Hexcel's board authorized an expanded $750 million share repurchase program as the company reported a higher profit in the third quarter.
The aerospace materials company said Wednesday the authorization boosts its existing program, which had around $380.6 million available for stock buybacks.
The company also reported after the close a profit of $38.6 million, or 50 cents a share, compared with a profit of $20.6 million, or 26 cents a share, a year earlier.
On an adjusted basis, third-quarter earnings also came in at 50 cents a share. Analysts polled by FactSet were expecting 49 cents a share.
Net sales rose to $496.4 million from $456.2 million a year prior. Analysts were expecting $501.9 million in revenue.
"Consistent with what we communicated last quarter, our third quarter financial results reflected our typical summer sales seasonality, which impacted operating leverage," Chief Executive Tom Gentile said. "We also experienced near-term cost headwinds from accelerated hiring and training to support the strong demand signals we are receiving across our business for Q4 and 2027."
Shares fell 9.9% to $80.94 in after-hours trading. The stock, which closed down 1.6% at $89.84, is up 22% year-to-date.
The company also reaffirmed its full-year guidance for adjusted earnings between $2.30 and $2.40 a share on sales between $2.025 billion and $2.125 billion.
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