As of September 30, 2024, Hexcel Corporation reported total current assets of $828.0 million, a decrease from $864.2 million at the end of 2023. Total assets also declined to $2,862.3 million from $2,918.5 million. Long-term debt increased to $805.1 million, up from $699.4 million, contributing to a rise in total liabilities to $1,272.8 million from $1,202.0 million. Despite these increases in liabilities, retained earnings rose to $2,257.8 million from $2,168.7 million, while total stockholders' equity decreased to $1,589.5 million from $1,716.5 million.
For the nine months ending September 30, 2024, Hexcel reported net income of $126.3 million, a slight increase from $123.9 million in the same period of 2023. Net cash provided by operating activities improved significantly to $127.3 million from $98.1 million year-over-year. The company also increased its borrowings from a senior unsecured credit facility to $160.0 million, compared to $98.0 million in the prior year. Share repurchases surged to $252.2 million from $30.1 million, reflecting a strategic decision to return capital to shareholders.
In terms of revenue, Hexcel's consolidated net sales for Q3 2024 reached $456.5 million, an 8.8% increase from $419.5 million in Q3 2023. For the first nine months of 2024, net sales totaled $1,429.2 million, up 7.3% from $1,331.5 million in the same period of 2023. The commercial aerospace segment showed strong growth, with revenues of $295.9 million for Q3 2024, a 17.5% increase from the previous year, and $915.9 million for the nine months, a 14.4% increase.
Operating income for Q3 2024 was $52.5 million, a 20.4% increase from $43.6 million in Q3 2023. For the nine-month period, operating income rose to $177.2 million from $167.7 million. The gross margin for Q3 2024 improved to $106.5 million (23.3%) from $91.6 million (21.8%) in Q3 2023, while the nine-month gross margin was $351.3 million (24.6%), slightly down from $330.1 million (24.8%).
Hexcel's financial position reflects ongoing strategic initiatives, including a new $300 million share repurchase plan approved in February 2024, and a focus on managing debt levels while enhancing shareholder value. The company remains compliant with all debt covenants and continues to navigate market conditions effectively.
About HEXCEL CORP /DE/
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