Hexcel Q1 2023 Earnings Report
Key Takeaways
Hexcel Corporation reported a strong first quarter in 2023, with a significant increase in sales and adjusted operating income. The company's performance was driven by execution and growing demand, particularly in the commercial aerospace sector. Hexcel is well-positioned to benefit from production ramps and growth in various markets, leading to cash generation and shareholder value.
GAAP diluted EPS was $0.50, compared to $0.21 in Q1 2022.
Adjusted diluted EPS was $0.50, compared to $0.22 in Q1 2022.
Sales were $458 million, a 17.2% increase over Q1 2022 sales of $391 million (18.0% increase in constant currency).
Full year 2023 guidance is reaffirmed.
Hexcel
Hexcel
Forward Guidance
Hexcel reaffirmed its full year 2023 guidance, including sales of $1.725 billion to $1.825 billion, adjusted diluted earnings per share of $1.70 to $1.90, and free cash flow greater than $140 million. Accrual basis capital expenditures are expected to be approximately $90 million, with an underlying effective tax rate estimated at 23%.
Positive Outlook
- Sales of $1.725 billion to $1.825 billion
- Adjusted diluted earnings per share of $1.70 to $1.90
- Free cash flow greater than $140 million
- Accrual basis capital expenditures of approximately $90 million
- Underlying effective tax rate is estimated to be 23%