For the quarter ended March 2024, Hexcel (HXL) reported revenue of $472.3 million, up 3.2% over the same period last year. EPS came in at $0.44, compared to $0.50 in the year-ago quarter.The reported revenue represents a surprise of -0.56% over the Zacks Consensus Estimate of $474.94 million. With the consensus EPS estimate being $0.44, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 1-8472 Hexcel Corporation (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) ...

Hexcel Corporation Two Stamford Plaza | 281 Tresser Blvd., 16 Floor Stamford, CT 06901 USA www.hexcel.com th Exhibit 99.1 HEXCEL REPORTS 2024 FIRST QUARTER RESULTS See Table C for reconciliation of GAAP and non-GAAP operating income, net income, earnings per share and operating cash flow to free cash flow. Free cash flow is cash from operations less capital expenditures. | Summary of Results from Operations | | | | | | | --- | --- | --- | --- | --- | --- | | | | Quarters Ended | | | | | | | March 31, | | | ...

Wall Street analysts forecast that Hexcel (HXL) will report quarterly earnings of $0.44 per share in its upcoming release, pointing to a year-over-year decline of 12%. It is anticipated that revenues will amount to $476.89 million, exhibiting an increase of 4.2% compared to the year-ago quarter.The consensus EPS estimate for the quarter has undergone an upward revision of 1.5% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their ...

The market expects Hexcel (HXL) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 22, 2024, might help the stock move higher if these key numbers are better t ...

An imminent change at the top caught investors off guardAerospace component manufacturer Hexcel (HXL -12.26%) has revealed it's getting a new CEO, initiating a leadership transition that caught investors off guard. The market generally hates surprises, and pushed shares of Hexcel down by 11% at the opening of Wednesday's trading session on the news.A surprise change in the cockpitHexcel manufactures lightweight composite technologies that have become popular in aerospace, transportation, and energy markets. ...

Part I [Business Overview](index=4&type=section&id=Item%201.%20Business) Hexcel Corporation is a global leader in advanced lightweight composites, operating through two segments and serving commercial aerospace, space & defense, and industrial markets, with significant revenue concentration in Airbus and Boeing, while emphasizing vertical integration and R&D - Hexcel operates as a global leader in advanced lightweight composites technology, with products including carbon fiber, prepregs, honeycomb, and engineered structures[12](index=12&type=chunk) - The company is organized into two reportable segments: Composite Materials and Engineered Products[14](index=14&type=chunk) 2023 Net Sales by Market | Market | Percentage of 2023 Net Sales | | :--- | :--- | | Commercial Aerospace | 60% | | Space & Defense | 30% | | Industrial | 10% | Significant Customer Sales Concentration (2023) | Customer (and subcontractors) | Percentage of 2023 Net Sales | | :--- | :--- | | Airbus | 39% | | Boeing | 15% | - In December 2023, Hexcel sold its 50% interest in its Malaysian joint venture, Aerospace Composites Malaysia Sdn. Bhd. (ACM), to Boeing for net proceeds of **$44.7 million**[34](index=34&type=chunk) - As of December 31, 2023, the company employed **5,590** full-time employees and contract workers, an increase from **5,328** in 2022[75](index=75&type=chunk)[76](index=76&type=chunk) [Composite Materials Segment](index=4&type=section&id=Composite%20Materials) The Composite Materials segment, accounting for approximately 80% of net sales, manufactures carbon fibers, prepregs, and honeycomb core for aerospace, defense, and industrial applications, with 2023 net sales of **$1,474.2 million** - This segment produces carbon fibers, specialty reinforcements, prepregs, structural adhesives, and honeycomb core for aerospace, defense, and industrial applications[17](index=17&type=chunk) Composite Materials Segment Net Sales | Year | Net Sales (in millions) | | :--- | :--- | | 2023 | $1,474.2 | | 2022 | $1,279.7 | | 2021 | $1,019.4 | - Key customers for this segment include Airbus, Boeing, Safran, Spirit Aerosystems, and Vestas[29](index=29&type=chunk) [Engineered Products Segment](index=8&type=section&id=Engineered%20Products) The Engineered Products segment, accounting for about 20% of net sales, manufactures composite structures and precision machined honeycomb parts primarily for the aerospace industry, with 2023 net sales of **$314.8 million** - This segment manufactures composite structures, precision machined honeycomb parts, and advanced interference control materials, primarily for the aerospace industry[32](index=32&type=chunk) Engineered Products Segment Net Sales | Year | Net Sales (in millions) | | :--- | :--- | | 2023 | $314.8 | | 2022 | $298.0 | | 2021 | $305.3 | - Key customers include The Boeing Company, Lockheed Martin, Sikorsky, and Spirit Aerosystems[37](index=37&type=chunk) [Raw Materials and Production Activities](index=11&type=section&id=Raw%20Materials%20and%20Production%20Activities) Hexcel maintains vertical integration by producing its own PAN precursor for carbon fiber, with ongoing capacity expansion and reliance on a limited number of key raw material suppliers - The company is vertically integrated, producing its own PAN precursor for carbon fiber. In 2023, it used **60-65%** of its carbon fiber production internally[53](index=53&type=chunk)[54](index=54&type=chunk) - Construction resumed on a new carbon fiber line in Decatur, AL, expected to be qualified for aerospace markets in late 2025 or early 2026[55](index=55&type=chunk) - The company completed the expansion of its Engineered Products facility in Casablanca, Morocco, doubling its size to meet growing demand[55](index=55&type=chunk) - Hexcel is highly dependent on a limited number of qualified suppliers for certain key raw materials, which could disrupt production if supply is interrupted[57](index=57&type=chunk)[58](index=58&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A%3A%20Risk%20Factors) The company faces strategic risks from cyclical markets and customer concentration, operational risks from macroeconomic factors and supply chain, and international, regulatory, and cybersecurity risks - **Strategic Risks:** The business is subject to cyclical markets, particularly Commercial Aerospace, which accounted for **60%** of 2023 sales. A significant decline in business with major customers Airbus (**39%** of 2023 sales) or Boeing (**15%** of 2023 sales) could materially impact results[84](index=84&type=chunk)[87](index=87&type=chunk) - **Operational Risks:** The global macroeconomic environment, including inflation, supply chain disruptions, and labor shortages, poses a significant risk. The company's profitability is dependent on the price and supply of raw materials, some of which have limited sources[94](index=94&type=chunk)[99](index=99&type=chunk) - **International Operations Risk:** In 2023, **50%** of production and **59%** of customer sales occurred outside the U.S., exposing the company to geopolitical instability, currency fluctuations (primarily U.S. dollar vs. Euro and British pound), and complex international trade laws[101](index=101&type=chunk)[102](index=102&type=chunk) - **Regulatory and Compliance Risks:** The company must comply with extensive environmental laws, which could require significant capital expenditures. Failure to comply with U.S. government procurement and export control laws could result in fines, penalties, or debarment[90](index=90&type=chunk)[104](index=104&type=chunk) - **Cybersecurity Risk:** The company depends heavily on IT systems and stores sensitive data, making it a target for increasingly sophisticated cyberattacks. A breach could lead to data loss, operational disruptions, and financial penalties[111](index=111&type=chunk)[112](index=112&type=chunk) - **Human Capital Risk:** The business depends on a highly trained workforce. An inability to attract and retain qualified employees, or work stoppages due to failure in negotiating collective bargaining agreements, could adversely affect operations[95](index=95&type=chunk)[96](index=96&type=chunk) [Unresolved Staff Comments](index=25&type=section&id=Item%201B%3A%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[128](index=128&type=chunk) [Cybersecurity](index=25&type=section&id=Item%201C%3A%20Cybersecurity) Hexcel's cybersecurity program, managed by the CIO with board oversight, uses a NIST-based risk management approach, including third-party testing and an incident response team - The cybersecurity program is led by the Chief Information Officer (CIO) and receives regular oversight from the board of directors and its audit committee[129](index=129&type=chunk)[130](index=130&type=chunk) - The company's risk management approach is based on the National Institute of Standards and Technology (NIST) framework and includes periodic intrusion and penetration testing by third parties[131](index=131&type=chunk)[132](index=132&type=chunk) - An Executive Cyber Response Team, including the CIO, General Counsel, and Chief Accounting Officer, manages incident response and regularly practices through tabletop exercises[133](index=133&type=chunk) - As of the report date, the company is not aware of any cybersecurity risks that have materially affected or are reasonably likely to materially affect the business[134](index=134&type=chunk) [Properties](index=27&type=section&id=Item%202%3A%20Properties) Hexcel operates numerous owned and leased manufacturing facilities and offices globally, including major sites in the U.S. and Europe, supporting its composite material and engineered product segments Major Manufacturing Facilities | Location | Segment | Principal Products | Total Square Footage | | :--- | :--- | :--- | :--- | | Salt Lake City, Utah | Composite Materials | Carbon Fibers; Prepregs | 1,194,070 | | Decatur, Alabama | Composite Materials | PAN Precursor | 819,863 | | Kent, Washington | Engineered Products | Composite structures | 486,400 | | Les Avenières, France | Composite Materials | Fabrics; Specialty Reinforcements | 490,000 | | Duxford, England | Composite Materials | Prepregs; Adhesives; Honeycomb | 417,109 | | Casablanca, Morocco | Engineered Products | Engineered Honeycomb Parts | 260,875 | [Legal Proceedings](index=27&type=section&id=Item%203%3A%20Legal%20Proceedings) The company is involved in various legal proceedings, notably the Lower Passaic River environmental cleanup, with a **$150 million** settlement pending court approval and **$0.7 million** in environmental accruals - Hexcel is a Potentially Responsible Party (PRP) in the environmental remediation of the Lower Passaic River in New Jersey[401](index=401&type=chunk) - In December 2022, the EPA lodged a Consent Decree for a **$150 million** settlement involving Hexcel and 83 other PRPs for cleanup costs. The settlement is pending court approval[404](index=404&type=chunk) - Aggregate environmental related accruals were **$0.7 million** as of December 31, 2023, down from **$0.8 million** in 2022[406](index=406&type=chunk) [Mine Safety Disclosures](index=27&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[139](index=139&type=chunk) Part II [Common Stock Market and Shareholder Matters](index=28&type=section&id=Item%205%3A%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Hexcel's common stock trades on the NYSE under HXL, with **423,292 shares** repurchased for **$30.1 million** in 2023, leaving **$187 million** available for future repurchases - Hexcel common stock is traded on the NYSE under the symbol HXL[141](index=141&type=chunk) - During 2023, the company repurchased **423,292** shares of common stock for a total cost of **$30.1 million**[142](index=142&type=chunk) - Approximately **$187 million** remained available for repurchases under the 2018 Share Repurchase Plan at the end of 2023[142](index=142&type=chunk) [Management's Discussion and Analysis (MD&A)](index=39&type=section&id=Item%207%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Hexcel's 2023 net sales increased to **$1,789.0 million** driven by aerospace growth, while net income decreased to **$105.7 million** due to a **$70.5 million** UK pension plan settlement charge, generating **$148.9 million** in free cash flow Key Financial Results (2023 vs. 2022) | Metric (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | Net Sales | $1,789.0 | $1,577.7 | | Gross Margin % | 24.2% | 22.6% | | Operating Income | $215.3 | $175.2 | | Operating Income % | 12.0% | 11.1% | | Net Income | $105.7 | $126.3 | - The increase in 2023 sales was driven by a **17.2%** rise in Commercial Aerospace and a **17.1%** increase in Space & Defense, while Industrial sales decreased by **12.3%**[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk) - Net income in 2023 was significantly impacted by a non-cash settlement charge of **$70.5 million** related to the buy-out of the UK pension plan[195](index=195&type=chunk)[198](index=198&type=chunk) - The company generated **$257.1 million** in cash from operations and had free cash flow of **$148.9 million** in 2023[199](index=199&type=chunk) - In April 2023, the company refinanced its credit facility, maintaining a borrowing capacity of **$750 million**, which matures in April 2028[202](index=202&type=chunk) [Market Risk Disclosures](index=46&type=section&id=Item%207A%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Hexcel manages market risks from foreign currency, interest rates, and commodity prices using derivative instruments, with a hypothetical 10% adverse currency movement impacting 2023 operating income by **$26.1 million** without hedges - The company's primary market risks are fluctuations in currency exchange rates (USD vs. EUR/GBP), interest rates, and certain commodity prices[232](index=232&type=chunk) - To mitigate risks, Hexcel uses financial instruments including foreign currency forward contracts, commodity swaps, and interest rate agreements for hedging purposes, not for speculation[233](index=233&type=chunk) - As of December 31, 2023, the company had foreign currency forward exchange contracts with an aggregate notional amount of **$393.3 million** to hedge forecasted transactions through June 2026[240](index=240&type=chunk)[392](index=392&type=chunk) - A sensitivity analysis showed that a hypothetical **10%** adverse movement in foreign currency exchange rates would have reduced 2023 operating income by approximately **$26.1 million** if no hedges were in place[239](index=239&type=chunk) [Financial Statements and Supplementary Data](index=48&type=section&id=Item%208%3A%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Hexcel's audited consolidated financial statements for 2023, including balance sheets, income statements, cash flows, and notes detailing segment performance, debt, and pension obligations [Note 6: Debt](index=63&type=section&id=Note%206%E2%80%93%20Debt) As of December 31, 2023, Hexcel's total debt was **$699.5 million**, comprising senior notes and an undrawn **$750 million** credit facility, with the company in compliance with all covenants Total Debt Composition as of Dec 31, 2023 | Debt Instrument | Amount (in millions) | | :--- | :--- | | 4.7% senior notes due 2025 | $300.0 | | 3.95% senior notes due 2027 | $400.0 | | Other (finance leases, discounts, etc.) | ($0.5) | | **Total Debt** | **$699.5** | - In April 2023, the company entered into a new credit agreement, refinancing its facility with a borrowing capacity of **$750 million**, maturing in April 2028[312](index=312&type=chunk)[313](index=313&type=chunk) - As of December 31, 2023, there were no outstanding borrowings under the **$750 million** facility, and the company was in compliance with all debt covenants[315](index=315&type=chunk)[316](index=316&type=chunk) [Note 8: Retirement and Benefit Plans](index=66&type=section&id=Note%208%20%E2%80%94%20Retirement%20and%20Other%20Postretirement%20Benefit%20Plans) Hexcel finalized a buy-out of its U.K. pension plan in 2023, resulting in a **$70.5 million** non-cash settlement charge, with total net periodic pension expense at **$27.3 million** - In the fourth quarter of 2023, the company finalized a buy-out of its U.K. pension plan, transferring all obligations to an insurer[336](index=336&type=chunk) - The U.K. plan buy-out resulted in a pre-tax non-cash settlement charge of approximately **$70.5 million** and a gain of **$1.9 million** from reverted excess assets[336](index=336&type=chunk) Total Net Periodic Pension Expense | (In millions) | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Defined benefit retirement plans | $5.7 | $5.7 | $2.6 | | Union sponsored multi-employer plan | $1.5 | $1.3 | $1.8 | | Retirement savings plans (matching & profit sharing) | $20.1 | $14.9 | $13.4 | | **Total Net Periodic Expense** | **$27.3** | **$21.9** | **$17.8** | [Note 18: Segment Information](index=92&type=section&id=Note%2018%20%E2%80%94%20Segment%20Information) In 2023, Composite Materials generated **$1,474.2 million** in sales and Engineered Products **$314.8 million**, with 50% of total net sales from international locations and significant concentration in Airbus and Boeing Segment Financial Performance (2023) | (In millions) | Composite Materials | Engineered Products | Corporate & Other | Total | | :--- | :--- | :--- | :--- | :--- | | Third-party sales | $1,474.2 | $314.8 | $— | $1,789.0 | | Operating income (loss) | $237.9 | $32.8 | $(55.4) | $215.3 | | Segment assets | $2,309.3 | $543.1 | $66.1 | $2,918.5 | Net Sales by Geography (Manufacturing Location, 2023) | Geography | Net Sales (in millions) | % of Total | | :--- | :--- | :--- | | United States | $888.2 | 49.7% | | International | $900.8 | 50.3% | | **Total** | **$1,789.0** | **100.0%** | - Sales to Airbus and its subcontractors were **39%** of net sales in 2023, while sales to Boeing and its subcontractors were **15%**[419](index=419&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%209A%3A%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2023, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that as of December 31, 2023, the company's disclosure controls and procedures were effective[148](index=148&type=chunk) - No material changes to internal control over financial reporting were identified in the fourth quarter of 2023[149](index=149&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=29&type=section&id=Item%2010%3A%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance will be incorporated by reference from the company's definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[157](index=157&type=chunk) [Executive Compensation](index=29&type=section&id=Item%2011%3A%20Executive%20Compensation) Information regarding executive compensation will be incorporated by reference from the company's definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[158](index=158&type=chunk) [Security Ownership and Related Stockholder Matters](index=29&type=section&id=Item%2012%3A%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership will be incorporated by reference from the company's definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[159](index=159&type=chunk) [Certain Relationships, Related Transactions, and Director Independence](index=29&type=section&id=Item%2013%3A%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) Information regarding related party transactions and director independence will be incorporated by reference from the company's definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[160](index=160&type=chunk) [Principal Accountant Fees and Services](index=29&type=section&id=Item%2014%3A%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services will be incorporated by reference from the company's definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[161](index=161&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=30&type=section&id=Item%2015%3A%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, including corporate governance and debt agreements - This section lists all financial statements and exhibits filed with the Form 10-K[162](index=162&type=chunk) [Form 10-K Summary](index=36&type=section&id=Item%2016%3A%2010-K%20Summary) The company did not provide a summary for this item - None[168](index=168&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 1-8472 Hexcel Corporation (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organizat ...

Financial Data and Key Metrics - Composite Materials segment represented 83% of total sales with an operating margin of 16.2%, up from 14% in the prior year period [2] - Commercial Aerospace sales increased 15.4% to $264.3 million, driven by growth in Airbus A350 and Boeing 787 programs [188] - Space & Defense sales increased 22.1% to $137.5 million, marking the highest quarterly sales ever for this segment [79] - Industrial sales decreased 3.3% to $52.5 million due to lower wind energy sales, partially offset by growth in automotive and other industrial markets [61] - Adjusted operating income was $61.8 million, or 13.6% of sales, compared to $44.7 million, or 11.4% of sales, in the prior year period [62] - Free cash flow for the first half of 2023 was negative $44.7 million, including $37.8 million for the Amesbury property acquisition [11][82] Business Line Performance - Composite Materials segment saw strong demand for Hexcel fiber-rich products, contributing to higher margins [2][96] - Engineered Products segment generated an 8.9% operating margin, softer than usual due to higher development and tooling costs related to space programs [81] - Industrial segment faced headwinds from lower wind energy sales but saw growth in automotive and marine markets [61][128] Market Performance - Commercial Aerospace growth was driven by Airbus A350, Boeing 787, and business jet demand [188] - Space & Defense achieved record sales, supported by programs like F-35, Rafale, and Black Hawk [79][130] - Industrial markets showed mixed performance, with automotive and marine growth offsetting declines in wind energy [61][128] Strategy and Industry Competition - The company is focused on expanding its composite materials portfolio to support next-generation fuel-efficient aircraft and reduce emissions [58][84] - Hexcel is well-positioned to capitalize on the growing demand for lightweight composites in aerospace and defense [58][68] - The acquisition of the Amesbury property provides control and flexibility for future growth and expansion [1][109] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growing demand and navigate supply chain challenges [56][68] - The company is optimistic about the recovery of air travel and the strong backlog of commercial aircraft orders [50][57] - Hexcel is committed to driving efficiency, productivity, and cash management to deliver value to shareholders [12] Other Important Information - The company updated its 2023 guidance, raising sales expectations to $1.765 billion to $1.835 billion and EPS to $1.80 to $1.94 [83] - Hexcel sold its former wind energy facility in Colorado for $11 million, which will be accounted for in Q3 2023 [11] - The company renewed its $750 million revolving credit facility, with a focus on maintaining a target leverage range of 1.5 to 2 times [64] Q&A Session Summary Question: Impact of 737 MAX and A220 rate changes - The company noted strong product mix in Q1, particularly with Hexcel carbon fiber-rich products, driving strong margins [7][96] Question: Free cash flow outlook and facility acquisition - The Amesbury property acquisition was the primary driver of the change in cash flow outlook, with no significant other moving pieces [121] Question: Hexcel's opportunity on Airbus's Wing of Tomorrow project - Hexcel is actively involved in the Wing of Tomorrow project, leveraging its diverse portfolio to optimize wing design [22][125] Question: Wind energy business outlook - The wind energy business has stabilized and is expected to remain solid, driven by legacy products in Europe [23] Question: Capital allocation and share buybacks - The company plans to resume share buybacks in the coming periods, prioritizing organic growth and disciplined M&A [40] Question: Airbus A220-500 potential and CapEx requirements - Hexcel sees significant potential in the A220-500, with opportunities for IM fiber and minimal additional CapEx requirements [27][120] Question: Supply chain alignment with Boeing and Airbus - The company is closely aligned with Boeing and Airbus on production rates and supply chain dynamics [93][151] Question: Margin progression and incremental leverage - Management expects margins to improve as volumes increase, targeting mid-teens margins on $1.8 billion to $1.9 billion in revenue [150][98] Question: Technology and material advancements for future programs - Hexcel is working on multiple material types and technologies to support future aerospace programs, including the Wing of Tomorrow [22][125][176] Question: Defense revenue growth and platform outlook - Space & Defense revenue is expected to grow, with strong performance from programs like F-35 and Rafale [79][130]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to For the Quarterly Period Ended June 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-8472 Hexcel Corporation (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) ...