Hexcel Corp. (HXL) Tops Q1 EPS by 6c, Revenues Beat; Offers FY19 EPS/Revenue Guidance

Hexcel Corp. (NYSE: HXL) reported Q1 EPS of $0.84, $0.06 better than the analyst estimate of $0.78. Revenue for the quarter came in at $609.9 million versus the consensus estimate of $590.91 million.

• Q1 2019 diluted EPS was $0.84 compared to Q1 2018 diluted EPS of $0.68, a 23.5% year-over-year increase.
• Q1 2019 Sales were $609.9 million, an increase of 12.9% over first quarter 2018 (14.9% increase in constant currency).
• Free Cash Flow* for Q1 2019 was negative $15.2 million compared to positive $3.1 million in Q1 2018.
• Full year 2019 guidance is reaffirmed.

Nick Stanage, Chairman, CEO and President said: “Our results this quarter reflect a strong start to the year and reaffirm our confidence in our guidance for 2019. Hexcel generated its highest ever quarterly sales with growth across all of our markets, and our diluted earnings per share increased by over 23% compared to Q1 2018. With strong sales growth and most of the headwinds that challenged us in 2018 now behind us, margins have stepped up year over year as we forecasted. Reflecting robust revenue growth in the period there was a $15 million use of cash in the first quarter related to working capital, in line with expectations. The integration of our latest acquisition, ARC Technologies, continues on track with strong first quarter performance. As we take this momentum forward into the year, we remain focused on innovation to support next-generation composite solutions for our customers, operational excellence and continued cash generation.”

GUIDANCE:

Hexcel Corp. sees FY2019 EPS of $3.38-$3.52, versus the consensus of $3.46. Hexcel Corp. sees FY2019 revenue of $2.375-2.475 billion, versus the consensus of $2.41 billion.

For earnings history and earnings-related data on Hexcel Corp. (HXL) click here.

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