Cash and other
• Free cash flow for the first quarter of 2012 was a use of $61 million versus a use of $19 million in 2011. While seasonal effects typically cause cash usage in the first quarter, this period was further impacted by outlays for our capital expansion program as well as the working capital required for the $45 million sequential sales growth. Cash used for capital expenditures was $83 million in the first quarter of 2012 as compared to $36 million in 2011. We expect free cash flow to be a modest use in the second quarter followed by an offsetting source in the second half of 2012, so that it ends the year at around the same level as the first quarterr usage. Free cash flow is defined as cash provided from operating activities less cash paid for capital expenditures.
Hexcel Corporation reported results for the first quarter of 2012. Net sales during the quarter were $400.1 million, 20.7% higher than the $331.6 million reported for the first quarter of 2011. #
• Total debt, net of cash as of March 31, 2012 was $260.6 million, an increase of $59.2 million from December 31, 2011. As of March 31, 2012 we had $195 million in available borrowing capacity and cash on hand.
2012 outlook:
• Sales to be in the range of $1.55 to $1.65 billion; previously it was $1.5 to $1.6 billion.
• Adjusted diluted earnings per share to be in the range of $1.45 to $1.55; previously it was $1.33 to $1.45.
• Accrual basis capital expenditures remain in the range of $250 to $275 million. We expect our capital spending to be funded by our cash from operating activities and our existing credit facilities. We expect free cash flow for the year to be in the range of a use of $50 - $75 million.
Hexcel Corporation
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