HXL - Hexcel hammered after dismal Q3 for commercial aerospace

Hexcel (HXL) -8.1% after-hours following a much wider than expected Q3 adjusted loss while revenues were chopped in half from a year ago to $287M, ~20% below analyst estimates.Q3 commercial aerospace sales sank by two-thirds to nearly $129M, well below $188M analyst consensus, while industrial sales tumbled 36% to $49M and space and defense segment sales slipped only 1% to $109M.Q3 gross margin was 4.7% vs. 16.8% consensus and 27.6% in the year-earlier quarter; Q3 operating margin was negative 7.6% vs. 5.3% consensus and 19.2% a year ago.Hexcel recently was downgraded to Neutral at Credit Suisse, saying the pandemic reversed rising aircraft production rates and put the long-term growth of composite materials penetration "on ice."

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Hexcel hammered after dismal Q3 for commercial aerospace