Hexcel Reports Strong 2013 Second Quarter Results

  Hexcel Reports Strong 2013 Second Quarter Results

  *Sales of $422.6 million were 5.9% higher than last year (5.2% in constant
    currency) driven by Commercial Aerospace (up 15.1% in constant currency).
  *Adjusted net income of $49.1 million was up 15%, resulting in $0.48 per
    adjusted diluted share, versus $42.7 million and $0.42 last year,
    respectively.
  *Adjusted operating income was $71.9 million, 17.0% of sales, as compared
    to $64.4 million, 16.1% of sales in 2012.
  *Additional $150 million share repurchase authorized.

  See Table C for reconciliation of GAAP and non-GAAP operating income, net
                        income and earnings per share

Business Wire

STAMFORD, Conn. -- July 22, 2013

RegulatoryNews:


                    Quarter Ended                  Six Months Ended
                                                                  
                    June 30,                       June 30,
(In millions,                                                          %
except per share    2013    2012   % Change   2013    2012   Change
data)
                                                          
Net Sales           $ 422.6   $ 399.2   5.9%       $ 839.1   $ 799.3   5.0%
Net sales change
in constant                             5.2%                           4.6%
currency
Operating Income      71.9      73.9    (2.7)%       134.9     134.5   0.3%
Net Income            48.5      48.0    1.0%         92.1      87.6    5.1%
Diluted net
income per common   $ 0.48    $ 0.47    2.1%       $ 0.90    $ 0.86    4.7%
share
                                                                       
Non-GAAP Measures
for y-o-y
comparisons:
Adjusted
Operating Income    $ 71.9    $ 64.4    11.6%      $ 134.9   $ 125.0   7.9%
(table C)
As a % of sales       17.0%     16.1%                16.1%     15.6%
Adjusted Net          49.1      42.7    15.0%        92.7      82.3    12.6%
Income (table C)
Adjusted diluted
net income per     $ 0.48   $ 0.42   14.3%     $ 0.91   $ 0.81   12.3%
share

Hexcel Corporation (NYSE:HXL) (Paris:HXL), today reported results for the
second quarter of 2013. Net sales during the quarter were $422.6 million, 5.9%
higher than the $399.2 million reported for the second quarter of 2012.
Operating income for the period was $71.9 million compared to $73.9 million
last year ($64.4 million adjusted operating income, see Table C). Net income
for the second quarter of 2013 was $48.5 million or $0.48 per diluted share,
compared to $48.0 million or $0.47 per diluted share in 2012 ($0.42 per share
as adjusted, see Table C).

Chief Executive Officer Comments

Mr. Berges commented, “This was another strong quarter for Hexcel, as solid
execution combined with increased sales to yield excellent results. For the
quarter, our adjusted diluted EPS of $0.48 was 14% higher than last year on a
5% increase in constant currency sales. We are also particularly pleased that
our adjusted operating income was 17.0% of net sales for the quarter, 90 basis
points better than last year. This quarter also marked the first flight of the
A350 XWB the newest Airbus offering with over 50% composite structure. The
A350 XWB will be a key contributor to Hexcel’s future and involves shipments
to over 40 customers in 14 different countries.”

Looking ahead, Mr. Berges said, “Assuming the scheduled ramp-up of the Boeing
787 is sustained, we expect aerospace sales (both Commercial Aerospace and
Space & Defense) to continue their steady growth trend. Though seasonal
effects typically result in slightly lower margins in the second half, and our
industrial markets remain challenged, strong operational performance allows us
to reaffirm our 2013 earnings guidance.”

Markets

Commercial Aerospace

  *Commercial Aerospace sales of $270.0 million increased 15.6% (15.1% in
    constant currency) for the quarter as compared to the second quarter of
    2012. Combined revenues attributed to new aircraft programs (A380, A350,
    B787, B747-8) increased over 20% versus the same period last year and
    comprise over 30% of Commercial Aerospace sales.
  *Sales for Airbus and Boeing legacy aircraft were up over 10% compared to
    the second quarter of 2012, and were just lower than the first quarter of
    2013.
  *Sales to “Other Commercial Aerospace,” which include regional and business
    aircraft customers, were down about 5% compared to the same period last
    year.

Space & Defense

  *Space & Defense sales of $96.7 million were 9.8% higher (9.3% in constant
    currency) than the second quarter of 2012. Growth was again led by
    rotorcraft, which accounted for nearly 60% of Space & Defense sales for
    the quarter.

Industrial

  *Total Industrial sales of $55.9 million for the second quarter of 2013
    were 28.0% lower (28.8% in constant currency) than the second quarter of
    2012, but up sequentially versus the first quarter of 2013. As expected,
    wind sales were down over 35% from the record level in the second quarter
    of 2012.

Tax

  *The tax provision was $20.6 million for the second quarter of 2013
    resulting in an effective tax rate of 30%. Last year’s second quarter tax
    provision was $22.1 million, an effective tax rate of 31.7%. We expect our
    effective tax rate for the rest of the year to be about 30.5%.

Cash and other

  *As previously announced, in June 2013, we entered into a new $600 million
    senior secured revolving credit facility which matures in June 2018. The
    new facility replaces the Company’s previous senior secured facility
    ($82.5 million term loan and $360 million revolving loan) that would have
    expired in July 2015. The new loan has an initial rate 50 basis points
    less than the previous facility, and at our current leverage ratio will
    decrease an additional 25 basis points after September 30, 2013. As a
    result of the refinancing, the Company accelerated certain unamortized
    financing costs of the credit facility being replaced and the deferred
    expense on related interest rate swaps and incurred a pretax charge of
    $1.0 million in the second quarter of 2013.
  *Free cash flow (defined as cash provided from operating activities less
    cash paid for capital expenditures) for the first half of 2013 was a
    source of $16.2 million versus a use of $70.6 million in the first half of
    2012, reflecting lower capital expenditures and better working capital
    usage.
  *During the quarter, the Company invested $35 million and completed its $50
    million authorized share repurchase program. Total shares bought back
    under the program were 1,573,588 shares. On July 22, 2013, the Company’s
    Board of Directors authorized the repurchase of an additional $150 million
    of the Company’s common stock. Under the program, the Company may purchase
    its common stock from time to time in the open market or in privately
    negotiated transactions. The repurchases will be funded from cash from
    operating activities and, if needed, the existing credit facilities. The
    amount and timing of the purchases will depend on a number of factors
    including the price and availability of shares of common stock, trading
    volume and general market conditions.
  *Total debt, net of cash as of June 30, 2013 was $257.3 million, an
    increase of $33.3 million from December 31, 2012. As of June 30, 2013, our
    available borrowing capacity was $288.4 million.

2013 Outlook

We now expect free cash flow for the year to be in the range of $40 million to
$80 million (previously it was $20 million to $60 million).

We reaffirm the rest of our 2013 outlook:

  *Adjusted diluted earnings per share to be in the range of $1.73 to $1.83
  *Our sales outlook is $1,640 million to $1,740 million with strong
    aerospace markets offsetting the weakness in the industrial market

                                    *****

Hexcel will host a conference call at 10:00 A.M. ET, tomorrow, July 23, 2013
to discuss the second quarter results and respond to analyst questions. The
telephone number for the conference call is (719) 325-2469 and the
confirmation code is 9152997. The call will be simultaneously hosted on
Hexcel’s web site at www.hexcel.com/investors/index.html. Replays of the call
will be available on the web site for approximately three days.

                                    *****

Hexcel Corporation is a leading advanced composites company. It develops,
manufactures and markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems,
adhesives and composite structures, used in commercial aerospace, space and
defense and industrial applications such as wind turbine blades.

                                    *****

Disclaimer on Forward Looking Statements

This press release contains statements that are forward looking, including
statements relating to anticipated trends in constant currency for the markets
we serve (including changes in commercial aerospace revenues, the estimates
and expectations based on aircraft production rates provided or publicly
available by Airbus, Boeing and others, the revenues we may generate from an
aircraft model or program, the impact of delays in new aircraft programs, the
outlook for space & defense revenues and the trend in wind energy, recreation
and other industrial applications); our ability to maintain and improve
margins in light of the current economic environment; the success of
particular applications as well as the general overall economy; our ability to
manage cash from operating activities and capital spending in relation to
future sales levels such that the company funds its capital spending plans
from cash flows from operating activities, but, if necessary, maintains
adequate borrowings under its credit facilities to cover any shortfalls; and
the impact of the above factors on our expectations of financial results for
2013 and beyond. The loss of, or significant reduction in purchases by,
Boeing, EADS, Vestas, or any of our other significant customers could
materially impair our business, operating results, prospects and financial
condition. Actual results may differ materially from the results anticipated
in the forward looking statements due to a variety of factors, including but
not limited to changes in currency exchange rates, changing market conditions,
increased competition, inability to install, staff and qualify necessary
capacity or achievement of planned manufacturing improvements, conditions in
the financial markets, product mix, achieving expected pricing and
manufacturing costs, availability and cost of raw materials, supply chain
disruptions, work stoppages or other labor disruptions and changes in or
unexpected issues related to environmental regulations, legal matters,
interest expense and tax codes. Additional risk factors are described in our
filings with the SEC. We do not undertake an obligation to update our
forward-looking statements to reflect future events.

Hexcel Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
                                Unaudited
                                 Quarter Ended           Six Months Ended

                                 June 30,                June 30,
(In millions, except per share   2013      2012      2013      2012
data)
Net sales                        $ 422.6    $ 399.2     $ 839.1    $ 799.3
Cost of sales                    305.8    293.7    610.3    587.4 
                                                                       
Gross margin                       116.8       105.5       228.8       211.9
% Gross margin                     27.6  %     26.4  %     27.3  %     26.5  %
                                                                       
Selling, general and               34.8        32.5        72.8        69.1
administrative expenses
Research and technology            10.1        8.6         21.1        17.8
expenses
Other operating (income) (a)     —        (9.5  )   —        (9.5  )
                                                                       
Operating income                   71.9        73.9        134.9       134.5
                                                                       
Interest expense, net              2.1         3.0         3.8         6.0
Non-operating expense (b)        1.0      1.1      1.0      1.1   
                                                                       
Income before income taxes and
equity in earnings from            68.8        69.8        130.1       127.4
affiliated companies
Provision for income taxes       20.6     22.1     38.5     40.5  
                                                                       
Income before equity in
earnings from affiliated           48.2        47.7        91.6        86.9
companies
Equity in earnings from          0.3      0.3      0.5      0.7   
affiliated companies
                                                                       
Net income                      $ 48.5    $ 48.0    $ 92.1    $ 87.6  
                                                                       
                                                                       
                                                                       
Basic net income per common      $ 0.49     $ 0.48     $ 0.92     $ 0.88  
share:
                                                                       
Diluted net income per common    $ 0.48     $ 0.47     $ 0.90     $ 0.86  
share:
                                                                       
                                                                       
Weighted-average common
shares:
                                                                       
Basic                              100.0       100.2       100.2       100.0
Diluted                          101.8    102.0    102.0    101.9 

(a) Other operating income for the three and six months ended June 30, 2012
includes income from a $9.6 million business interruption insurance settlement
related to a prior year claim, a $4.9 million gain on the sale of land and a
$5.0 million charge for additional environmental reserves primarily for
remediation of a manufacturing facility sold in 1986.

(b) Non-operating expense is the accelerated amortization of deferred
financing costs and the deferred expense on interest rate swaps related to
repaying the term loan and refinancing our revolving credit facility in June
2013. In 2012, the non-operating expense is the accelerated amortization of
deferred financing costs and expensing of the call premium from redeeming
$73.5 million in June 2012 of the Company’s 6.75% senior subordinated notes.

Hexcel Corporation and Subsidiaries

Condensed Consolidated Balance Sheets
                                         Unaudited
(In millions)                              June 30, 2013  December 31, 2012
Assets                                   
Current assets:
Cash and cash equivalents                  $ 56.7          $ 32.6
Accounts receivable, net                     246.1           229.0
Inventories, net                             251.7           232.8
Current deferred tax assets and other      71.8         81.3        
current assets
Total current assets                         626.3           575.7
                                                             
Property, plant and equipment                1,521.0         1,459.2
Less accumulated depreciation              (560.2   )    (544.8      )
Property, plant and equipment, net           960.8           914.4
                                                             
Goodwill and other intangible assets,        57.4            57.8
net
Investments in affiliated companies          23.3            22.6
Deferred tax assets                          13.9            15.4
Other assets                               13.3         17.2        
Total assets                              $ 1,695.0     $ 1,603.1     
                                                             
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable and current maturities of    $ 5.0           $ 16.6
capital lease obligations
Accounts payable                             114.2           115.7
Accrued liabilities                        94.5         103.0       
Total current liabilities                    213.7           235.3
                                                             
Long-term notes payable                      309.0           240.0
Other non-current liabilities              131.1        133.7       
Total liabilities                            653.8           609.0
                                                             
Stockholders' equity:
Common stock, $0.01 par value, 200.0
shares authorized, 103.8 shares issued       1.0             1.0
at June 30, 2013 and 102.4 shares issued
at December 31, 2012
Additional paid-in capital                   640.1           617.0
Retained earnings                            540.3           448.2
Accumulated other comprehensive loss       (42.7    )    (31.9       )
                                             1,138.7         1,034.3
Less – Treasury stock, at cost, 4.3
shares and 2.5 shares at June 30, 2013     (97.5    )    (40.2       )
and December 31, 2012, respectively
Total stockholders' equity                 1,041.2      994.1       
Total liabilities and stockholders'       $ 1,695.0     $ 1,603.1     
equity

Hexcel Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
                                                      Unaudited
                                                       Year to Date Ended

                                                       June 30,
(In millions)                                         2013        2012
                                                                  
Cash flows from operating activities
Net income                                             $ 92.1       $ 87.6
                                                                      
Reconciliation to net cash provided by operating
activities:
Depreciation and amortization                            28.1         28.3
Amortization of deferred financing costs and call        1.5          2.1
premium expense
Deferred income taxes                                    17.6         15.3
Equity in earnings from affiliated companies             (0.5   )     (0.7   )
Share-based compensation                                 12.0         10.5
Gain on sale of land                                     —            (4.9   )
Excess tax benefits on share-based compensation          (4.0   )     (5.4   )
                                                                      
Changes in assets and liabilities:
Increase in accounts receivable                          (14.6  )     (54.4  )
Increase in inventories                                  (20.3  )     (28.7  )
(Increase) decrease in other current assets              (9.0   )     1.5
Increase in accounts payable and accrued liabilities     4.7          28.0
Other – net                                            0.6       (5.4   )
Net cash provided by operating activities (a)          108.2     73.8   
                                                                      
Cash flows from investing activities
Proceeds from sale of land                               —            5.3
Capital expenditures (b)                               (92.0  )   (144.4 )
Net cash used for investing activities                 (92.0  )   (139.1 )
                                                                      
Cash flows from financing activities
Borrowings from new senior secured credit facility       309.0        121.0
Capital lease obligations and other debt, net            (1.6   )     4.1
Issuance costs related to senior secured credit          (2.2   )     (0.6   )
facility
Repayment of senior secured credit facility – term       (85.0  )     (2.5   )
loan
Repayment of senior secured credit facility              (165.0 )     —
Purchase of stock                                        (50.0  )     —
Activity under stock plans                               3.8          2.5
Repayment of 6.75% senior subordinated notes             —            (73.5  )
Call premium payment for 6.75% senior subordinated     —         (0.8   )
notes
Net cash provided by financing activities              9.0       50.2   
                                                                      
Effect of exchange rate changes on cash and cash       (1.1   )   (1.8   )
equivalents
Net decrease in cash and cash equivalents                24.1         (16.9  )
Cash and cash equivalents at beginning of period       32.6      49.5   
Cash and cash equivalents at end of period            $ 56.7     $ 32.6   
                                                                      
Supplemental Data:
Free cash flow (a)+(b)                                 $ 16.2       $ (70.6  )
Accrual basis additions to property, plant and         $ 82.1       $ 114.5
equipment

Hexcel Corporation and Subsidiaries
Net Sales to Third-Party Customers by Market Segment
Quarters Ended June 30, 2013 and 2012           (Unaudited)  Table A
(In millions)     As Reported                  Constant Currency (a)
                                                    FX                 B/(W)
Market Segment     2013    2012   B/(W) %             2012  
                                                    Effect             %
                                                    (b)
Commercial        $ 270.0  $ 233.5  15.6     $  1.1     $ 234.6  15.1
Aerospace
Space & Defense      96.7      88.1    9.8          0.4        88.5    9.3
Industrial         55.9    77.6   (28.0 )    0.9      78.5   (28.8 )
Consolidated      $ 422.6  $ 399.2  5.9     $  2.4     $ 401.6  5.2   
Total
Consolidated %     %       %                        %      
of Net Sales
Commercial           63.9      58.5                            58.4
Aerospace
Space & Defense      22.9      22.1                            22.0
Industrial         13.2    19.4                     19.6   
Consolidated       100.0   100.0                    100.0  
Total

Six Months Ended June 30, 2013 and 2012          (Unaudited)  
(In millions)      As Reported                  Constant Currency (a)
                                                     FX                 B/(W)
Market Segment      2013    2012   B/(W) %             2012  
                                                     Effect             %
                                                     (b)
Commercial         $ 538.9  $ 475.8  13.3     $  1.5     $ 477.3  12.9
Aerospace
Space & Defense       192.7     173.0   11.4         0.6        173.6   11.0
Industrial          107.5   150.5  (28.6)     1.1      151.6  (29.1)
Consolidated       $ 839.1  $ 799.3  5.0      $  3.2     $ 802.5  4.6
Total
Consolidated % of   %       %                        %      
Net Sales
Commercial            64.2      59.5                            59.5
Aerospace
Space & Defense       23.0      21.7                            21.6
Industrial          12.8    18.8                     18.9   
Consolidated        100.0   100.0                    100.0  
Total

(a) To assist in the analysis of our net sales trend, total net sales and
sales by market for the quarter and six months ended June 30, 2012 have been
estimated using the same U.S. dollar, British pound and Euro exchange rates as
applied for the respective period in 2013 and are referred to as “constant
currency” sales.

(b) FX effect is the estimated impact on “as reported” net sales due to
changes in foreign currency exchange rates.

Hexcel Corporation and Subsidiaries
Segment Information                                 (Unaudited)       Table B
                          Composite     Engineered     Corporate &
(In millions)           Materials   Products     Other         Total
                          (b)                          (a)(b)
Second Quarter 2013                                         
Net sales to external  $ 324.7      $ 97.9        $ —            $ 422.6
customers
Intersegment sales      18.0       0.5         (18.5   )     —     
Total sales               342.7         98.4           (18.5   )       422.6
Operating income          71.2          15.1           (14.4   )       71.9
(loss)
% Operating margin        20.8   %      15.3    %                      17.0  %
                                                                       
Depreciation and          12.6          1.1            0.1             13.8
amortization
Stock-based               1.3           0.2            1.8             3.3
compensation expense
Accrual based
additions to capital    38.0       2.7         —            40.7  
expenditures
Second Quarter 2012                                            
Net sales to external   $ 316.7       $ 82.5         $ —             $ 399.2
customers
Intersegment sales      14.9       0.2         (15.1   )     —     
Total sales               331.6         82.7           (15.1   )       399.2
Operating income          80.9          11.7           (18.7   )       73.9
(loss) (b)
% Operating margin        24.4   %      14.1    %                      18.5  %
                                                                       
Other operating           (14.5  )      —              5.0             (9.5  )
(income) expense (b)
Depreciation and          13.3          1.0            —               14.3
amortization
Stock-based               0.9           0.1            2.0             3.0
compensation expense
Accrual based
additions to capital    67.0       2.6         0.2          69.8  
expenditures
                                                                             
First Six Months 2013                                       
Net sales to external   $ 649.5       $ 189.6        $ —             $ 839.1
customers
Intersegment sales      34.7       1.1         (35.8   )     —     
Total sales               684.2         190.7          (35.8   )       839.1
Operating income          139.1         28.5           (32.7   )       134.9
(loss)
% Operating margin        20.3   %      14.9    %                      16.1  %
                                                                       
Depreciation and          25.7          2.3            0.1             28.1
amortization
Stock-based               3.3           0.7            8.0             12.0
compensation expense
Accrual based
additions to capital    76.4       5.7         —            82.1  
expenditures
First Six Months 2012                                          
Net sales to external   $ 632.9       $ 166.4        $ —             $ 799.3
customers
Intersegment sales      30.8       0.3         (31.1   )     —     
Total sales               663.7         166.7          (31.1   )       799.3
Operating income          146.7         23.5           (35.7   )       134.5
(loss) (b)
% Operating margin        22.1   %      14.1    %                      16.8  %
                                                                       
Other operating           (14.5  )      —              5.0             (9.5  )
(income) expense (b)
Depreciation and          26.2          2.1            —               28.3
amortization
Stock-based               3.0           0.5            7.0             10.5
compensation expense
Accrual based
additions to capital    110.6      3.7         0.2          114.5 
expenditures

(a) We do not allocate corporate expenses to the operating segments.

(b) Other operating income for the three and six months ended June 30, 2012
includes income from a $9.6 million business interruption insurance settlement
related to a prior year claim, a $4.9 million gain on the sale of land and a
$5.0 million charge for additional environmental reserves primarily for
remediation of a manufacturing facility sold in 1986.

Hexcel Corporation and Subsidiaries
Reconciliation of GAAP and Non-GAAP Operating                Table C
Income and Net Income
                           Unaudited
                            Quarter Ended                Six Months Ended
                                                       
                            June 30,                     June 30,
(In millions)                 2013         2012      2013      2012
                                                                 
GAAP operating income       $   71.9           73.9      $ 134.9     $ 134.5
- Other operating             —           (9.5  )   —        (9.5  )
(income) (a)
Adjusted Operating          $   71.9           64.4      $ 134.9     $ 125.0
Income
% of Net Sales                  17.0  %        16.1  %     16.1  %     15.6  %
- Stock Compensation        $   3.3            3.0       $ 12.0      $ 10.5
Expense
- Depreciation and            13.8        14.3     28.1     28.3  
Amortization
Adjusted EBITDA            $   89.0        81.7    $ 175.0   $ 163.8 

                               
                                Unaudited
                                 Quarter Ended June 30,
                                 2013                  2012
(In millions, except per        As Reported  EPS     As Reported  EPS
diluted share data)
                                                                  
GAAP net income                  $    48.5     $ 0.48   $  48.0       $ 0.47
- Other operating (income)            —        —           (6.0  )    (0.06  )
(net of tax) (a)
- Non-operating expense (net        0.6     —         0.7      0.01   
of tax) (b)
Adjusted net income             $    49.1    $ 0.48  $  42.7     $ 0.42 
                                 Unaudited
                                 Six Months Ended June 30,
                                 2013                  2012
(In millions, except per        As Reported  EPS     As Reported  EPS
diluted share data)
                                                                      
GAAP net income                  $    92.1     $ 0.90   $  87.6       $ 0.86
- Other operating (income)            —        —           (6.0  )    (0.06  )
(net of tax) (a)
- Non-operating expense (net        0.6     0.01      0.7      0.01   
of tax) (b)
Adjusted net income             $    92.7    $ 0.91  $  82.3     $ 0.81 

(a) Other operating income for the three and six months ended June 30, 2012
includes income from a $9.6 million business interruption insurance settlement
related to a prior year claim, a $4.9 million gain on the sale of land and a
$5.0 million charge for additional environmental reserves primarily for
remediation of a manufacturing facility sold in 1986.

(b) Non-operating expense is the accelerated amortization of deferred
financing costs and the deferred expense on interest rate swaps related to
repaying the term loan and refinancing our revolving credit facility in June
2013. Non-operating expense in 2012 is the accelerated amortization of
deferred financing costs and expensing of the call premium from redeeming
$73.5 million in June 2012 of the Company’s 6.75% senior subordinated notes.

Management believes that adjusted operating income, adjusted EBITDA, adjusted
net income and free cash flow (defined as cash provided by operating
activities less cash payments for capital expenditures), which are non-GAAP
measurements, are meaningful to investors because they provide a view of
Hexcel with respect to ongoing operating results excluding special items.
Special items represent significant charges or credits that are important to
an understanding of Hexcel’s overall operating results in the periods
presented. In addition, management believes that total debt, net of cash,
which is also a non-GAAP measure, is an important measure of Hexcel’s
liquidity. Such non-GAAP measurements are not recognized in accordance with
generally accepted accounting principles and should not be viewed as an
alternative to GAAP measures of performance.

Hexcel Corporation and Subsidiaries
Schedule of Total Debt, Net of Cash      Table D
                                         Unaudited
                                          June 30,   March 31,  December 31,
(In millions)                            2013       2013       2012
                                                                     
Notes payable and current maturities of   $ 5.0       $ 15.4      $  16.6
capital lease obligations
Long-term notes payable                   309.0    258.5     240.0  
Total Debt                                  314.0       273.9        256.6
Less: Cash and cash equivalents           (56.7 )   (18.3 )    (32.6  )
Total debt, net of cash                  $ 257.3   $ 255.6   $  224.0  

Contact:

Hexcel Corporation
Michael Bacal, 203-352-6826
michael.bacal@hexcel.com
 
Press spacebar to pause and continue. Press esc to stop.