Hexcel Q2 2020 Earnings Report
Key Takeaways
Hexcel Corporation reported a significant decrease in sales and earnings per share for the second quarter of 2020, primarily due to the impact of the COVID-19 pandemic on the commercial aerospace industry. The company reacted quickly to restructure the business and align costs to the changing demand, and generated positive free cash flow during the quarter. Hexcel is positioning its cost structure for strong margin performance when markets stabilize.
Q2 2020 GAAP diluted EPS was ($0.01) with adjusted diluted EPS of $0.08, compared to Q2 2019 GAAP diluted EPS and adjusted diluted EPS of $0.94.
Q2 2020 Sales were $379 million, compared to $609 million in Q2 2019.
Free Cash Flow YTD of $33 million, with $52 million generated in the second quarter.
Liquidity remains strong, increasing to $689 million, with cash on hand of $257 million and revolver borrowing availability of $432 million, at June 30, 2020.
Hexcel
Hexcel
Forward Guidance
The Company continues to withhold financial guidance due to the market uncertainties arising from the global pandemic.