Hexcel Corp (HXL) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Hexcel's first-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Hexcel 2025 年第一季財報電話會議。（操作員指示）

Thank you, and I would now like to turn the conference over to Patrick Winterlich, Chief Executive Officer (sic - see corporate website, "Chief Financial Officer"). You may begin.

謝謝，現在我想把會議交給執行長派崔克‧溫特利希（原文如此 - 請參閱公司網站「財務長」）。你可以開始了。

Hi, Krista, thank you. Hello, everyone. Welcome to Hexcel Corporation's first-quarter 2025 earnings conference call. Before beginning, let me cover the formalities. I want to remind everyone about the Safe Harbor provisions related to any forward-looking statements we may make during the course of this call.

你好，克里斯塔，謝謝你。大家好。歡迎參加 Hexcel Corporation 2025 年第一季財報電話會議。在開始之前，請容許我先介紹一下手續。我想提醒大家注意與我們在本次電話會議期間可能做出的任何前瞻性陳述相關的安全港條款。

Certain statements contained in this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. They involve estimates, assumptions, judgments, and uncertainties caused by a variety of factors that could cause future actual results or outcomes to differ materially from our forward-looking statements today. Such factors are detailed in the company's SEC filings and earnings release.

本次電話會議中所包含的某些聲明可能構成《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明。它們涉及由各種因素造成的估計、假設、判斷和不確定性，這些因素可能導致未來的實際結果與我們今天的前瞻性陳述有重大差異。這些因素在該公司的美國證券交易委員會文件和收益報告中有詳細說明。

A replay of this call will be available on the Investor Relations page of our website. Lastly, this call is being recorded by Hexcel Corporation and is copyrighted material. It cannot be recorded or rebroadcast without our express permission. Your participation on this call constitutes your consent for that request.

本次電話會議的重播將在我們網站的投資者關係頁面上提供。最後，本次通話由 Hexcel 公司錄音，屬於受版權保護的資料。未經我們明確許可，不得錄製或轉播。您參與本次通話即表示您同意該要求。

With me today are Tom Gentile, our Chairman, CEO, and President; and Kurt Goddard, our Vice President of Investor Relations. The purpose of the call is to review our first quarter 2025 results detailed in our news release issued yesterday.

今天與我在一起的是我們的董事長、執行長兼總裁湯姆·金蒂爾 (Tom Gentile)；以及我們的投資者關係副總裁 Kurt Goddard。這次電話會議的目的是回顧我們昨天發布的新聞稿中詳述的 2025 年第一季業績。

Now, let me turn the call over to Tom.

現在，讓我把電話轉給湯姆。

Thanks, Patrick. Hello, everyone, and thank you for joining us today as we discuss our 2025 first-quarter results.

謝謝，派崔克。大家好，感謝您今天加入我們討論 2025 年第一季業績。

Hexcel's value proposition is strong. We have a broad and unrivaled product range of lightweight, innovative aerospace composites protected by robust intellectual property, as well as considerable know-how gained from decades of experience. That positions Hexcel extremely well, meeting the expanding demand for advanced lightweight composites in aerospace and defense as the industry continues its recovery from the COVID-19 pandemic and returns to higher production rates across all commercial and military programs.

Hexcel 的價值主張非常強大。我們擁有廣泛且無與倫比的輕盈、創新航空航天複合材料產品系列，受到強大的智慧財產權保護，以及數十年經驗累積的豐富專業知識。這使得赫氏公司處於極其有利的地位，滿足了航空航太和國防領域對先進輕質複合材料日益增長的需求，因為該行業正在繼續從新冠疫情中復蘇，並在所有商業和軍事項目中恢復更高的生產率。

We are well positioned with sole source life of program contracts across a large number of commercial aircraft programs. Hexcel will benefit as Airbus and Boeing increase production in the coming years to address their significant backlogs.

我們在眾多商用飛機項目上擁有獨家合約供應權，處於有利地位。隨著空中巴士和波音在未來幾年增加產量以解決大量積壓訂單，赫氏將從中受益。

Taking the ships that values by program that we disclosed and the peak build rates announced by Airbus and Boeing for key platforms, there is roughly $500,000 of incremental annual sales from existing contracts ahead of Hexcel when compared to our 2024 sales. For example, the A350 is Hexcel's largest program with ships that valued between $4.5 million and $5 million.

根據我們揭露的按計畫估價的船舶以及空中巴士和波音宣布的關鍵平台的峰值建造率，與我們 2024 年的銷售額相比，現有合約的年銷售額增量將比 Hexcel 大約高出 50 萬美元。例如，A350 是 Hexcel 最大的項目，其船舶價值在 450 萬美元至 500 萬美元之間。

Airbus delivered 57 A350 aircraft in 2024 and recently reiterated that they still expect to achieve 12 aircraft per month for the A350 by 2028, which would result in approximately 132 deliveries. This is business we already have contracted as production rates ramped in the future for the A350 and other Airbus and Boeing commercial programs.

空中巴士在 2024 年交付了 57 架 A350 飛機，並最近重申，他們仍預計到 2028 年 A350 飛機的月​​產量將達到 12 架，即交付量約為 132 架。這是我們已經簽訂的業務，因為未來 A350 和其他空中巴士和波音商業項目的生產力將會提高。

Defense and business jets and space and other existing and new markets are all additives. In terms of defense, we see significant opportunities as both the US and European governments look to increase spending. We are US domiciled and vertically integrated to support US defense production with existing positions on most current military programs that use lightweight composite materials.

國防、公務機、太空和其他現有和新興市場都是附加的。在國防方面，我們看到了重大機遇，因為美國和歐洲政府都希望增加開支。我們總部位於美國，並以垂直整合的方式支持美國國防生產，目前在大多數使用輕質複合材料的軍事項目中均佔有一席之地。

We also have deep relationships with European defense contractors and a strong vertically integrated manufacturing presence in Europe to support our overseas defense customers. Our ability to generate cash, combined with our conservative financial policy underscores Hexcel's solid balance sheet. As sales grow over time and our capital expenditures remain subdued, as we have already invested in the plant and equipment necessary to support higher production rates, the multi-year cash generation profile of Hexcel is compelling.

我們還與歐洲國防承包商建立了深厚的關係，並在歐洲擁有強大的垂直整合製造業務，以支援我們的海外國防客戶。我們產生現金的能力，加上我們保守的財務政策，凸顯了 Hexcel 穩健的資產負債表。隨著銷售額的不斷增長，而我們的資本支出卻保持低迷，因為我們已經投資了支持更高生產力所需的廠房和設備，因此 Hexcel 的多年現金產生狀況非常引人注目。

Based on the value we perceive in Hexcel's common stock and our confidence in the future cash generation potential of the business, we utilized $50 million to repurchase shares of common stock in the first quarter. We have additional authorization to purchase a further $185 million. We also addressed a pending debt maturity by refinancing a $300 million fixed rate note that was maturing later this year at attractive interest rate spreads.

根據我們對 Hexcel 普通股的價值的認識以及我們對該業務未來現金創造潛力的信心，我們在第一季動用了 5000 萬美元回購普通股。我們擁有額外授權，可以再購買 1.85 億美元。我們還透過對今年稍後到期的 3 億美元固定利率票據進行再融資，以解決即將到期的債務問題，利率差也很有吸引力。

As a reminder, we are changing how we report sales by market and we will now report to markets commercial aerospace and defense space and others, which is the market that now includes our industrial business. This industrial business will consist primarily of performance-oriented automotive sales once we conclude the divestiture of our wind and recreation focused facility in Austria, which we expect to be later in Q2.

提醒一下，我們正在改變以市場報告銷售額的方式，現在我們將向商業航空航太和國防太空以及其他市場報告，這些市場現在包括我們的工業業務。一旦我們完成對位於奧地利的風能和娛樂設施的剝離，這項工業業務將主要包括以性能為導向的汽車銷售，我們預計將在第二季晚些時候完成。

Looking at our financial results for the first quarter of 2025, we generated sales of $457 million and adjusted diluted EPS of $0.37. 2025 is turning out to be another year in which production rate increases for commercial aircraft will not meet initial expectations due to ongoing supply chain disruption.

縱觀我們 2025 年第一季的財務業績，我們的銷售額為 4.57 億美元，調整後稀釋每股收益為 0.37 美元。由於持續的供應鏈中斷，2025 年將成為商用飛機生產率成長無法達到最初預期的另一年。

Commercial aerospace sales in the first quarter of 2025 were $280.1 million, down 6.3% on a constant currency basis from the same period in 2024. Lower sales year over year were primarily due to the Boeing 787 and the 737 maps. However, this was partially offset by a 7.1% increase in other commercial aerospace from international demand.

2025 年第一季商用航空銷售額為 2.801 億美元，以固定匯率計算比 2024 年同期下降 6.3%。銷售額年減主要是由於波音 787 和 737 飛機。然而，這被國際上其他商用航空航天需求 7.1% 的成長部分抵消。

To share some additional color, commercial aerospace sales were up nominally on a sequential basis. Airbus A350, A320, and A220 all increased sequentially, as did other commercial aerospace. Boeing 737 MAX sales were unchanged sequentially, consistent with our expectations, whereas the Boeing 787 sales were significantly lower.

更進一步的是，商用航空航太銷售額環比名義上有所成長。空中巴士 A350、A320 和 A220 的銷售量均較上季成長，其他商用飛機的銷售也是如此。波音 737 MAX 的銷量較上月持平，符合我們的預期，而波音 787 的銷量則大幅下降。

In defense-based and other, sales were $176.4 million, up 2.7% in constant currency from the same period in 2024. In defense and space, we realized sales growth of 3.3% in constant currency compared to Q1 of 2024, driven by the CH-53K, the Black Hawk, classified programs, a number of space programs, and an international fighter program.

在國防及其他領域，銷售額為 1.764 億美元，以固定匯率計算比 2024 年同期成長 2.7%。在國防和航太領域，受 CH-53K、黑鷹、機密計劃、多個太空計劃和國際戰鬥機計劃的推動，我們實現了與 2024 年第一季相比 3.3% 的銷售額增長（按固定匯率計算）。

This continued growth underscores the capabilities and value Hexcel brings to the defense market, particularly our vertically integrated capabilities for both US and European defense programs.

這種持續的成長凸顯了赫氏為國防市場帶來的能力和價值，特別是我們為美國和歐洲國防計畫提供的垂直整合能力。

Within industrial, we had growth year over year in automotive, offset by further deterioration in wind and recreation remained soft. With lower-than-expected sales volume in our commercial business, we now see 2025 as a year where we need to remain focused on the fundamentals of our business and controlling costs as we navigate reductions in near-term demand for commercial aerospace programs, including the A350.

在工業領域，汽車產業的成長較上年同期有所抵消，但風能產業的進一步惡化以及娛樂產業的疲軟依然存在。由於我們的商用業務銷售低於預期，我們現在認為 2025 年是我們需要繼續專注於業務基本面和控製成本的一年，因為我們要應對包括 A350 在內的商用航空航太專案近期需求的減少。

Our gross margin of 22.4% for the first quarter, down from 25% in the same period last year, was negatively impacted by lower operating leverage from the lower sales line. Additionally, we experienced a power outage in January at our Decatur, Alabama facility, which disrupted our manufacture of PANs, the precursor element for our carbon fiber production line. This resulted in additional expense to restart production at the facility, which is now complete, and the plant is once again operating efficiently.

我們第一季的毛利率為 22.4%，低於去年同期的 25%，這是由於銷售線較低導致的經營槓桿較低而產生的負面影響。此外，我們位於阿拉巴馬州迪凱特的工廠於一月份遭遇了一次停電，導致我們碳纖維生產線前驅元素 PAN 的生產中斷。這導致了工廠重啟生產的額外費用，目前工廠已經完工，並且再次有效運作。

With respect to hiring, we are carefully managing any additional increase in headcount to ensure we do not get ahead of the revised production levels of our customers while maintaining our ability to support future rate grants. Our current headcount is about 300 heads or 5% lower than where our annual plan forecasted from the end of March. For 2025 overall, we expect to run significantly below our previous plan for year-end headcount.

在招聘方面，我們正在謹慎管理員工人數的任何額外增加，以確保我們不會超越客戶修改後的生產水平，同時保持我們支持未來費率補助的能力。我們目前的員工人數約為 300 人，比 3 月底預測的年度計畫低 5%。就 2025 年全年而言，我們預計年底員工人數將大幅低於我們先前的計畫。

The Hexcel team is actively managing cost reduction and cash by driving material usage efficiencies, minimizing discretionary spend, revisiting planned capital expenditures, and optimizing our sales, inventory, and operations planning to right-size working capital.

Hexcel 團隊正在積極管理成本削減和現金，透過提高材料使用效率、最大限度地減少可自由支配的開支、重新審視計劃的資本支出以及優化我們的銷售、庫存和營運計劃來適當調整營運資本。

Before I move into guidance, I want to address the issue of tariffs. The situation remains fluid as US policy continues to evolve. We have a cross-functional team analyzing the potential impact in our strategy to manage tariffs.

在介紹指導之前，我想先討論一下關稅問題。隨著美國政策的不斷演變，局勢仍然不穩定。我們有一個跨職能團隊負責分析我們的關稅管理策略的潛在影響。

As a reminder of what I shared earlier this year, resins and acrylonitrile are two of our top purchases, and we source these regionally to support local production both in the US and in Europe. To illustrate further, over 85% of our 2024 spend was in the US and five European countries where we have the vast majority of our assets, employees, and production. I share these figures to provide some perspective on the potential direct tariff impacts on Hexcel.

回顧我今年稍早分享的內容，樹脂和丙烯腈是我們最主要的兩種採購產品，我們在區域內採購這些產品以支援美國和歐洲的本地生產。進一步說明一下，我們 2024 年支出的 85% 以上用於美國和五個歐洲國家，我們的絕大部分資產、員工和生產都集中在這些國家。我分享這些數據是為了提供一些關於關稅對 Hexcel 的潛在直接影響的觀點。

Further, our total combined purchases from Canada, Mexico, and China were only just above 1% of our total 2024 spend, so we sourced very little from those three countries that have been specifically targeted for tariffs.

此外，我們從加拿大、墨西哥和中國的採購總額僅占我們 2024 年總支出的 1% 多一點，因此我們從這三個被明確徵收關稅的國家採購的商品很少。

There was no impact from tariffs in the first-quarter results, as the new US tariffs were not announced until April. And due to the fluid situation and uncertainty with tariffs, our guidance does not include any tariff impact or potential impact from tariffs enacted after March 31, 2025.

由於美國新關稅直到四月才公佈，因此第一季業績並未受到關稅的影響。由於情況不穩定且關稅具有不確定性，我們的指引不包括 2025 年 3 月 31 日之後實施的關稅的任何影響或潛在影響。

Based on current information, we expect the direct impact from tariffs will be about $3 million to $4 million per quarter. We do not know what the indirect impact that tariffs could have on other parts of the aerospace supply chain in OEM production rates, however.

根據目前的訊息，我們預計關稅的直接影響每季約為 300 萬至 400 萬美元。然而，我們不知道關稅會對航空航天供應鏈其他部分的 OEM 生產率產生什麼間接影響。

Additionally, we continue to streamline our footprint to minimize our costs and position the business for future stronger margins. In Q1, we completed the divestiture of our 3D printing facility in Hartford, Connecticut, and we continue to work on the divestiture of our Neumark, Austria site, which primarily supplies the wind and recreation market. In addition, we are continuing the evaluation of our Belgium facility, which makes engineered core.

此外，我們將繼續精簡業務範圍，以最大程度地降低成本，並為未來更高的利潤率做好準備。在第一季度，我們完成了位於康乃狄克州哈特福德的 3D 列印工廠的剝離，並且我們繼續致力於剝離位於奧地利諾伊馬克的工廠，該工廠主要為風能和娛樂市場提供服務。此外，我們正在繼續評估我們位於比利時的生產工程芯材的工廠。

We announced our 2025 guidance this past January. Subsequently, Airbus significantly revised their demand forecasts, which substantially lowered A350 production in 2025. We built our plan in '25 with an assumption of 84 A350 material ship sets. We now expect this to be around 68 material ship sets in 2025.

我們在今年 1 月公佈了 2025 年的指導方針。隨後，空中巴士大幅修改了需求預測，大幅下調了2025年A350的產量。我們在 25 年制定了計劃，假設有 84 套 A350 材料船。我們現在預計，到 2025 年，材料船舶數量將達到 68 艘左右。

This lower A350 production is the primary driver for revising our 2025 guidance downward, as we have significant ships set value on the A350 of between $4.5 million and $5 million per ship set. Patrick will go into more detail on the revised guidance in his remarks.

A350 產量下降是我們下調 2025 年預期的主要原因，因為我們有大量 A350 船舶設定價值，每艘船舶價值在 450 萬美元至 500 萬美元之間。派崔克將在發言中更詳細地闡述修訂後的指南。

Despite these near-term headwinds that we have in 2025, Hexcel is well positioned to generate significant future cash flows as the commercial OEMs ramp up production, and we are aligned and focus to grow in other markets, such as the defense and space, where we continue to see opportunities to expand.

儘管我們在 2025 年面臨這些短期阻力，但隨著商業 OEM 提高產量，Hexcel 仍處於有利地位，可以產生可觀的未來現金流，而且我們一致致力於在國防和太空等其他市場實現增長，在這些市場我們繼續看到擴張的機會。

Before turning it over to Patrick, I would like to thank again our customer, Embraer, for the recognition of the hard work the Hexcel team does every day in producing high-quality parts that are delivered on time. We are honored and humbled to receive the Best Supplier of the Year Award from Embraer for their materials category. I was at the Embraer headquarters last week in Sao Paulo to accept this prestigious honor.

在將任務交給帕特里克之前，我想再次感謝我們的客戶巴西航空工業公司對赫氏團隊每天為按時生產高品質零件所做的辛勤工作的認可。我們非常榮幸能夠獲得巴西航空工業公司頒發的材料類年度最佳供應商獎。上週我前往聖保羅的巴西航空工業公司總部接受這項殊榮。

I'd also like to thank and congratulate our customer, Gulfstream, for obtaining certification of their G800 large cabin business jet. It's quite an amazing aircraft and utilizes our lightweight composite material extensively.

我還要感謝並祝賀我們的客戶灣流公司獲得 G800 大客艙公務機的認證。這是一架令人驚嘆的飛機，大量使用了我們的輕質複合材料。

Now, let me turn it over to Patrick to provide some more details on the numbers. Patrick?

現在，讓我把麥克風交給派崔克，讓他提供更多關於這些數字的細節。派崔克？

Thank you, Tom. As a reminder, regarding foreign exchange exposure, Hexcel benefits from a strong dollar. We continue to hedge foreign exchange exposure over a 10-quarter time horizon. The year-over-year comparisons I will provide are in constant currency, which thereby removes the foreign exchange impact for sales.

謝謝你，湯姆。需要提醒的是，就外匯風險而言，Hexcel 受益於強勢美元。我們將繼續在 10 個季度的時間範圍內對沖外匯風險。我將提供的同比比較是以固定貨幣計算的，從而消除了外匯對銷售的影響。

The commercial aerospace market represented approximately 61% of total first quarter 2025 sales of $456.5 million. First quarter of commercial aerospace sales of $280.1 million decreased 6.3% for the first quarter of 2024. The overall aerospace supply chain continues to recover in fits and starts, leading to delayed rate ramps across our commercial aerospace customers.

商用航空航太市場約佔 2025 年第一季總銷售額 4.565 億美元的 61%。2024 年第一季商用航空銷售額為 2.801 億美元，比去年同期下降 6.3%。整個航空航太供應鏈繼續斷斷續續地復甦，導致我們的商業航空航太客戶的利率上升延遲。

Boeing 787 sales declined meaningfully year over year. MAX sales remained low as excess inventory is consumed consistent with our expectations as we lag Boeing lamp rates. Airbus A350 sales declined modestly year over year or less than the equivalent of one half of one ship sales.

波音 787 的銷量較去年同期大幅下降。由於我們的燈泡價格落後於波音，過剩庫存的消耗與我們的預期一致，因此 MAX 銷售仍然很低。空中巴士 A350 的銷量較去年同期略有下降，降幅不及一艘船銷量的一半。

Sales for other commercial aerospace in the first quarter increased 7.1% year over year, led by strength from a few of our international customers. The newly designated market of defense, space, and other represented approximately 39% of first-quarter sales and totaled $176.4 million, increasing 2.7% from the same period in 2024. Within this market, defense and space grew 3.3% with growth both domestically and internationally.

第一季其他商用航空航太產品的銷售額年增 7.1%，這主要得益於我們部分國際客戶的強勁成長。新指定的國防、航太和其他市場約佔第一季銷售額的 39%，總額為 1.764 億美元，比 2024 年同期成長 2.7%。在這個市場中，國防和航太成長了 3.3%，國內和國際都有成長。

For rotorcraft, the CH-53K and Black Hawk programs grew year over year, partially offset by declining V22 sales. A few space programs drove additional growth, as did an international fighter program.

對於旋翼機來說，CH-53K 和黑鷹項目同比增長，但被 V22 銷量的下降部分抵消。一些太空計劃和國際戰鬥機計劃也推動了額外的增長。

Industrial increase in automotive tempered by lower wind and recreation sales. Much of our industrial business is with European customers, as illustrated by sales being down year over year from a weakening dollar, whereas on a constant currency basis, sales were nominally up.

風能和娛樂產品銷售下降抑制了汽車工業的成長。我們的工業業務大多來自歐洲客戶，由於美元疲軟，銷售額年減，而以固定匯率計算，銷售額名義上是上升的。

Gross margin of 22.4% in the first quarter of 2025 deteriorates year over year from the negative impact of lower operating leverage, a vendor quality issue in our engineered product segments, as well as a generally unfavorable sales mix.

2025 年第一季的毛利率為 22.4%，年減，原因是經營槓桿降低、工程產品部門的供應商品質問題以及整體不利的銷售組合造成了負面影響。

In addition, a rare power outage at our Alabama facility cost us between $2 million and $3 million. Tom said in his remarks that the case of plant operations were restored quickly.

此外，我們阿拉巴馬州工廠的一次罕見停電給我們造成了 200 萬至 300 萬美元的損失。湯姆在演講中表示，目前工廠運作已迅速恢復。

Gross margins in the comparable prior-year period was 25%. As a percentage of sales, selling general and administrative expenses and R&D expenses were 12.5% in the first quarter of 2025 compared to 13.6% in the comparable prior-year period, with the year-over-year reduction primarily reflecting lower employee costs including lower stock-based compensation charges.

去年同期的毛利率為25%。以銷售額的百分比計算，2025 年第一季的銷售一般及行政費用和研發費用為 12.5%，而去年同期為 13.6%，年減主要反映了員工成本的降低，包括股票薪酬費用的降低。

Adjusted operating income in the first quarter was $45.3 million or 9.9% of sales compared to $54.1 million or 11.5% of sales in the comparable prior-year period. The year-over-year impact of exchange rates in the first quarter to operating income was favorable by approximately 60 basis points.

第一季調整後的營業收入為 4,530 萬美元，佔銷售額的 9.9%，而去年同期調整後的營業收入為 5,410 萬美元，佔銷售額的 11.5%。第一季匯率對營業收入的年比影響約為60個基點。

Now turning to our two segments. The composite material segment represented 80% of total first-quarter sales, and adjusting for non-recurring charges generated an adjusted operating margin of 14.2%. This compares to an adjusted operating margin of 16% in the prior-year period.

現在轉向我們的兩個部分。複合材料部門佔第一季總銷售額的 80%，調整非經常性費用後的調整後營業利潤率為 14.2%。相較之下，去年同期調整後的營業利益率為 16%。

The engineered product segment, which is comprised of our structured and engineered core businesses, represented 20% of total sales and generated an adjusted operating margin of 6.8%. This compares to an adjusted operating margin of 14.3% in the prior-year period. As previously mentioned, a vendor quality issue and poor sales mix impacts the engineer core segments this quarter.

工程產品部門由我們的結構化和工程核心業務組成，佔總銷售額的 20%，調整後的營業利潤率為 6.8%。相較之下，去年同期調整後的營業利益率為 14.3%。如前所述，供應商品質問題和不良的銷售組合影響了本季的工程師核心部門。

Net cash used by operating activities in the first quarter of 2025 was $28.5 million compared to a use of $7 million in the first quarter of 2024. Working capital with a cash use of $97.7 million in the first quarter of 2025 compared to a cash use of $84.5 million in the first quarter of 2024.

2025 年第一季經營活動所用淨現金為 2,850 萬美元，而 2024 年第一季為 700 萬美元。2025 年第一季營運資金現金使用量為 9,770 萬美元，而 2024 年第一季的現金使用量為 8,450 萬美元。

Capital expenditures on an accrual basis were $17.1 million in the first quarter of 2025 compared to $18.6 million in the comparable prior-year period. Free cash flow in the first quarter of 2025 was negative $54.6 million, which compares to a negative $35.7 million in the first quarter of 2024. We typically see cash use in the first quarter of the year and this year was no different.

2025 年第一季以應計制計算的資本支出為 1,710 萬美元，去年同期為 1,860 萬美元。2025 年第一季的自由現金流為負 5,460 萬美元，而 2024 年第一季的自由現金流為負 3,570 萬美元。我們通常會在每年的第一季看到現金使用情況，今年也不例外。

Adjusted EBITDA totaled $84.8 million in the first quarter of 2025 compared to $98.2 million in 2024. During the first quarter, we refinanced a $300 million fixed rate note that was maturing later this year. The transaction was significantly oversubscribed and we achieved good interest rate spread, demonstrating Hexcel's strong credit profile. We are pleased to have removed this refinancing as a potential risk.

2025 年第一季調整後 EBITDA 總計 8,480 萬美元，而 2024 年為 9,820 萬美元。第一季度，我們為今年稍後到期的 3 億美元固定利率票據進行了再融資。此次交易獲得了大幅超額認購，我們實現了良好的利差，證明了 Hexcel 強大的信用狀況。我們很高興消除了這次再融資的潛在風險。

Our net debt maturity is not until 2027. We used $50.4 million to repurchase stock during the first quarter. The remaining authorization under the share repurchase program as of March 31, 2025, was $184.5 million. The Board of Directors declared a $0.17 quarterly dividend yesterday. The dividend is payable to stockholders of record as of May 2 with a payment date of May 9.

我們的淨債務要到2027年才到期。我們在第一季使用了 5,040 萬美元回購股票。截至 2025 年 3 月 31 日，股票回購計畫下的剩餘授權金額為 1.845 億美元。董事會昨日宣布發放 0.17 美元的季度股息。股利將支付給 5 月 2 日登記在冊的股東，支付日期為 5 月 9 日。

Expanding on Tom's comments regarding the year and our guidance revision, 2025 is going to be another transition year for the commercial aerospace industry and for our commercial aerospace business. So in recognition of this, we are pivoting and managing the business for the realities of today. We are focusing on strong control of operating costs and tightly managing hits.

擴展湯姆關於今年和我們的指導修訂的評論，2025 年將是商業航空航天業和我們的商業航空航天業務的另一個過渡年。因此，在認識到這一點後，我們正在根據當今的現實調整和管理業務。我們注重嚴格控制營運成本並嚴格管理打擊。

For the 2025 sales guidance, we reduced the midpoint by $85 million. Most of this sales reduction is attributable to Airbus cutting their 2025 demand for A350 materials. For 2025, we expect A350 sales to be lower than 2024, with the decrease to be particularly noticeable in the second and third quarters of 2025.

對於 2025 年的銷售指導，我們將中間值降低了 8,500 萬美元。銷售額下降的主要原因是空中巴士削減了 2025 年 A350 材料的需求。我們預計 2025 年 A350 的銷量將低於 2024 年，其中 2025 年第二季和第三季的降幅將特別明顯。

There was also a reduction in the A320 build rate for 2025 compared to our original assumptions. There are a few other areas of softness, including the Boeing 787 and automotive. Much of our automotive business is with European-based high-performance automotive manufacturers that import their automobiles into the US where any additional tariffs are likely to have a significant impact.

與我們最初的假設相比，2025 年 A320 的建造率也有所下降。其他一些領域也表現疲軟，包括波音 787 和汽車。我們的大部分汽車業務是與歐洲的高性能汽車製造商合作的，這些汽車製造商將汽車進口到美國，而任何額外的關稅都可能對美國產生重大影響。

By market, 2025 commercial aerospace sales are now expected to be unchanged or flat compared to 2024, as are 2025 sales to defense, space, and other.

按市場劃分，預計 2025 年商用航空航太銷售額與 2024 年相比保持不變或持平，2025 年國防、航太和其他領域的銷售額也將保持不變或持平。

Lower sales negatively impact cost absorption, resulting in margin deterioration and the downward revision to adjusted EPS guidance. The midpoint of our EPS guidance is now $0.20 lower. Our operating footprint capacity supports peak announced build rates and some growth beyond. However, we will be very deliberate before adding any headcounts about where we ended 2024.

銷售額下降對成本吸收產生負面影響，導致利潤率下降和調整後每股盈餘指引下調。我們的每股盈餘預期中點現在低了 0.20 美元。我們的營運覆蓋能力支持已宣布的峰值建設率以及超出預期的增長。然而，在增加 2024 年底的員工人數之前，我們會非常謹慎。

Free cash flow guidance is now expected to be around $190 million. Note also that our guidance excludes any further sales from Neumark, Austria -- from the Neumark, Austria facility, which we are continuing to work towards divesting. Sales for Austria were originally assumed to be approximately $40 million for the year.

目前預計自由現金流指引約 1.9 億美元。還要注意的是，我們的指導不包括來自奧地利諾伊馬克的任何進一步銷售——來自奧地利諾伊馬克工廠的銷售，我們正在繼續努力剝離工廠。奧地利今年的銷售額最初預計約為 4000 萬美元。

And just to repeat, our guidance does not include the impact of any new tariffs announced after March 31, 2025, due to the fluid and uncertain nature of tariffs globally.

再次重申，由於全球關稅的流動性和不確定性，我們的指引不包括 2025 年 3 月 31 日之後宣布的任何新關稅的影響。

With that, let me turn the call back to Tom.

說完這些，讓我把電話轉回給湯姆。

Thanks, Patrick. In my annual letter to shareholders, I outlined three key strategies for Hexcel this year: deliver, innovate, and grow that are central to what's navigating the current challenges and positioning Hexcel for the future.

謝謝，派崔克。在我致股東的年度信中，我概述了赫氏今年的三大關鍵策略：交付、創新和成長，這些策略對於應對當前挑戰和定位赫氏未來至關重要。

We are focused on operational excellence, ensuring we meet production schedules, maintaining high quality, and upholding our commitment to the safety of our employees as we deliver on our commitments to our customers.

我們專注於卓越運營，確保滿足生產計劃，保持高質量，並在履行對客戶的承諾的同時堅持對員工安全的承諾。

While we do this, we have been streamlining our footprint to position Hexcel for higher margins in the future. We are innovating through our investments in research and technology to develop new materials and processes that will drive the next generation of aerospace and defenses.

在這樣做的同時，我們也一直在精簡我們的業務範圍，以便 Hexcel 在未來獲得更高的利潤。我們透過在研究和技術方面的投資進行創新，開發新材料和新工藝，推動下一代航空航天和國防的發展。

We will grow as build rates increase on existing programs to address historically high levels of backlogs and as we pursue opportunities in the medium term in markets including defense and space, regional business jets, and a vital aircraft. Longer-term growth will come from the next-generation narrow-body aircraft and propulsion that will incorporate increasingly more lightweight composite materials.

隨著現有專案的建造率提高以解決歷史上高水準的積壓問題，以及我們在中期尋求國防和航太、區域公務機和重要飛機等市場的機會，我們將實現成長。長期成長將來自下一代窄體飛機和推進系統，它們將採用越來越多的輕質複合材料。

As the only US-owned maker of lightweight carbon fiber composite used extensively in all of the top commercial and military programs, Hexcel is well positioned to benefit from the continued recovery from the COVID-19 pandemic and the increase in production rates across all programs.

作為唯一一家在美國生產並廣泛應用於所有頂級商業和軍事項目的輕質碳纖維複合材料的製造商，赫氏公司完全有能力從新冠疫情的持續復甦和所有項目生產率的提高中受益。

As we move forward, I'm confident in our team's ability to navigate the challenges and seize the opportunities ahead to deliver strong and meaningful cash flows over the coming years and to generate strong shareholder returns. We appreciate your continued engagement with us today.

隨著我們繼續前進，我相信我們的團隊有能力應對挑戰並抓住未來的機遇，在未來幾年實現強勁而有意義的現金流並為股東帶來豐厚的回報。我們感謝您今天繼續與我們互動。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作員指示） Sheila Kahyaoglu，Jefferies。

Good morning, Tom, Patrick. Thank you so much. Popular topic today. So on tariffs, Tom, you talked about it a little bit, and Patrick, you noted $4 million per quarter. How do we think about your overall tariff impact, and what your base assumption would be if you were to include it into guidance on that $4 million?

早上好，湯姆、派崔克。太感謝了。今日熱門話題。關於關稅，湯姆，你稍微談了一下，派崔克，你提到每季 400 萬美元。我們如何看待您的整體關稅影響？如果您將其納入 400 萬美元的指導中，您的基本假設是什麼？

And how do you think about profitability in Q1, 9.9% margins, they expand 200 or 250 basis points depending on whether you include tariffs on flattish sales in the next three quarters? So what drives that margin improvement?

您如何看待第一季的獲利能力？利潤率為 9.9%，如果未來三個季度銷售額持平，利潤率將擴大 200 或 250 個基點，具體取決於是否將關稅納入其中？那麼，是什麼推動了利潤率的提升呢？

Well, let me just start with the tariffs. As we said, as we've gone through and analyzed our total spend and just matched it to the tariffs currently in effect for each country, we came out with that impact of $3 million or $4 million per quarter.

好吧，我先從關稅開始。正如我們所說，當我們分析了我們的總支出並將其與每個國家目前生效的關稅進行匹配時，我們得出的影響是每季 300 萬美元或 400 萬美元。

As I mentioned in my prepared remarks, most of what we buy in the US is US source, and most of what we buy in Europe for production is sourced in Europe. So there's not a lot of cross-border flow. And as I also mentioned, the amount that we buy from China, Canada, and Mexico is only a little bit over 1%.

正如我在準備好的演講中提到的那樣，我們在美國購買的大部分產品都來自美國，我們在歐洲購買用於生產的大部分產品也來自歐洲。因此跨境流動並不多。正如我所提到的，我們從中國、加拿大和墨西哥購買的數量僅略高於 1%。

So the direct impact is fairly minimal. It's, as I said, $3 million or $4 million. And while that's a big number, that's a number that we can offset over the course of the year with our productivity improvement. But we didn't include it in our guidance because there's a lot of uncertainty as to what the final tariffs will be by country and also and probably more importantly, is what's the indirect impact of tariffs going to be on the rest of the aerospace supply chain and on production rates at the OEM.

因此直接影響相當小。正如我所說，價值 300 萬美元或 400 萬美元。雖然這是一個很大的數字，但我們可以透過在一年內提高生產力來抵消這個數字。但我們並未將其納入我們的指導中，因為對於各國最終的關稅有多少存在很大的不確定性，而且可能更重要的是，關稅對航空航天供應鏈的其他部分以及 OEM 的生產率會產生什麼間接影響。

That's something that we just can't determine at this point, and so we didn't want to try to guess. And so we've left that out of our guidance. The margin that you mentioned for first quarter was depressed, primarily because the revenue was lower than we expected and we didn't get the kind of operating leverage that we expected.

這是我們目前無法確定的事情，所以我們不想嘗試猜測。因此，我們將其排除在我們的指導之外。您提到的第一季利潤率較低，主要是因為收入低於我們的預期，而且我們沒有獲得預期的經營槓桿。

As you know, we peaked in production back in 2019. We have all the capital and equipment in place to support much higher levels of production, and we're only about 80% recovered back to those levels. So we're not getting the operating leverage we didn't get it in Q1, and that's why we saw the depressed operating income.

如您所知，我們的產量在 2019 年達到頂峰。我們擁有足夠的資本和設備來支援更高水準的生產，但我們只恢復了約 80% 的水準。因此，我們沒有獲得第一季所沒有的營運槓桿，這就是我們看到營業收入下滑的原因。

Got it. Thank you very much.

知道了。非常感謝。

Michael Ciarmoli, Truist.

邁克爾·恰莫利（Michael Ciarmoli），Truist。

Hey, good afternoon, guys. Thanks for taking the question. Just to follow up on what Sheila was asking on the tariffs, lots of uncertainty. Do you have any levers to pull in terms of pricing as the potential offset versus, or in addition to productivity?

嘿，大家下午好。感謝您回答這個問題。只是想跟進一下 Sheila 詢問的有關關稅的問題，有很多不確定性。在定價方面，您是否有可利用的槓桿來抵消或補充生產力？

Well, what I would say, Mike, is that we have in our contracts and our [inco] terms, most of them, for example, out of Europe are ex-works, and so the buyer is responsible for the tariffs and so they would get passed on to the buyer in that case. In addition, we have a lot of contracts which are essentially pass through.

好吧，麥克，我想說的是，在我們的合約和[國際貿易]條款中，大多數貨物，例如歐洲貨物，都是出廠價，因此買方要負責關稅，在這種情況下，關稅會轉嫁給買方。此外，我們還有很多合約本質上是轉手的。

And so for some of our bigger items like and I trial or some of our paper for our core, contracts are set up so that we can pass through costs including tariffs. So that creates a little bit of a natural hedge for us and most of our aerospace contracts are fixed for the period of time that they're in effect and so that doesn't offer the contract opportunity for raising price.

因此，對於我們的一些較大的項目（例如我的試用版或一些核心紙張），我們會簽訂合同，以便我們能夠轉嫁包括關稅在內的成本。因此，這為我們創造了一點自然的對沖，而且我們的大多數航空航天合約在有效期內都是固定的，因此這不會為合約提供提高價格的機會。

But as I said, most of our income terms out of Europe are ex works and so the tariff is the responsibility of the buyer, and we can for some of our bigger commodities pass through the price, including tariffs to the customer.

但正如我所說，我們在歐洲的大部分收入都是工廠交貨，因此關稅是買方的責任，對於我們的一些較大的商品，我們可以將包括關稅在內的價格轉嫁給客戶。

Okay, perfect. And then maybe on the flip side, is there an opportunity to potentially gain some domestic share if these tariffs are making composites from other global suppliers more expensive? I mean, is that kind of in the realm of your thought process right now?

好的，完美。那麼另一方面，如果這些關稅使得其他全球供應商的複合材料變得更加昂貴，是否有機會獲得一些國內份額？我的意思是，這是否處於您現在的思維範圍？

It's a possibility, but of course, it depends on what the impact of the tariff is on those foreign sources, and at this point I would say it's still uncertain.

這是有可能的，但當然，這取決於關稅對這些外國來源的影響，目前我認為這仍然不確定。

Okay, got it. I'll jump back in the queue. Thanks, guys.

好的，明白了。我會重新回到隊列中。謝謝大家。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Hey, good morning. You have [Leeder] on for Myles. You called out the lower production rates on the A350 as a driver, main driver of the revised guidance. I'm just curious, is this the rates flattening or are you actually seeing any destocking there?

嘿，早安。你讓 [Leeder] 替換 Myles。您指出，A350 的生產力較低是修訂指引的一個主要驅動因素。我只是好奇，這是利率趨於平緩還是你實際上看到了任何去庫存現象？

Well, what we're seeing is in terms of what we're going to deliver is a reduction of about 16 units. So in January when we had our call for the fourth quarter, I mentioned that we built our plan around an assumption that we would deliver 84 ship sets of material to Airbus in 2025. What we're seeing right now is the demand for about 68 units. And so if you just take a look at the midpoint of our ships that amount, which is $4.5 million to $5 million and $0.16 times the $4.75 million is $76 million.

嗯，就我們將要交付的數量而言，我們看到的是減少了大約 16 個單位。因此，在一月份我們召開第四季度電話會議時，我提到，我們的計劃是基於一個假設，即我們將在 2025 年向空中巴士交付 84 套材料。我們現在看到的需求量約為 68 個單位。因此，如果你只看一下我們船舶的中間值，那麼這個金額就是 450 萬美元到 500 萬美元，475 萬美元的 0.16 倍就是 7,600 萬美元。

So our our our revenue guidance dropped from midpoints by $85 million and $0.76 million dollars of that is due just simply to the reduction that we've seen in the 350 production rate. As Patrick said, we've also seen a reduction in the A320 of about 30 units.

因此，我們的收入預期從中點下降了 8500 萬美元，其中 76 萬美元僅僅是由於我們看到的 350 生產率的下降。正如帕特里克所說，我們還看到 A320 的數量減少了約 30 架。

And again, if you look at the midpoint of what we said our ships that value is at $350,000.30 units is about $10 million. So just the A350 and the A320 reductions in what we're seeing as demand accounts for the $85 million drop in our in our revenue.

再說一次，如果你看一下我們所說的船舶的中點，其價值為 350,000 美元。 30 艘船舶的價值約為 1000 萬美元。因此，我們認為 A350 和 A320 需求的減少就導致我們的收入下降了 8,500 萬美元。

I appreciate that color, Tom. And then maybe just follow up on the corporate expense, usually it's a lot higher than q!. I know you mentioned lower stock comp. I don't know if anything slipped out of the quarter or should we expect some sort of flattening? Any reason corporate expense will be up year over year in the back half now?

我很欣賞那個顏色，湯姆。然後也許只是跟進公司費用，通常它比 q! 高得多。我知道您曾提到較低的股票補償。我不知道本季是否出現了什麼下滑，或者我們是否應該預期某種程度的穩定？現在有什麼原因導致下半年公司開支較去年同期上升嗎？

No, I mean, essentially, we had one or two credits come through and there is a stock comp difference between Nick and Tom because of Tom's tenure with the company, and so that will make a difference where Tom's costs are now going to be spread out. So it was two or three things, but the largest thing was really around the difference between Tom and Nick.

不，我的意思是，基本上，我們有一兩個學分通過，而且由於湯姆在公司的任期，尼克和湯姆之間存在股票補償差異，所以這會對湯姆的成本分攤產生影響。所以有兩三件事，但最大的事情實際上是湯姆和尼克之間的差異。

I mean, the other thing kind of also picking up on something Sheila said, Q1 is normally our softest margin quarter because we're taking those dotcom charges, which we did again this year, they were just a little bit lower, and that's what you're seeing in the lower corporate charges in 2025.

我的意思是，另一件事也與 Sheila 所說的有些相似，第一季度通常是我們利潤率最低的季度，因為我們要考慮那些網絡公司的費用，今年我們又考慮了，這些費用只是稍微低了一點，這就是你在 2025 年看到企業費用降低的原因。

Thank you, Patrick.

謝謝你，派崔克。

John McNulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John McNulty。

Yeah, thanks for taking my question. Tom, historically, Hexcel has always been very conservative when it comes to kind of its staffing and whether it pars back for temporary changes in orders or production levels from the customers. It seems like you guys are taking a much more aggressive approach and admittedly, the A350's got a pretty significant cutback.

是的，感謝您回答我的問題。湯姆，從歷史上看，赫氏在人員配置以及是否根據客戶訂單或生產水平的臨時變化進行裁員方面一直非常保守。看起來你們正在採取更積極的方法，而且不可否認的是，A350 的削減幅度相當大。

But I guess, is this a change in terms of how you think Hexcel should be managed as you go forward and where you're a little bit more nimble? And if not, how do you get comfortable that you can ramp up quickly enough when things start to get better?

但我想，這是否是您認為 Hexcel 未來管理方式的變化，以及您是否會變得更加靈活？如果沒有，當情況開始好轉時，您如何確保自己能夠足夠快地提升？

I think we are taking a stronger line in terms of aligning our headcount with what we see current production at and how we see it evolving. So that is true. We're being a little bit more I'd say practical and realistic in terms of where we are. Now that said, we remain very well positioned to support our customers in terms of whatever production rates they determined that they can achieve.

我認為，我們在調整員工人數與當前生產狀況及其發展方向方面採取了更強硬的路線。確實如此。就我們現在的處境而言，我想說我們更加務實和現實。話雖如此，我們仍然能夠很好地支持我們的客戶，無論他們決定實現什麼生產力。

We have higher levels of inventory. You can see that on our balance sheet. That gives us a bit of cushion. We also have all the capital in place, so that's not an issue, and we're not going to reduce headcount per se, but we're just not going to increase it. We've made a few reductions in Europe of contract labor. We made in one of our plants in the US, we made a small furlough, but for the most part, we're just not increasing and we're allowing attrition to take place.

我們的庫存水準較高。您可以在我們的資產負債表上看到這一點。這給了我們一點緩衝。我們也擁有所有資本，所以這不是問題，我們不會減少員工人數，但我們也不會增加員工人數。我們在歐洲減少了一些合約工。我們在美國的一家工廠進行了短暫的休假，但在大多數情況下，我們不會增加員工數量，而是讓員工自然減員。

So we're about running 300 heads below where the plan was, and we'll stay that way until we see evidence that production rates will increase. And again, with that high level of inventory, we have more than enough cushion to be able to respond to our customers.

因此，我們的產量比計劃少了 300 噸，而且我們會一直保持這種狀態，直到我們看到生產率會增加的證據。而且，有瞭如此高的庫存水平，我們就有足夠的緩衝來回應客戶的需求。

One thing I want to make very clear, we're not trying to second guess our customers on their rates and their schedules. We are absolutely prepared to meet all of our customers and the production rates that they that they put out there. We're just managing our own cost base so that we are not getting ahead of them.

我想明確指出的是，我們不會試著猜測客戶的費率和時間表。我們已做好充分準備，滿足所有客戶的要求以及他們提出的生產力。我們只是管理自己的成本基礎，這樣我們就不會領先他們。

Got it. Fair enough. No, it makes sense. And then maybe just as a follow-up on the CapEx reduction. I mean, it looks like you're taking CapEx down by 10% or maybe even more than that. I guess, can you give us a little bit of color as to where that trimming is taking place?

知道了。很公平。不，這是有道理的。然後也許只是作為資本支出減少的後續行動。我的意思是，看起來你將資本支出降低了 10% 甚至更多。我想，您能否向我們稍微介紹一下修剪發生在哪裡？

It's in a whole variety of areas across dozens of projects, and the fact is, if you look at Hexcel between say 2008 when we won the A350 program up to 2018, we made massive investments to tool up for the A350 industrialization. Those investments are all behind us and we're still not using all that capacity.

它涉及數十個項目的各個領域，事實上，如果你看看赫氏公司，你會發現從 2008 年我們贏得 A350 項目到 2018 年，我們進行了大規模投資，為 A350 的工業化做好準備。這些投資都已完成，但我們仍未利用所有產能。

So we don't have that sort of capital expenditure, and we had $100 million in the plan. Given that this year is soft, we've obviously sharpened the pencil and we've prioritized the projects. We pushed some things out and we were able to take $10 million out of the CapEx budget for the year.

所以我們沒有那種資本支出，我們的計畫是 1 億美元。鑑於今年的情況比較艱難，我們顯然已經精簡了計劃，並確定了專案的優先順序。我們推遲了一些項目，並從今年的資本支出預算中拿出了 1000 萬美元。

But it was just through blocking and tackling on a wide variety of projects, nothing major or significant, but we also don't have any big capital expenditures in front of us for capacity because all of those were made in the past.

但這只是透過阻止和解決各種各樣的項目來實現的，沒有什麼重大或重要的項目，但我們面前也沒有任何用於產能的大額資本支出，因為所有這些都是過去進行的。

Got it. Thanks very much for the color.

知道了。非常感謝這個顏色。

Matt Akers, Wells Fargo.

富國銀行的馬特‧艾克斯 (Matt Akers)。

This is actually (inaudible) on for Matt this morning. So I'd get back to the guidance you talked about the reduction of ship sets on the Airbus side, but, could you speak to what you're seeing on the Boeing side, and what you're seeing in terms of production rates there?

這實際上是（聽不清楚）今天早上馬特所做的事情。因此，我想回到您談到的關於空中巴士方面船舶數量減少的指導，但是，您能否談談您在波音方面看到的情況以及您在那裡看到的生產率情況？

Right. Well, on the Boeing side for 737, we said that we were planning and building our plan around an assumption that they would be in the low 30s. And that's about where we still are. We haven't seen a change in that. Boeing is doing very well on their production. They're getting up in rate. They still have that cap of 38 aircraft per month, and that'll be something really to watch during the course of the year is, are they able to get approval from the FDA to go above that?

正確的。嗯，就波音 737 而言，我們說過，我們正在根據產量將在 30 出頭的假設來規劃和製定計劃。這就是我們現在的處境。我們還沒有看到這方面有任何變化。波音公司的生產表現非常出色。他們的速度正在加快。他們每個月的飛機產量上限仍為 38 架，今年真正值得關注的是，他們能否獲得 FDA 的批准，超過這個上限？

But even if they get above it in the back half of the year, we still think the overall average for the course of the year will be in the low 30s, and so that hasn't changed.

但即使他們在下半年超過這個數字，我們仍然認為全年的總體平均水平將在 30 出頭，所以這一點沒有改變。

On the 787, we built our plan around an assumption of about 84 units of delivery, so roughly 7 a month. What Boeing has said is that they are delaying the increase in their rate by three to six months. So that could impact 5 to 10 units over the course of the year, and our ships that value is $1 million to $2 million. So at $1.5 million, that could be another $7.5 to $15 million. But those are the assumptions that we have used in terms of constructing our plans.

對於 787，我們制定計劃時假設交付量約為 84 架，即每月約 7 架。波音公司表示，他們將把加價時間延後三至六個月。因此，這可能會在一年內影響 5 至 10 個單位，而我們的船舶價值為 100 萬至 200 萬美元。因此，以 150 萬美元計算，這可能意味著還要再花 750 萬美元到 1500 萬美元。但這些是我們在製定計劃時所使用的假設。

Okay, understood. And then I guess, on the F-47 and [GA] the FAXX, do you guys have any opportunity to supply those programs in the future?

好的，明白了。然後我想，關於 F-47 和 [GA] FAXX，你們將來有機會提供這些程式嗎？

Yes, we do have opportunities. It's still obviously very early. They've just been awarded, and so there have been no decisions made. But as you know, we are the supplier for the F-35 material and we provide the carbon fiber for that. And as Boeing and whoever wins the Navy NAT program decide on their material system, we will certainly have discussions with them to advocate that that our material system for lightweight composite material would be very suitable for those applications.

是的，我們確實有機會。顯然現在還很早。他們剛剛被授予獎項，因此尚未做出任何決定。但正如您所知，我們是 F-35 材料的供應商，我們為其提供碳纖維。當波音公司和海軍 NAT 專案的獲勝者決定他們的材料系統時，我們肯定會與他們進行討論，以表明我們的輕質複合材料材料系統非常適合這些應用。

And as I mentioned before, and I think this is important in this context, is we're the only US owned maker of aerospace grade carbon fiber composites. And so with everything going on in the geopolitical environment today, having a source that is owned and controlled in the US certainly has its advantages.

正如我之前提到的，我認為在這種情況下這一點很重要，我們是唯一一家美國獨資的航空級碳纖維複合材料製造商。因此，考慮到當今地緣政治環境的變化，擁有一個由美國擁有和控制的能源來源無疑具有優勢。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Yeah, hi, good morning, Tom and Patrick and Kurt. Maybe you wanted just to drill again deeper on the A350, if you are looking at, obviously a step down in about 16 units this year, what's your confidence level in terms of inventory at Airbus or other customer sites that couldn't face incremental headwind if the ramp at Airbus goes a little slower than expected,?

是的，嗨，早上好，湯姆、派崔克和庫爾特。也許您只是想再次深入研究 A350，如果您看到今年的產量明顯減少了約 16 架，那麼如果空中巴士的產量增長速度比預期慢一點，您對空中巴士或其他客戶站點的庫存信心水平如何？

I guess how much inventory do you see in the channel at your customer on this program and how much of that does the revised guide imply is worked off this year?

我猜您在該計劃中看到客戶管道中有多少庫存，修訂後的指南暗示今年將消耗多少庫存？

Well, I think, and what we're seeing is that there is some inventory there and there's some destocking going on, which is why we built our plan where it is. So our plan and where we built it takes into account some level of destocking that will occur.

嗯，我認為，我們看到的是那裡有一些庫存，而且正在進行去庫存化，這就是我們制定計劃的原因。因此，我們的計劃以及製定計劃的地方都考慮到了將會發生一定程度的去庫存。

So we're confident. And the thing is Airbus just reiterated in their recent annual meeting report that they are still planning to get up to 12 aircraft per month in 2028. And so of course that means the ramp is going to be steeper now in these few years to that point, but they're confident that they're going to do it and we are certainly prepared to do it. So that creates enormous opportunity for us.

所以我們有信心。事實是，空中巴士在最近的年度會議報告中重申，他們仍計劃在 2028 年實現每月生產 12 架飛機的目標。當然，這意味著在未來幾年內，成長速度將會更加迅速，但他們有信心能夠做到這一點，我們也做好了準備。這為我們創造了巨大的機會。

And I would just say on the basis of that, so we're going from last year they delivered 57 aircraft. They're going to get up to 12 aircraft per month in 2028, which is about 132 units, and that creates a lot of potential for Hexcel. And when you look at that in terms of our cash flow generation capability, we see and expect that we could deliver $1 billion in cash flow over the four-year period between 2025 and 2028 principally on the back of that A350 ramp.

我想說的是，基於此，從去年開始他們交付了 57 架飛機。到 2028 年，他們每月將生產多達 12 架飛機，總計約 132 架，這為 Hexcel 創造了巨大的潛力。從我們的現金流量產生能力來看，我們看到並預計，主要得益於 A350 的投產，我們可以在 2025 年至 2028 年的四年內實現 10 億美元的現金流。

So that's why we're really so optimistic about Hexcel's position is we're on that program. It's going to ramp up. It has been slower, frustratingly slow to ramp up, but they haven't changed their outlook for 2028. And so that gives us, as I said, $1 billion of cash flow over the next 4 years. And we see that as very compelling.

這就是為什麼我們對 Hexcel 的立場如此樂觀，因為我們參與了這個專案。它將逐漸增加。雖然成長速度較慢，甚至慢得令人沮喪，但他們並沒有改變 2028 年的展望。正如我所說，這將為我們在未來 4 年帶來 10 億美元的現金流。我們認為這非常引人注目。

Yeah, thanks for that, Tom. And as you look obviously at that 2028 ramp, Airbus obviously hasn't been at those levels before on the A350. Is there incremental capacity you have to put in to support 12 a month assuming Airbus is eventually able to get there?

是的，謝謝你，湯姆。而當你看到 2028 年的產量成長時，空中巴士的 A350 顯然還沒有達到這樣的水準。假設空中巴士最終能夠達到這一目標，您是否需要投入增量產能來支援每月 12 架飛機？

No, we're absolutely [capacitized] for that. In fact, a little bit more. That's where we capacitized in 2019. But if you go back to 2019, in fact, the A350 deliveries were about 111, which translates into Tenement. So the system has generated very high levels of production. Everybody does have the capacity, and it's really just a question of getting the supply chain stabilized and achieving it. But for Hexcel, we are absolutely capacitized to achieve those levels and even a little bit higher.

不，我們絕對有能力做到這一點。事實上，還多一點點。這就是我們在 2019 年所發揮的能力。但如果回顧 2019 年，實際上 A350 的交付量約為 111 架，相當於 Tenement。因此該系統已產生非常高的生產水準。每個人都有能力，這實際上只是一個穩定供應鏈並實現這一目標的問題。但對於 Hexcel 來說，我們絕對有能力達到這些水平，甚至更高一點。

And remember, Ken, that we're completing a fiber line that we announced pre-pandemic and that will be online in the next two to three years, which will also give us additional capacity for other sort of military growth opportunities, business growth opportunities. So as Tom said, we will be comfortable on the capacity footprint for some years to come.

肯，請記住，我們正在完成一條在疫情前宣布的光纖生產線，該生產線將在未來兩到三年內投入使用，這也將為我們提供額外的產能，以實現其他類型的軍事增長機會和業務增長機會。正如湯姆所說，未來幾年我們的產能足跡將會很舒適。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yeah, thanks. Good morning, guys. I was wondering on the A350, given you ship well in advance the final assembly, what are you expecting by the end of this year you'll be shipping that for 2026? Like what do you think they're going to get to in terms of what they're going to buy at what rate per month later in the year?

是的，謝謝。大家早安。我想知道 A350 的情況，鑑於您提前發貨最終組裝件，您預計今年年底將發貨多少，到 2026 年會發貨多少？例如，您認為他們在今年稍後會以什麼樣的價格購買什麼商品？

I know you've said the impact's biggest in Q2 and Q3 on the negative side, but presumably it picks back up in Q4 in anticipation of higher rates?

我知道您說過負面影響在第二季和第三季最大，但據推測，由於預期利率上升，影響會在第四季回升，對嗎？

The numbers are going to be higher for next year, but I certainly don't want to try to provide any guidance for 2026 at this point. We'll just say right now it'll be higher, and we will be prepared to support it.

明年的數字將會更高，但我現在當然不想為 2026 年提供任何指導。我們現在只想說，它會更高，我們會準備好去支持它。

Okay, and I know you have a number of different ships on the A350, 40 suppliers or so, are they all coming down in rate or they all kind of -- or are you still seeing Hexcel --?

好的，我知道 A350 上有許多不同的飛機，大約有 40 家供應商，他們的價格都在下降嗎？或者他們都在下降——或者你仍然看到 Hexcel--？

You can imagine 40 different supply plants are at different levels of production, but there are some plants that are actually behind and we see quite a bit of a higher rate at those and others maybe where they built ahead a little bit and so we're seeing a lower rate.

你可以想像 40 家不同的供應工廠處於不同的生產水平，但有些工廠實際上已經落後，我們看到這些工廠的生產率相當高，而其他工廠的生產率可能略有提前，所以我們看到的生產率較低。

So it really is quite variable across the -- it's about 35 locations that we deliver to for the A350, but it's highly variable, but the average is what we are building our plan around, which is 68.

因此，它確實在各個方面都存在很大差異——我們向大約 35 個地點交付 A350，但差異很大，但我們制定計劃時所依據的平均值是 68 個。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Hey, Tom, Patrick. Quick question, you've been very good partner to Boeing and Airbus over the years. You've also had to absorb a big inflation headwind over the past several years in addition to just the chaotic aero ramp. And have you approached Boeing and Airbus about repricing some of these LTAs, particularly on the A350?

嘿，湯姆，派崔克。一個簡單的問題，多年來，您一直是波音和空中巴士的非常好的合作夥伴。過去幾年裡，除了混亂的航空坡道之外，你還必須承受巨大的通膨阻力。您是否曾與波音和空中巴士商談過重新定價部分長期協議，特別是 A350 的協議？

Right, well, we are under contract on all of our programs with our long-term agreements. And on the Boeing side, they tend to be a little shorter. And so when we see those expirations, we have been negotiating with Boeing on price to reflect the current market conditions, including inflation. And so we've been able to reach mutually satisfactory outcomes on that.

好的，我們所有的專案都簽訂了長期協議。而波音公司則傾向於更短。因此，當我們看到這些到期時，我們一直在與波音公司就價格進行談判，以反映當前的市場狀況，包括通貨膨脹。因此，我們就此達成了雙方都滿意的結果。

On the A350, which is our biggest program, that goes out to 2030 with Airbus. And the pricing is lacking and there's some variable due to volume, but what we do there is we put in place joint productivity programs where they have to invest engineering resources, we put our own engineering resources in, and then we split the savings.

A350 是我們最大的項目，將與空中巴士合作到 2030 年。雖然定價有缺陷，而且由於產量原因也存在一些變量，但我們所做的就是建立聯合生產力計劃，他們必須投入工程資源，我們投入自己的工程資源，然後我們分攤節省下來的資金。

And that's how we are able to drive productivity and improvements in those long-term contracts with Airbus. And as you said, it's very important to maintain strong relationships with our biggest customers. We want to support them. They're in a tough competitive situation.

這就是我們如何能夠在與空中巴士簽訂的長期合約中提高生產力和改進品質。正如您所說，與我們最大的客戶保持良好的關係非常重要。我們想支持他們。他們正處於嚴峻的競爭情勢中。

At the same time, we are in discussions with them about long-term programs. We want to make sure that we secure positions on the long-range programs as well. So a combination of all those things, we do get price when contracts expire for the longer-term contracts like A350, we work on joint productivity improvement programs where we can both benefit through our investment.

同時，我們正在與他們討論長期計劃。我們希望確保我們在遠端計劃中也能佔有一席之地。因此，綜合考慮所有這些因素，當 A350 等長期合約到期時，我們確實可以獲得價格，我們致力於聯合生產力改進計劃，雙方都可以透過投資受益。

Okay. And then Europe is trying to essentially rebuild its own indigenous defense industrial base if you can't sell that Austrian facility at a reasonable price, did you repurpose it to support growth on some of these European defense programs like the [Rafa]?

好的。然後，歐洲正在試圖重建自己的本土國防工業基礎，如果你不能以合理的價格出售奧地利的工廠，你是否將其重新用於支持一些歐洲國防項目的成長，例如[拉法]？

Not really, the facility in Austria is really aligned better to industrial production. It's a prepreg, so it really was very good for the wind market and the recreation market when those were bigger. It's not really tailored to aerospace grade carbon fiber and the production of carbon fiber. So no, it wouldn't help on the capacity.

事實並非如此，奧地利的工廠實際上更適合工業生產。它是一種預浸料，因此當風電市場和休閒娛樂市場規模較大時，它確實對它們非常有利。它並不是真正針對航空級碳纖維和碳纖維的生產而定制的。所以，它對容量沒有幫助。

We have sufficient capacity in Europe to support defense growth, and we would invest in more if the market would justify it. But that's an exciting opportunity for us. And because we are indigenous in Europe with production facilities and labor in Europe, we think we're well positioned to support any increase that the European defense firms decide to take.

我們在歐洲擁有足夠的能力來支持國防成長，如果市場合理，我們將會投入更多資金。但這對我們來說是一個令人興奮的機會。由於我們是歐洲本土企業，擁有歐洲的生產設施和勞動力，我們認為我們有能力支持歐洲國防公司決定採取的任何成長措施。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Hey, guys, good afternoon. On the cost out, like the headcount attrition sounds like that's more just kind of aligning with the new revenue guide for the year, maybe not driving incremental efficiency on a per head basis. Just want to ask about initiatives to actually improve per head efficiency and other opportunities to take cost out of non-labor areas?

嘿，大家下午好。在成本支出方面，員工流失聽起來更像是為了與今年的新收入指南保持一致，可能不會推動人均效率的提升。只是想問實際提高人均效率的措施以及其他從非勞動力領域降低成本的機會？

Right, we are investing quite a bit in what we call our future factory initiative and continuous improvement. So we've got dozens of lean projects across the plants to drive efficiency and take cost out to improve unit cost, so that's really the mechanisms, basic blocking and tackling at the plant at very defined levels to take costs out to improve the short-term productivity.

是的，我們在所謂的未來工廠計劃和持續改進方面投入了相當多的資金。因此，我們在工廠內開展了數十個精益項目，以提高效率、降低成本、改善單位成本，所以這實際上是在工廠內以非常明確的水平進行基本的阻止和處理，以降低成本、提高短期生產力的機制。

Longer term, we're looking at digitization and automation and new ways of structuring our production flow that will take even additional costs out and reduce the capital that's required for production. But in the short term, it's just dozens of continuous improvement projects with lean and six sigma manufacturing that will take cost out and create efficiency.

從長遠來看，我們正在研究數位化和自動化以及建立生產流程的新方法，以消除額外成本並減少生產所需的資金。但在短期內，只需數十個採用精實和六西格瑪製造的持續改善專案就能降低成本並提高效率。

There's just no shortcut to it. You just have to grind away at it.

這根本沒有捷徑。你只需要堅持不懈地努力就好了。

Got it. And just a clarification on the tariff impact, the $3 million to $4 million per quarter would be inclusive of reciprocals?

知道了。能否澄清一下關稅的影響，每季 300 萬至 400 萬美元是否包含互惠金額？

No, that would be the -- as Tom called out, that would really just be the direct impact that we can sort of sensibly estimate today. I mean, when you get into indirect impacts and reciprocal tariffs, then you're in another realm of assumption. So the $3 million to $4 million is our kind of ring-fencing, giving a magnitude around sort of the direct impact that we can see today.

不，那將是——正如湯姆所說的，那實際上只是我們今天可以合理估計的直接影響。我的意思是，當你涉及間接影響和互惠關稅時，你就進入了另一個假設領域。因此，300 萬到 400 萬美元是我們的一種保護措施，其規模與我們今天所能看到的直接影響大致相同。

I think that highlights how fluid the situation is. We don't know what the tariffs are going to be by individual country. We don't know if they will be reciprocal. So what we've done is analyzed what we know, the tariffs by country, what the direct impact is, and that's the $3 million or $4 million. Other things are speculative and will remain to be seen as the situation continues to evolve.

我認為這凸顯了局勢的不穩定。我們不知道各國的關稅是多少。我們不知道他們是否會互惠。因此，我們所做的就是分析我們所知道的情況，即各國的關稅，其直接影響是什麼，也就是 300 萬美元或 400 萬美元。其他事情仍處於推測階段，將隨著情況的不斷發展而繼續觀察。

I mean, even the $3 to $4 million had some speculation in it because we don't know where the tariffs are going to settle, but it's a sensible ballpark.

我的意思是，即使是 300 萬到 400 萬美元也有一些猜測，因為我們不知道關稅最終會落到什麼程度，但這是一個合理的估計。

Thank you.

謝謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Thanks, good afternoon. We've obviously seen a pretty big weakening in the US dollar and I know that's a negative. I know you're hedged out, but Patrick, maybe give some color around how that could potentially impact as you look to hedge going forward?

謝謝，下午好。我們顯然已經看到美元大幅貶值，我知道這是一個負面消息。我知道你已經採取了對沖措施，但是帕特里克，也許可以解釋一下，當你考慮未來的對沖措施時，這可能會產生什麼影響？

Well, our hedging profile will continue as we've done for many years, and that's protecting us to a significant degree today. And I think in this quarter you saw what FX was actually a headwind for us given our -- our tailwind I should say, given our hedges that were in place.

嗯，我們的對沖策略將像多年來一樣繼續下去，這在很大程度上保護了我們。我認為在本季度，你們看到了外匯實際上對我們來說是一個逆風，考慮到我們現有的對沖，我應該說是順風。

Now obviously, if the dollar stays weak for any sort of extended period of time, ultimately our new hedges will reflect that weaker dollar position. And in 12 months' time, our average FX rate will be weaker. And so yeah, so we will manage it appropriately as we've done for many years, but certainly through 2025, given our previous hedging profile, we're in a good position.

顯然，如果美元在一段較長時間內保持疲軟，最終我們的新對沖將反映出美元走弱的狀況。12個月後，我們的平均外匯匯率將會走弱。是的，我們會像多年來一樣對其進行適當的管理，但到 2025 年，鑑於我們之前的對沖狀況，我們肯定會處於有利地位。

Okay, and it looks like your updated guidance reflects 11.5% to 12%, I think margins for the full year. Is that right? (technical difficulty)

好的，看起來您更新後的指引反映了 11.5% 至 12% 的利潤率，我認為全年的利潤率是這樣的。是嗎？（技術難度）

Okay, and how should we expect that to kind of ramp from here? Do we have the typical seasonal Q3 slowdown or lower margins?

好的，那麼我們該如何期待這種情況從現在開始逐漸好轉呢？我們是否出現了典型的第三季季節性放緩或利潤率下降？

Well, as we said, Q1 is often the weakest quarter of the year because of the stock comp charges that was mitigated this quarter by some slightly lower corporate expenses going through. We also highlighted that Q2 and Q3 are going to be the most significantly impacted by the reduced A350 sales and so the volume leverage.

嗯，正如我們所說，第一季通常是一年中最疲軟的季度，因為股票補償費用本季因公司費用略有下降而有所緩解。我們也強調，第二季和第三季將受到 A350 銷售量下降以及銷售槓桿的影響最為顯著。

And therefore, yes, I would expect the margin ultimately to get stronger as the year goes on. We know we have the European vacations which can impact Q3 anyway. So yes, we would expect a strong sort of improvement in margins as we come to the end of the year, and we see higher volumes going into '26.

因此，是的，我預計隨著時間的推移利潤率最終會變得更高。我們知道我們有歐洲假期，這無論如何都會影響第三季。所以是的，我們預計到今年年底利潤率將大幅提高，而且我們預計 26 年的銷量將會增加。

All right. Thanks very much.

好的。非常感謝。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Patrick, sorry if I missed this, but did you lower your guidance assumptions on 787 at all to reflect the softer start there in the first quarter?

帕特里克，如果我錯過了這一點，請見諒，但您是否降低了對 787 的指導假設，以反映第一季較疲軟的開局？

We do have slightly -- I mean, we called out the 350 and the 320. Those are really the driver of the $85 million and then what I would say is we have some puts and takes and so within the puts and takes, the 787 is down, whereas some of our defense business is up to offset it.

我們確實有一點——我的意思是，我們叫出了 350 和 320。這些確實是 8500 萬美元的驅動力，然後我想說的是，我們有一些得失，因此在得失之中，787 下降了，而我們的一些國防業務上升以抵消它。

It's down a bit but not massively, and it's more than offset. So really as Tom called out, the 350 and the 320 explain the revenue guidance.

有所下降，但幅度不大，而且超過了抵消範圍。正如湯姆所說，350 和 320 解釋了收入指引。

And the adjustment on 787 is really just due to the delay of 3 to 6 months that Boeing signals on the production.

而對787的調整其實只是由於波音公司發出的生產延遲3至6個月的訊號。

Okay. Is there current level of purchase order activity supporting that ramp back up on 787?

好的。目前的採購訂單活動水準是否支援 787 的恢復？

Well, we saw a softer Q1. Now, we'll obviously see what we do for the remainder of the year, but we're expecting them to kind of somewhere in the 70s for the full year, reflecting that push out that (inaudible).

嗯，我們看到第一季表現較為疲軟。現在，我們顯然會看看今年剩餘時間的表現，但我們預計全年的銷量將在 70 年代左右，這反映了（聽不清楚）。

Okay. Thank you.

好的。謝謝。

And ladies and gentlemen, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。