Hexcel Q2 2024 Earnings Report
Key Takeaways
Hexcel Corporation reported second quarter 2024 results with net sales of $500 million and adjusted diluted EPS of $0.60 per share. The company revised its full year 2024 guidance to reflect a more cautious stance due to aircraft delivery levels and customer production plans.
Q2 2024 GAAP diluted EPS was $0.60, compared to $0.50 in Q2 2023.
Q2 2024 adjusted diluted EPS was $0.60, compared to $0.50 in Q2 2023.
Q2 2024 sales were $500 million, a 10.1% increase over Q2 2023 sales of $454 million (10.5% increase in constant currency).
The company repurchased $100 million of Hexcel common stock during the second quarter, bringing the total 2024 share repurchases to $200 million.
Hexcel
Hexcel
Forward Guidance
Hexcel revised its full year 2024 guidance to sales of $1.90 billion to $1.98 billion, adjusted diluted earnings per share of $2.02 to $2.18, and free cash flow around $200 million.
Positive Outlook
- Commercial Aerospace: Up low double-digits to mid-teens
- Space & Defense: Up mid-single digits
- Capital expenditures less than $100 million (unchanged)
- Effective tax rate of 22.0%. (unchanged)
Challenges Ahead
- Sales of $1.90 billion to $1.98 billion (previously $1.925 billion to $2.025 billion)
- Adjusted diluted earnings per share of $2.02 to $2.18 (previously $2.10 - $2.30)
- Free cash flow around $200 million (previously greater than $200 million)
- Industrial: Down low double-digits (previously up low to mid-single digits)