Q2 2024 Hexcel Corp Earnings Call Transcript
Key Points
- Hexcel Corp (HXL) reported second-quarter sales of $500 million, up more than 10% year over year.
- Commercial aerospace sales grew more than 21% year over year, reflecting strong market performance.
- EPS for Q2 2024 was $0.6, a 20% improvement compared to Q2 2023.
- Hexcel Corp (HXL) repurchased around $200 million of its stock in the first half of 2024, demonstrating strong capital allocation.
- The company maintains a positive midterm outlook for commercial aerospace, with expectations of increased production rates from Airbus and Boeing over the coming years.
- Hexcel Corp (HXL) revised its 2024 guidance downward due to softer market conditions, with sales now expected to be $1.9 billion to $1.98 billion.
- Adjusted diluted earnings per share guidance was lowered to $2.02 to $2.18, down from the previous $2.10 to $2.30.
- Free cash flow guidance was adjusted to around $200 million, previously expected to be greater than $200 million.
- Challenges in the aerospace supply chain and slowing production rate increases from key customers like Airbus and Boeing are impacting near-term performance.
- The company anticipates sales and earnings in the second half of 2024 to be similar to the first half, indicating no expected growth in the latter part of the year.
Thank you for standing by. And welcome to the Hexcel second-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Patrick Winterlich, Chief Financial Officer. You may begin.
Thank you, Rob. Good morning, everyone. Welcome to Hexcel Corporation's second-quarter 2024 earnings conference call. Before beginning, let me cover the formalities. I want to remind everyone about the Safe Harbor provision related to any forward-looking statements we may make during the course of this call. Certain statements contained in this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve estimates, assumptions, judgments, and uncertainties caused by a variety of factors that could cause future actual results or outcomes to differ materially from our forward-looking statements today. Such factors are detailed in the company's SEC filings and earnings release.
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