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Hexcel Corporation (HXL-2.61%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The report highlights that Hexcel's net sales for 2024 were $1,903.0 million, an increase from $1,789.0 million in 2023. The increase was driven by growth in Commercial Aerospace and Space & Defense markets, partially offset by a decline in Industrial sales.
The Composite Materials segment reported net sales of $1,531.0 million, up from $1,474.2 million in 2023, while the Engineered Products segment saw an increase to $372.0 million from $314.8 million.
Operating income for 2024 was $186.1 million, a decrease from $215.3 million in 2023, primarily due to asset impairments and other charges.
Hexcel's net income for 2024 was $132.1 million, or $1.59 per diluted share, compared to $105.7 million, or $1.24 per diluted share, in 2023.
The company generated $289.9 million in cash from operating activities in 2024, an increase from $257.1 million in 2023, and ended the year with $125.4 million in cash and cash equivalents.
Hexcel continues to focus on its core markets of Commercial Aerospace, Space & Defense, and Industrial, with Commercial Aerospace representing the largest portion of its sales at 63%.
The company also reported on its environmental and regulatory compliance, stating that it is not currently experiencing direct material adverse effects from ongoing geopolitical conflicts.
Hexcel's board of directors approved a $300 million share repurchase plan in February 2024, in addition to the amount that remained available under the 2018 share repurchase plan.
The filing also discusses Hexcel's ongoing efforts in research and technology, including its new R&T Center of Excellence in Salt Lake City, Utah, which supports next-generation composite technology development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hexcel Corporation annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.