Hexcel Q2 sales $320M (-15% YoY), adj EPS $0.08 flat; commercial aero destocking largely behind

HEXCEL CORP /DE/

GAAP diluted EPS $0.03 (vs -$0.01 in Q2 2020); adjusted diluted EPS $0.08 (flat YoY).
Commercial Aerospace sales $153.7M, down 24.6% YoY; destocking largely complete except widebody.
Space & Defense sales $106.9M, down 1.4%; Industrial sales $59.7M, down 10.1% (wind energy -43.9%).
Free cash flow YTD $29.7M; cash $115M with $543M revolver availability at June 30, 2021.
Quarterly dividend remains suspended; share repurchases restricted; 2021 guidance withheld.

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