积其他综合收益（损失）中。
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截至9月30日的季度 |
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截至9月30日的九个月 |
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（以百万计） |
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2024 |
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2023 |
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2024 |
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2023 |
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||||
期初未实现的利润（损失），扣除税款后 |
|
$ |
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|
$ |
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|
$ |
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$ |
( |
) |
|||
重新分类为净销售的损失 |
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公允价值上涨(下跌)金额 |
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( |
) |
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( |
) |
||
期末未实现的利润（亏损），税后净额 |
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$ |
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$ |
( |
) |
|
$ |
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|
$ |
( |
) |
||
未实现收益为$
商品掉期协议
我们使用商品掉期协议对原材料价格波动进行套期保值，包括丙烯（丙烯腈的主要成分）。截至2024年9月30日 我们与标的价值为$的商品互换协议。
2024年9月30日和2023年12月31日未偿衍生金融工具的公允价值如下：
|
预付款及其他流动资产 |
其他资产 |
流动负债 |
非流动负债 |
||||
（以百万计） |
2024年9月30日 |
2023年12月31日 |
2024年9月30日 |
2023年12月31日 |
2024年9月30日 |
2023年12月31日 |
2024年9月30日 |
2023年12月31日 |
衍生产品 |
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|
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外币远期汇兑合同 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
未指定的套期保值 |
||||||||
商品互换 |
||||||||
跨货币和利率互换 |
||||||||
总计衍生产品 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
第7条 — 公允价值计量
有关公允价值计量的权威指引建立了一个层次结构，用于衡量公允价值的可观察和不可观察输入，分为三个广义层次，如下所述：
在确定公允价值时，我们利用估值技术，最大程度地使用可观察输入，尽量减少不可观察输入，并在评估公允价值时考虑到我们自身和交易对手的信用风险。
11
我们有
对于使用二级输入的衍生资产和负债，我们会预测将来衍生品的现金流量，这些现金流量将折现到净现值。估计的现金流量和估值模型中使用的折现率基于可观察的输入并考虑非执行风险（当衍生工具处于净资产头寸时，交易对手的信用状况，以及当衍生务工具处于净负债头寸时，赫氏的信用状况）。关于我们衍生金融工具公允价值的进一步信息，请参阅注6，衍生金融工具。此外，这些衍生合同的公允价值，在某些情况下受主网合约约束，以毛额形式在简明合并资产负债表中呈现。
以下是所有二级金融资产和负债的估值技术摘要：
上述合同的交易对手为信誉极高的金融机构，
Note 8 — 营业收入
我们的营业收入主要来自与客户签订的长期合同销售存货。我们已确定每个采购订单（“PO”）都会与一个主协议一起产生ASC 606合同。 对于那些不是长期协议的销售，我们生成的采购订单会受到我们的标准条款和条件约束。 在客户购买与政府合同相关的商品时，这些合同通常受到类似或等同于《联邦采购条例》第52.249-2部分的条款约束。该条例包含方便终止条款（“t for C”），要求客户在取消时支付成品和未完成商品的成本以及合理利润。
对于那些包含t for C的协议，并且正在生产的产品没有其他用途，我们会按时间分布确认收入。
我们根据市场为分析目的对营业收入进行细分。
|
|
截至9月30日的季度 |
|
|
截至9月30日的九个月 |
|
||||||||||
（以百万计） |
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2024 |
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2023 |
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2024 |
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2023 |
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||||
合并净销售额 |
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$ |
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$ |
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$ |
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$ |
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||||
商业航空航天 |
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太空及国防板块 |
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制造业 |
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随时间确认的营业收入导致了合同资产的产生，该资产代表已确认但未开具发票的营业收入。合同资产作为流动资产一部分包括在我们的简明合并资产负债表中。
12
（以百万计） |
|
复合材料 |
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工程产品 |
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总费用 |
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|||
2023年12月31日结余为 |
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$ |
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$ |
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$ |
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|||
已开具的净营业收入 |
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2024年3月31日结存余额 |
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$ |
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$ |
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$ |
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|||
已开具的净营业收入 |
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|||
2024年6月30日余额 |
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$ |
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$ |
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$ |
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|||
已开出的净营业收入 |
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2024年9月30日的余额 |
|
$ |
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$ |
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$ |
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|||
应收账款净额包括已向客户开出账单且支付权无条件的金额。
Note 9 — 分部信息
我们的业务部门的财务结果是根据管理方法准备的，这与我们在内部分隔财务信息的方式和方式一致，以协助制定内部经营决策。 我们根据营业收入评估我们的业务部门的绩效，并通常根据独立价格核算部门间销售。 公司和某些其他费用不分配给业务部门，除非这些费用可以直接归因于业务部门。
13
2024年和2023年截至9月份的季度和九个月的经营部门财务信息如下：
|
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(未经审计) |
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|||||||||||||
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复合材料 |
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工程化的 |
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公司与其他 |
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||||
（以百万计） |
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材料 |
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产品 |
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其他 |
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总费用 |
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||||
2024年9月30日季度结束 |
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对外销售净额 |
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$ |
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$ |
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$ |
— |
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$ |
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|||
板块内销售额 |
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( |
) |
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— |
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||
总销售额 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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|||
其他营业费用 |
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业务利润（亏损） |
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( |
) |
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折旧和摊销 |
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以股票为基础的报酬计划 |
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根据权责发生制的资本支出增加 |
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||||
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||||
2023年9月30日季度结束 |
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||||
对外销售净额 |
|
$ |
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$ |
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$ |
— |
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$ |
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|||
板块内销售额 |
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( |
) |
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— |
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||
总销售额 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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|||
其他经营收入 |
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( |
) |
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( |
) |
||
业务利润（亏损） |
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( |
) |
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折旧和摊销 |
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以股票为基础的报酬计划 |
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按权责发生制增加资本支出 |
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2024年9月30日止九个月 |
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对外销售净额 |
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$ |
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$ |
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$ |
— |
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$ |
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板块内销售额 |
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( |
) |
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— |
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||
总销售额 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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|||
其他营业费用 |
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业务利润（亏损） |
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( |
) |
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折旧和摊销 |
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以股票为基础的报酬计划 |
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资产支出的权责发生制增加 |
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2023年9月30日止九个月 |
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对外销售净额 |
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$ |
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$ |
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$ |
— |
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$ |
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板块内销售额 |
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( |
) |
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— |
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总销售额 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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其他运营收益费用 |
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( |
) |
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( |
) |
||
业务利润（亏损） |
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( |
) |
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折旧和摊销 |
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以股票为基础的报酬计划 |
|
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按权责发生制对资本支出进行累积 |
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||||
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||||
商誉和无形资产 |
|
复合材料 |
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工程化的 |
|
|
|
|
|||
（以百万计） |
|
材料 |
|
|
产品 |
|
|
总费用 |
|
|||
2023年12月31日结余为 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
摊销费用 |
|
|
( |
) |
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( |
) |
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( |
) |
货币转换差异 |
|
|
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( |
) |
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|
( |
) |
|
2024年9月30日的余额 |
|
$ |
|
|
$ |
|
|
$ |
|
|||
2024年9月30日，商誉和无形资产的余额为$
14
Note 10 — 累计其他综合损益
综合损失代表净损失和影响股东权益但未反映在综合损益表中的其他收益和损失。
（以百万计） |
|
无法识别 |
|
|
公允价值变动 |
|
|
外币 |
|
|
总费用 |
|
||||
2023年12月31日结余为 |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
||
重新分类前的综合收益（亏损） |
|
|
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||||
重新分类的累计其他综合损失中的金额 |
|
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( |
) |
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||||
其他综合（损失）收益 |
|
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( |
) |
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|
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|
|
|||
2024年9月30日的余额 |
|
$ |
|
|
$ |
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|
$ |
( |
) |
|
$ |
( |
) |
||
|
从未确认的净定义利益和退休计划成本以及其他全部综合损失的衍生产品元件中重新分类的净（收益）损失额，按季度 2024年和2023年截至9月30日的九个月分别如下:
|
|
2024年9月30日季度结束 |
|
|
2023年9月30日季度结束 |
|
|
2024年9月30日止九个月 |
|
|
2023年9月30日止九个月 |
|
||||||||||||||||||||
（以百万计） |
|
税前（损益） |
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税后（损益） |
|
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税前（盈利）损失 |
|
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税后净（盈利）损失 |
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|
税前损失（盈利） |
|
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税后净损失（盈利） |
|
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税前（盈利）损失 |
|
|
税后净（盈利）损失 |
|
||||||||
定义福利和退休计划成本 |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
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$ |
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$ |
( |
) |
|
$ |
( |
) |
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$ |
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$ |
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||||
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||||||||
衍生产品 |
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||||||||
外币远期汇率期货合约 |
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||||||||
商品互换 |
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||||||||
利率掉期 |
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( |
) |
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( |
) |
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( |
) |
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|
( |
) |
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|
( |
) |
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|
( |
) |
||
总衍生产品 |
|
$ |
|
|
$ |
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|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
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|
$ |
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|
$ |
|
||||||||
备注 11 — 提交突发事件和突发事件
我们 参与因我们的正常业务行为而产生的诉讼、调查和索赔，包括与商业交易、环境、就业以及健康和安全问题有关的诉讼、调查和索赔。虽然无法预测诉讼、调查和索赔的最终解决办法 对我们断言，根据我们对当前可用信息的审查、迄今为止的经验以及法律顾问的建议，我们认为，考虑到我们现有的保险范围和已经提供的金额，目前对我们的未决法律诉讼不会对我们的合并经营业绩、财务状况或现金流产生重大不利影响.
环境问题
对于以下以及我们不拥有或拥有的其他危险废物处置场所，我们被列为潜在责任方（“PRP”），这些场所已被列入或拟列入美国环境保护署（“EPA”）超级基金国家优先事项清单或各州政府的同等清单。由于《联邦综合环境应对、补偿和责任法》（“CERCLA” 或 “超级基金”）允许在某些情况下承担连带责任，因此即使我们是众多PRP中的一员，我们也可以承担此类地点的所有补救费用。我们认为，根据有争议的危险废物的数量和性质，以及每个地点其他财务上可行的PRP的数量，我们在此类环境问题上的责任不会是重大的。
15
下帕塞克河研究区
Hexcel 加上大约
2016年3月，美国环保局发布了一份决定记录（“ROD”），列出了美国环保局为下游选择的补救措施
2016年10月，根据与美国环保局达成的和解协议，PRP之一西方化学公司（“OCC”）开始对下帕萨克河下游八英里进行ROD要求的补救设计，保留其从所有其他PRP中获得成本缴纳的权利。2018年6月，OCC向美国新泽西特区地方法院对包括Hexcel在内的约120个当事方提起诉讼，要求根据CERCLA追回与下帕萨克河有关的费用和缴款。2019年7月，法院部分批准并部分驳回了被告的驳回动议。2020年8月，法院批准了被告对某些索赔要求进行即决判决的动议。根据双方的协议，其余索赔的发现已无限期中止。2021年2月24日，Hexcel和其他某些被告对帕萨克谷污水处理委员会和新泽西州的某些市政当局提起了第三方申诉，要求追回被告产生的与Passaic相关的清理费用，以及为OCC产生的、法院认为被告负有责任的任何清理费用缴纳摊款。2023年3月，美国环保局向OCC发布了单方面管理令（“UAO”），命令OCC开始补救设计工作，为清理下帕萨克河上游九英里处提供临时补救措施。2023 年 3 月 24 日，OCC 对 Hexcel 提起诉讼，大约
2022年12月16日，美国环保局向美国新泽西州地方法院提交了同意令，要求法院批准一美元
环境保护摘要
我们对PRP的负债估算以及与修复下帕萨克河和其他地点的责任相关的剩余成本已计入合并资产负债表。截至 2024 年 9 月 30 日和 2023 年 12 月 31 日，我们的汇总 是 $
由于有关污染性质或程度的额外信息、所需的补救方法、责任方之间费用分摊的变化以及政府机构或私人团体采取的其他行动，或者在新事项中被点名的影响（如果有）等因素，这些应计数额可能会在不同时期发生重大变化。
产品质保
我们为我们的产品提供标准的保证型担保，这些产品不能单独购买，也不符合被视为履约义务的标准。截至2024年9月30日的九个月的保修费用以及截至2024年9月30日和2023年12月31日的简明合并资产负债表中 “应计负债” 中包含的应计保修成本如下：
16
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产品 |
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（以百万计） |
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担保 |
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2023年12月31日的余额 |
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$ |
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保修费用 |
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扣款及其他 |
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( |
) |
2024年3月31日的余额 |
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$ |
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保修费用 |
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扣款和其他 |
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( |
) |
2024年6月30日的余额 |
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$ |
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保修费用 |
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扣款和其他 |
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( |
) |
2024年9月30日余额 |
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$ |
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第12条 — 重组
我们公布财务报表中包括的重组费用分别为美元，分别适用于截至2024年6月30日的季度和六个月，主要涉及分手费用。截至2024年6月30日预计的未来现金支付为 $，
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截至2024年9月30日季度结束的活动 |
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6月30日, |
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重组 |
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现金 |
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2020年9月30日 |
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（以百万为单位） |
2024 |
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费用 |
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汇率影响 |
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已支付的 |
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非现金 |
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2024 |
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||||||
员工裁员 |
$ |
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$ |
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$ |
( |
) |
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$ |
( |
) |
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$ |
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$ |
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减值及其他 |
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总费用 |
$ |
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$ |
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$ |
( |
) |
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$ |
( |
) |
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$ |
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$ |
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2024年9月30日结束的九个月活动 |
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12月31日 |
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重组 |
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现金 |
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2020年9月30日 |
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（以百万为单位） |
2023 |
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费用 |
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汇率影响 |
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已支付的 |
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非现金 |
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2024 |
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||||||
员工裁员 |
$ |
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$ |
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$ |
( |
) |
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$ |
( |
) |
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$ |
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$ |
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减值及其他 |
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总费用 |
$ |
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$ |
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$ |
( |
) |
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$ |
( |
) |
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$ |
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$ |
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附注13 — 资本股
根据公司董事会（“董事会”）于2018年5月通过的股份回购计划（“2018回购计划”），董事会授权$
截至2024年9月30日止三个月内，公司按照2024年股份回购计划以平均每股$
17
ITEm 2. 管理层对财务状况和经营业绩的讨论
业务概况
我们开发、制造和推广轻量化、高性能结构材料，包括碳纤维、特种增强材料、预浸料和其他纤维增强基质材料、蜂窝结构、树脂、工程芯和复合结构，用于商用航空航天、军工股和工业市场。我们推动飞行、能源生成、运输和娱乐的未来，通过提供创新的高性能材料解决方案，使产品更轻、更强、更耐用，帮助打造一个更美好的世界。
我们通过位于美洲、欧洲、亚太、印度和非洲的制造设施、销售办事处和代表处为国际市场提供服务。
我们是一家在单一行业内生产产品的制造业-半导体公司。我们有两个可报告部门: 复合材料和工程产品。复合材料部门包括我们的碳纤维、特种增强材料、树脂体系、预浸料和其他纤维增强基质材料、蜂窝芯产品线和拉挤型材。工程产品部门包括轻量化高强度复合结构、射频/电磁干扰(“RF/EMI”)和微波吸收材料、工程芯材和特种加工蜂窝产品，具有附加功能和热塑性添加制造业。
我们的业务正在继续从COVID-19大流行的影响中恢复，这得益于航空旅行的增长和飞机制造速度的提高。 恢复后期在赫氏所在市场仍面临诸多挑战，包括飞机生产速度的延迟，与全球货币、供应链问题、通货膨胀压力以及地缘政治问题和冲突等影响相关。 这些挑战已经并可能继续对我们的业务、供应链、运输网络和客户产生负面影响，所有这些已经并可能继续压缩我们的财务业绩。
财务总览
经营结果
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截至9月30日的季度 |
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截至9月30日的九个月 |
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（以百万计，每股数据除外） |
|
2024 |
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2023 |
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百分比变动 |
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2024 |
|
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2023 |
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百分比变动 |
|
||||||
净销售额 |
|
$ |
456.5 |
|
|
$ |
419.5 |
|
|
|
8.8 |
% |
|
$ |
1,429.2 |
|
|
$ |
1,331.5 |
|
|
|
7.3 |
% |
净销售额汇率恒定变动 |
|
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|
8.3 |
% |
|
|
|
|
|
|
|
|
7.2 |
% |
||||
营业利润 |
|
$ |
52.5 |
|
|
$ |
43.6 |
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|
|
20.4 |
% |
|
$ |
177.2 |
|
|
$ |
167.7 |
|
|
|
5.7 |
% |
占净销售额的百分比 |
|
|
11.5 |
% |
|
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10.4 |
% |
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12.4 |
% |
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12.6 |
% |
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净收入 |
|
$ |
39.8 |
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|
$ |
38.7 |
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2.8 |
% |
|
$ |
126.3 |
|
|
$ |
123.9 |
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|
|
1.9 |
% |
每股稀释净利润 |
|
$ |
0.49 |
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|
$ |
0.45 |
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|
|
8.9 |
% |
|
$ |
1.52 |
|
|
$ |
1.45 |
|
|
|
4.8 |
% |
18
Net Sales
The following table summarizes net sales to third-party customers by segment and end market for the quarters and nine months ended September 30, 2024 and 2023:
|
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Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||||||||||
(In millions) |
|
2024 |
|
|
2023 |
|
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% Change |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
||||||
Consolidated Net Sales |
|
$ |
456.5 |
|
|
$ |
419.5 |
|
|
|
8.8 |
% |
|
$ |
1,429.2 |
|
|
$ |
1,331.5 |
|
|
|
7.3 |
% |
Commercial Aerospace |
|
|
295.9 |
|
|
|
251.9 |
|
|
|
17.5 |
% |
|
|
915.9 |
|
|
|
800.7 |
|
|
|
14.4 |
% |
Space & Defense |
|
|
128.2 |
|
|
|
128.8 |
|
|
|
(0.5 |
)% |
|
|
406.2 |
|
|
|
392.5 |
|
|
|
3.5 |
% |
Industrial |
|
|
32.4 |
|
|
|
38.8 |
|
|
|
(16.5 |
)% |
|
|
107.1 |
|
|
|
138.3 |
|
|
|
(22.6 |
)% |
|
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Composite Materials |
|
$ |
367.6 |
|
|
$ |
340.5 |
|
|
|
8.0 |
% |
|
$ |
1,155.7 |
|
|
$ |
1,097.2 |
|
|
|
5.3 |
% |
Commercial Aerospace |
|
|
250.3 |
|
|
|
212.7 |
|
|
|
17.7 |
% |
|
|
774.4 |
|
|
|
684.8 |
|
|
|
13.1 |
% |
Space & Defense |
|
|
85.9 |
|
|
|
90.0 |
|
|
|
(4.6 |
)% |
|
|
276.6 |
|
|
|
276.7 |
|
|
|
- |
|
Industrial |
|
|
31.4 |
|
|
|
37.8 |
|
|
|
(16.9 |
)% |
|
|
104.7 |
|
|
|
135.7 |
|
|
|
(22.8 |
)% |
|
|
|
|
|
|
|
|
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||||||
Engineered Products |
|
$ |
88.9 |
|
|
$ |
79.0 |
|
|
|
12.5 |
% |
|
$ |
273.5 |
|
|
$ |
234.3 |
|
|
|
16.7 |
% |
Commercial Aerospace |
|
|
45.6 |
|
|
|
39.2 |
|
|
|
16.4 |
% |
|
|
141.5 |
|
|
|
115.9 |
|
|
|
22.1 |
% |
Space & Defense |
|
|
42.3 |
|
|
|
38.8 |
|
|
|
9.0 |
% |
|
|
129.6 |
|
|
|
115.8 |
|
|
|
11.9 |
% |
Industrial |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
- |
|
|
|
2.4 |
|
|
|
2.6 |
|
|
|
(7.7 |
)% |
Sales by Segment
Composite Materials: Net sales of $367.6 million in the third quarter of 2024 increased by $27.1 million or 8.0% from the prior year quarter driven by Commercial Aerospace sales which increased $37.6 million or 17.7%. Net sales of $1,155.7 million for the first nine months of 2024 increased 5.3% compared to the same period last year also driven by strong sales in Commercial Aerospace.
Engineered Products: For the third quarter of 2024, net sales of $88.9 million increased $9.9 million or 12.5% as compared to the prior year quarter. Net sales of $273.5 million for the first nine months of 2024 increased 16.7% compared to the same period last year. The increase for both the third quarter and nine months ended September 30, 2024 over the respective periods in the prior year was driven by higher Commercial Aerospace and Space & Defense sales.
Sales by Market
For the third quarter of 2024, Commercial Aerospace sales of $295.9 million increased 17.5% (17.0% in constant currency) compared to the third quarter of 2023. Airbus programs drove the sales growth including the A350 and A320neo. Boeing 787 sales also increased. Other Commercial Aerospace sales for the third quarter of 2024 increased 9.1% compared to the third quarter of 2023 with growth led by the latest-generation business jet sales. Sales of $915.9 million increased 14.4% (14.3% in constant currency) for the first nine months of 2024 compared to the first nine months of 2023. Growth was led by the A350, 787, and A320neo. Other Commercial Aerospace increased 5.8% for the first nine months of 2024 compared to the same period in 2023 supported by the latest-generation business jets.
Space & Defense sales of $128.2 million were relatively flat (0.9% lower in constant currency) for the third quarter of 2024 as compared to the third quarter of 2023. Strength in the CH-53K and Black Hawk was offset by lower V-22 and Space sales, as well as, softer launcher, satellite and rocket motor sales. For the first nine months of 2024, Space & Defense sales of $406.2 million increased 3.5% (3.4% in constant currency) as compared to the first nine months of 2023. Key program growth including the F-35, CH-53K, Black Hawk and European military helicopter programs were partially offset by the wind down of V-22 production, and lower civilian helicopter and satellite sales.
Total Industrial sales of $32.4 million in the third quarter of 2024 decreased 16.5% (17.3% in constant currency) compared to the third quarter of 2023. Total Industrial sales of $107.1 million in the first nine months of 2024 decreased 22.6% (22.8% in constant currency) compared to the first nine months of 2023. The decreases for both the third quarter and nine months ended September 30, 2024 as compared to the same periods in 2023 was due to declines in all sub-markets.
Gross Margin
19
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||||||||||
(In millions) |
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
||||||
Gross margin |
|
$ |
106.5 |
|
|
$ |
91.6 |
|
|
|
16.3 |
% |
|
$ |
351.3 |
|
|
$ |
330.1 |
|
|
|
6.4 |
% |
Percentage of sales |
|
|
23.3 |
% |
|
|
21.8 |
% |
|
|
|
|
|
24.6 |
% |
|
|
24.8 |
% |
|
|
|
||
Gross margin for the third quarter of 2024 was 23.3% compared to 21.8% in the third quarter of 2023 and 24.6% and 24.8% for the first nine months of 2024 and 2023, respectively. The third quarter 2024 improvement in gross margin as compared to the prior year quarter was primarily due to favorable cost leverage from higher sales. The higher gross margin percentage in the first nine months of 2023 benefitted from favorable margin absorption and sales mix in the initial three months of the year.
Operating Expenses
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||||||||||
(In millions) |
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
||||||
SG&A expense |
|
$ |
39.8 |
|
|
$ |
35.4 |
|
|
|
12.4 |
% |
|
$ |
128.7 |
|
|
$ |
121.9 |
|
|
|
5.6 |
% |
Percentage of sales |
|
|
8.7 |
% |
|
|
8.4 |
% |
|
|
|
|
|
9.0 |
% |
|
|
9.2 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
R&T expense |
|
$ |
13.8 |
|
|
$ |
13.4 |
|
|
|
3.0 |
% |
|
$ |
43.6 |
|
|
$ |
40.6 |
|
|
|
7.4 |
% |
Percentage of sales |
|
|
3.0 |
% |
|
|
3.2 |
% |
|
|
|
|
|
3.1 |
% |
|
|
3.0 |
% |
|
|
|
||
Selling, general and administrative expenses were higher for the third quarter and first nine months of 2024 as compared to the respective periods in 2023. The increase in selling, general and administrative expenses for both the third quarter and first nine months of 2024 was primarily driven by higher employee-related expenses. Research and technology expenses for the third quarter and first nine months of 2024 increased slightly compared to the same periods in 2023. The increases in both periods were due primarily to higher employee-related costs as well as expenses related to development projects.
Operating Income
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||||||||||
(In millions) |
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
||||||
Consolidated operating income |
|
$ |
52.5 |
|
|
$ |
43.6 |
|
|
|
20.4 |
% |
|
$ |
177.2 |
|
|
$ |
167.7 |
|
|
|
5.7 |
% |
Operating margin |
|
|
11.5 |
% |
|
|
10.4 |
% |
|
|
|
|
|
12.4 |
% |
|
|
12.6 |
% |
|
|
|
||
Composite Materials |
|
|
56.3 |
|
|
|
43.7 |
|
|
|
28.8 |
% |
|
|
194.3 |
|
|
|
181.1 |
|
|
|
7.3 |
% |
Operating margin |
|
|
14.4 |
% |
|
|
12.3 |
% |
|
|
|
|
|
15.9 |
% |
|
|
15.7 |
% |
|
|
|
||
Engineered Products |
|
|
10.0 |
|
|
|
6.2 |
|
|
|
61.3 |
% |
|
|
35.9 |
|
|
|
25.0 |
|
|
|
43.6 |
% |
Operating margin |
|
|
11.2 |
% |
|
|
7.8 |
% |
|
|
|
|
|
13.1 |
% |
|
|
10.6 |
% |
|
|
|
||
Corporate & Other |
|
|
(13.8 |
) |
|
|
(6.3 |
) |
|
|
(119.0 |
)% |
|
|
(53.0 |
) |
|
|
(38.4 |
) |
|
|
(38.0 |
)% |
Operating income for the third quarters of 2024 and 2023 was $52.5 million and $43.6 million, respectively. Operating income for the first nine months of 2024 was $177.2 million compared to $167.7 million for the same period last year. Overall, operating income for both the third quarter and nine months of 2024 benefited from higher sales, as compared to the prior year periods.
Interest Expense, Net
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||||||||||
(In millions) |
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
||||||
Interest expense, net |
|
$ |
8.5 |
|
|
$ |
7.8 |
|
|
|
9.0 |
% |
|
$ |
23.1 |
|
|
$ |
26.4 |
|
|
|
(12.5 |
)% |
Interest expense for the third quarter of 2024 was higher compared to the prior year period primarily due to higher average borrowings under the Facility, as well as, higher average interest rates. Interest expense for the nine months ended September 30, 2024 was lower compared to the prior year period due to lower average debt levels, partially offset by higher average interest rates.
20
Provision for Income Taxes
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
(In millions) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Income tax expense (benefit) |
|
$ |
4.2 |
|
|
$ |
(0.7 |
) |
|
$ |
27.8 |
|
|
$ |
22.5 |
|
Effective tax rate |
|
|
9.6 |
% |
|
|
(2.0 |
)% |
|
|
18.0 |
% |
|
|
15.9 |
% |
Tax expense for the quarter ended September 30, 2024 was $4.2 million as compared to a tax benefit of $0.7 million for the quarter ended September 30, 2023. Tax expense for the nine months ended September 30, 2024 was $27.8 million compared to $22.5 million for the comparative period in 2023. The quarters and nine months ended September 30, 2024 and 2023 included discrete tax benefits of $1.8 million and $5.6 million, respectively, primarily related to adjustments based on the finalization of prior year tax returns.
Financial Condition
Liquidity: Cash on hand at September 30, 2024 was $98.2 million as compared to $227.0 million at December 31, 2023. As of September 30, 2024, total debt was $805.2 million as compared to $699.5 million at December 31, 2023.
Under the Facility, total borrowings at September 30, 2024 were $105.0 million, which approximated fair value. The Facility agreement permits us to issue letters of credit up to an aggregate amount of $50.0 million. As of September 30, 2024, there were no issued letters of credit under the Facility, resulting in undrawn availability under the Facility of $645.0 million. The weighted average interest rate for the Facility was 6.5% for the nine months ended September 30, 2024. For further information regarding our Facility, see Note 5, Debt, to the accompanying condensed consolidated financial statements of this Form 10-Q.
We expect to meet our short-term liquidity requirements (including capital expenditures) through net cash from operating activities, cash on hand and the Facility, as well as access to capital markets. As of September 30, 2024, long-term liquidity requirements consist primarily of obligations under our long-term debt obligations.
The remaining authorization under the share repurchase program at September 30, 2024 was $234.9 million. On October 21, 2024, our Board of Directors declared a quarterly dividend of $0.15 per share payable to stockholders of record as of November 1, 2024, with a payment date of November 8, 2024.
Operating Activities: Net cash provided by operating activities for the first nine months of 2024 was $127.3 million compared to $98.1 million for the same period last year. Working capital was a cash use of $93.1 million for the first nine months of 2024 as compared to a use of $112.1 million in the same period in 2023 with the variance primarily attributable to higher payables and accruals in 2024.
Investing Activities: Net cash used for investing activities was $68.4 million and $81.6 million in the first nine months of 2024 and 2023, respectively. Capital expenditures for the first nine months of 2024 were $68.4 million as compared to $94.4 million for the same period last year, which also included approximately $38.0 million for the acquisition of the land and building at our Amesbury, Massachusetts facility. The nine months ended September 30, 2023, also included proceeds of $10.3 million from the sale of the Windsor facility.
Financing Activities: Net cash used for financing activities was $187.8 million for first nine months of 2024 compared to a net cash use of $29.7 million in the same period in 2023. Borrowings under the credit facilities during the first nine months of 2024 were $160.0 million compared to $163.0 million in the prior year period. Repayments were $55.0 million during the first nine months of 2024 compared to $133.0 million in the prior year period. Quarterly dividend payments to shareholders were $37.2 million during the first nine months of 2024 compared to $31.7 million in the prior year period. During the nine months ended September 30, 2024, repurchases of common stock totaled $252.2 million compared to $30.1 million in the same period in 2023.
Financial Obligations and Commitments: The next significant scheduled debt maturity will occur in August 2025 when our 4.7% Senior Unsecured Notes are due. Certain sales and administrative offices, data processing equipment and manufacturing facilities are leased under operating leases.
Critical Accounting Estimates
Our Condensed Consolidated Financial Statements are prepared in accordance with U.S. GAAP. In connection with the preparation of our financial statements, we are required to make assumptions and estimates about future events, and apply judgments
21
that affect reported amounts of assets, liabilities, revenues, expenses and related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors management believes to be relevant at the time our Condensed Consolidated Financial Statements are prepared. On a regular basis, management reviews accounting policies, assumptions, estimates and judgments to ensure our financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results may differ from our assumptions and estimates, and such differences could be material.
We describe our significant accounting policies and critical accounting estimates in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Commitments and Contingencies
We are involved in litigation, investigations and claims arising out of the normal conduct of our business, including those relating to commercial transactions, environmental, employment and health and safety matters. We estimate and accrue our liabilities resulting from such matters based upon a variety of factors, including the stage of the proceeding; potential settlement value; assessments by internal and external counsel; and assessments by environmental engineers and consultants of potential environmental liabilities and remediation costs. We believe we have adequately accrued for these potential liabilities; however, facts and circumstances may change, such as new developments, or a change in approach, including a change in settlement strategy or in an environmental remediation plan, or in our existing insurance coverage, that could cause the actual liability to exceed the estimates, or may require adjustments to the recorded liability balances in the future. For further discussion, see Note 11, Commitments and Contingencies, to the accompanying Condensed Consolidated Financial Statements of this Form 10-Q.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, including sales and expenses measured in constant dollars (prior year sales and expenses measured at current year exchange rates); operating income, net income and diluted earnings per share adjusted for items included in operating expense and non-operating expenses; and free cash flow. Management believes these non-GAAP measures are meaningful to investors because they provide a view of Hexcel with respect to ongoing operating results and comparisons to prior periods. These adjustments can represent significant charges or credits that we believe are important to an understanding of Hexcel’s overall operating results in the periods presented. Such non-GAAP measures are not determined in accordance with generally accepted accounting principles and should not be viewed in isolation or as an alternative to or substitutes for GAAP measures of performance. Our calculation of these measures may not be comparable to similarly titled measures used by other companies, and the measures exclude financial information that some may consider important in evaluating our performance. Reconciliations to adjusted operating income, adjusted net income, adjusted diluted net income per share and free cash flow are provided below.
|
|
Operating Income |
|
||||||||||||||
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||||
(In millions) |
2024 |
|
|
2023 |
|
|
2024 |
2023 |
|
||||||||
GAAP operating income |
|
$ |
52.5 |
|
|
|
$ |
43.6 |
|
|
$ |
177.2 |
|
|
$ |
167.7 |
|
Other operating expense (income) (a) |
|
|
0.4 |
|
|
|
|
(0.8 |
) |
|
|
1.8 |
|
|
|
(0.1 |
) |
Adjusted operating income (non-GAAP) |
|
$ |
52.9 |
|
|
|
$ |
42.8 |
|
|
$ |
179.0 |
|
|
$ |
167.6 |
|
|
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||||
(In millions, except per diluted share data) |
|
Net Income |
|
|
Diluted Net Income Per Share |
|
|
Net Income |
|
|
Diluted Net Income Per Share |
|
|
Net Income |
|
|
Diluted Net Income Per Share |
|
|
Net Income |
|
|
Diluted Net Income Per Share |
|
||||||||
GAAP net income |
|
$ |
39.8 |
|
|
$ |
0.49 |
|
|
$ |
38.7 |
|
|
$ |
0.45 |
|
|
$ |
126.3 |
|
|
$ |
1.52 |
|
|
$ |
123.9 |
|
|
$ |
1.45 |
|
Other operating expense (income), net of tax (a) |
|
|
0.3 |
|
|
|
- |
|
|
|
(0.6 |
) |
|
|
(0.01 |
) |
|
|
1.4 |
|
|
|
0.01 |
|
|
|
(0.1 |
) |
|
|
- |
|
Tax benefit (b) |
|
|
(1.8 |
) |
|
|
(0.02 |
) |
|
|
(5.6 |
) |
|
|
(0.06 |
) |
|
|
(1.8 |
) |
|
|
(0.02 |
) |
|
|
(5.6 |
) |
|
|
(0.07 |
) |
Adjusted net income (non-GAAP) |
|
$ |
38.3 |
|
|
$ |
0.47 |
|
|
$ |
32.5 |
|
|
$ |
0.38 |
|
|
|
125.9 |
|
|
|
1.51 |
|
|
$ |
118.2 |
|
|
$ |
1.38 |
|
22
|
|
Nine Months Ended September 30, |
|
|||||
(In millions) |
|
2024 |
|
|
2023 |
|
||
Net cash provided by operating activities |
|
$ |
127.3 |
|
|
$ |
98.1 |
|
Less: Capital expenditures |
|
|
(68.4 |
) |
|
|
(94.4 |
) |
Free cash flow (non-GAAP) |
|
$ |
58.9 |
|
|
$ |
3.7 |
|
Forward-Looking Statements
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to future prospects, developments and business strategies. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “seek,” “target,” “would,” “will” and similar terms and phrases, including references to assumptions. Such statements are based on current expectations, are inherently uncertain and are subject to changing assumptions.
Such forward-looking statements include, but are not limited to: (a) the estimates and expectations based on aircraft production rates provided by Airbus, Boeing and others and the revenues we may generate from an aircraft model or program; (b) expectations with regard to the impact of regulatory activity related to the Boeing 737 MAX or Boeing 787 on our revenues; (c) expectations with regard to raw material cost and availability; (d) expectations of composite content on new commercial aircraft programs and our share of those requirements; (e) expectations regarding revenues from space and defense applications, including whether certain programs might be curtailed or discontinued; (f) expectations regarding sales for industrial applications; (g) expectations regarding cash generation, working capital trends, and inventory levels; (h) expectations as to the level of capital expenditures, capacity, including the timing of completion of capacity expansions, and qualification of new products; (i) expectations regarding our ability to improve or maintain margins; (j) expectations regarding our ability to attract, motivate, and retain the workforce necessary to execute our business strategy; (k) projections regarding our tax rate; (l) expectations with regard to the continued impact of macroeconomic factors or geopolitical issues or conflicts; (m) expectations regarding our strategic initiatives, including our sustainability goals; (n) expectations with regard to the effectiveness of cybersecurity measures; (o) expectations regarding the outcome of legal matters or the impact of changes in laws or regulations; and (p) our expectations of financial results for 2024 and beyond.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, that may cause actual results to be materially different. Such factors include, but are not limited to, the following: the extent of the impact of macroeconomic factors or geopolitical issues or conflicts; reductions in sales to any significant customers, particularly Airbus or Boeing, including related to regulatory activity or public scrutiny impacting the Boeing 737 MAX or the Boeing 787; our ability to effectively adjust production and inventory levels to align with customer demand; our ability to effectively motivate, retain and hire the necessary workforce; the availability and cost of raw materials, including the impact of supply disruptions and inflation; our ability to successfully implement or realize our strategic initiatives, including our sustainability goals and any restructuring or alignment activities in which we may engage; changes in sales mix; changes in current pricing due to cost levels; changes in aerospace delivery rates; changes in government defense procurement budgets; timely new product development or introduction; our ability to install, staff and qualify necessary capacity or complete capacity expansions to meet customer demand; cybersecurity-related risks, including the potential impact of breaches or intrusions; currency exchange rate fluctuations; changes in political, social and economic conditions, including the effect of change in global trade policies, such as sanctions; work stoppages or other labor disruptions; our ability to successfully complete any strategic acquisitions, investments or dispositions; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; the effects of natural disasters or other severe weather events, which may be worsened by the impact of climate change, and other severe catastrophic events, including any public health crisis; and the unexpected outcome of legal matters or impact of changes in laws or regulations.
Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements. As a result, the foregoing factors should not be construed as exhaustive and should be read together with other cautionary statements included in this and other reports we file with the SEC. For additional information regarding certain factors that may cause our actual results to differ from those expected or anticipated, see the information under the caption “Risk Factors,” which is located in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31. 2023. We
23
do not undertake any obligation to update our forward-looking statements or risk factors to reflect future events or circumstances, except as otherwise required by law.
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no material changes in our market risk from the information provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our Chief Executive Officer and Chief Financial Officer have evaluated our disclosure controls and procedures as of September 30, 2024, and with the participation of the Company's management have concluded that these disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
Our Chief Executive Officer and Chief Financial Officer have concluded that there have not been any changes in our internal control over financial reporting during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
The information required by Item 1 is contained within Note 11 on pages 15 through 16 of this Form 10-Q and is incorporated herein by reference.
ITEM 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, which could materially affect our business, financial condition or future results. There have been no material changes in the Company's risk factors from the aforementioned Form 10-K.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
On February 19, 2024, the Board approved a $300 million share repurchase plan (the “2024 Share Repurchase Plan”) which was in addition to the amount that remained available for repurchases under the company's previous repurchase plan at such time.
During the three months ended September 30, 2024, the Company repurchased 791,819 shares of common stock in open market transactions under the 2024 Share Repurchase Plan at an average price of $63.09 per share and at a cost of $50.4 million, including commissions and excise tax, leaving approximately $234.9 million available for additional repurchases under the 2024 Share Repurchase Plan as of September 30,2024. The acquisition of these shares was accounted for under the treasury stock method.
The following is a summary of share repurchase activity during the fiscal quarter ended September 30, 2024:
24
Period |
|
(a) |
|
|
(b) |
|
|
(c) |
|
|
(d) |
|
||||
July 1 — July 31, 2023 |
|
|
249,409 |
|
|
$ |
64.11 |
|
|
|
249,409 |
|
|
$ |
269.1 |
|
August 1 — August 31, 2024 |
|
|
542,410 |
|
|
$ |
62.62 |
|
|
|
542,410 |
|
|
$ |
234.9 |
|
Total |
|
|
791,819 |
|
|
$ |
63.09 |
|
|
|
791,819 |
|
|
$ |
234.9 |
|
ITEMS 3, 4 and 5 are
25
ITEM 6. Exhibits
EXHIBIT INDEX
Exhibit No. |
|
Description |
10.1* |
|
|
10.2* |
|
|
10.3* |
|
|
10.4* |
|
|
31.1 |
|
Certification of Chief Executive Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 |
|
Certification of Chief Financial Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 |
|
|
101
|
|
The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) Condensed Consolidated Statements of Cash Flows, (v) Condensed Consolidated Statements of Stockholders’ Equity, and (vi) Notes to Condensed Consolidated Financial Statements.
|
104 |
|
Cover Page Interactive Data File: the cover page XBRL tags are embedded within the Inline XBRL document and are contained within Exhibit 101. |
* Indicates management contract or compensatory plan or arrangement
26
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
Hexcel Corporation |
|
|
|
October 21, 2024 |
|
/s/ Amy S. Evans |
(Date) |
|
Amy S. Evans |
|
|
Senior Vice President, |
|
|
Chief Accounting Officer |
27