The new authorization significantly expands the company's existing program, which previously held roughly $380.6 million in remaining capacity. While adjusted earnings of 50 cents per share edged past the 49-cent consensus from FactSet analysts, revenue growth fell slightly short of expectations, reaching $496.4 million against an anticipated $501.9 million.
In section Market Quotes
Hexcel Ups Buyback Program as Quarterly Earnings Beat Expectations
Hexcel’s board has authorized an additional $750 million for share repurchases, signaling confidence despite a cooling stock price. The aerospace materials manufacturer reported third-quarter profits of $38.6 million, or 50 cents per share, comfortably outpacing the 26 cents per share recorded during the same period last year.
Chief Executive Tom Gentile pointed to typical summer seasonality and increased spending on hiring and training to meet future demand cycles. Despite these operational costs, the company reaffirmed its full-year outlook, projecting adjusted earnings between $2.30 and $2.40 per share. Investors reacted sharply to the results, sending shares down 9.9% to $80.94 in after-hours trading, effectively erasing a portion of the stock's 22% year-to-date gains.
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