first joining Thanks us everyone, you and share our Patrick. Good thank quarter as morning, for results. we
hope, to safe. sincerely this these each as in that and adjusted I staying are of trying are best call participating you possible times as
we to safety committed the our organization, are employees. an and As health of
been unpredictable. the response that for industries operations our in dedicated limit have are making in can effects to to and through that decisions, practices to includes remotely those The COVID-XX working setting exposure uncertainties, work new team. difficult pandemic managing Hexcel. plants far adopted expectations Companies have performance, business of are virus, the and We while across new employees reaching COVID-XX our
can and was actions that the with by to I to to realign acting and start COVID-XX the current respond, and challenging business the assure MAX, pandemic, demand. XXX taken you both Hexcel a grounding impacted a by our with decisive year economic was of forecasted it downturn we have the the continued sales of While caused lower swiftly number
was pandemic the we completing quarter COVID-XX have started spoke forward looking to had The XXXX world February, of When markets. third entire just with imagined merger in We could Woodward. economy. the affect last on a magnitude Asian the impact not the Hexcel toward
China, the of Spain and shipments effects Hexcel Europe spread in with on as quarter into virus facilities, closures, at the it realizing shutdowns and of widespread the plants the and our began our in customer temporary as early particularly caused orders then COVID-XX our many wind own well in in as operations U.S. at France. some
thing resulting both the to disappointing response decision made industrial the Yet, so employees. and Once we after effort. do sectors for in COVID-XX economy, after aerospace the careful in we the was uncertainties the it merger. jointly terminate our customers, We news and the economic from our shareholders, to and COVID-XX. consideration our pandemic global to impact and decided It of the was right anticipation much the recognize on
spread Woodward's and Gendron the CEO, as weeks, many several spoke virus globally. Tom I over times
we serve. pandemic we As that and our events as of customers in have solely focus doing. terms are of each the well business and us its needed that clear unfolded, surpass faced the the impact challenges it will on every are it our immediate, ever Already, two we is longer-term became companies clear is that as to facing, on what now headwind
and both significant the declines rapid in within and in to air led aerospace addition industrial businesses on restrictions travel, a place dramatic orders have decline global and in demand markets. In shelter to
safety are committed of not last, to our the customer after health and and navigate or will the do long-term future. confident of our I'm continuing well requirements, preserving emerge successfully marketplace pandemic impact we that strong this on performance, while yet customer current years know are in stronger we employees, positioned to we meet While the how commitments. long to the
Before Adjusted section. results, into let details of more in some million, actions the I down numbers of quarter me to XX.X% was the in in on quarter will we've EPS $X.XX taken, Patrick the first and XXXX. first $X.XX around highlight the details additional go $XXX the provide compared quarter Sales his were year-over-year. diluted
the an million. $XXX $XXX of income at operating borrowing availability XX.X% and of end to liquidity, $XXX margin cash operating in income we of the We million XX.X% QX is delivered first $XX of in XXXX. had and million compared strong of adjusted quarter and of quarter liquidity adjusted million, Hexcel’s comprised revolver
sheet balance remain strong. Our
As you XXXX last withdraw our by led release the COVID-XX to caused news guidance. night, uncertainty us and financial read in has our mid-term our
it clear having forecast will economy, As demand. to our global and affect us the crisis crisis you market how it can this without imagine, financials operations how knowledge this impossible will meaningful affect will last for is customers without deeply overall long how of and knowing
quarterly our are In stock suspending program. pausing temporarily our dividend addition, and buyback we
will quarterly as We the operating and as review both business we environment conditions warrant. decisions of evaluate these
Now three which Commercial in decrease XX.X%. a let me QX sales to million, were our reflected primary almost markets. aerospace turn of $XXX
Boeing, temporary the in Americas Airbus sub-contractor by some XXX impact both plant addition at as from well shipments MAX stalled to Europe were and shutdowns grounding, as and sites. closures at the In the
was year-over-year end first last higher XXXX XXX In the AXXX, Boeing the quarter from by the and we XXXX of addition, the sales we as supported revenue some had was programs. meaningful this Airbus for from sales in realized which Overall the quarter of impact program.
compared X.X% driven as and of including XXXX. sales increased year-over-year. to an regional QX currency space and and space business increase defense Sales commercial just by Rotorcraft, The aerospace $XXX was the other and Black by over other constant jets million Both in primarily to almost was such X.X% Hawk X% of programs.
range acquisition the robust year of of programs. after full has defense ARC first broad the Technologies, across marks been experiencing a which quarter This growth
million temporary by caused constant were QX pandemic or demand few the the XX.X% softness as in COVID-XX sub-markets. decline in our pandemic, $XX.X was some closures Industrial factors down result plant related The XX.X%, well in within a as of currency. sales other including
over liquidity Our and past solid strong balance several sheet to position. robust a this positions years with face us the crisis performance
we Hexcel employees, pandemic. our existing economic and restructure ensuring health on business our to As challenges the customers priorities align and to current our created navigates with top our by demand, serve and the build safety relationships, that successfully are of the forecasted and continuing
Beginning in temporary cost and our workforce, as short-term unpaid as and in through U.S. well reductions suspension reductions, plan. of match we're significant stock implementing purchase furloughs, QX actions, our including employee XXXK and continuing salary May, savings
coming My capital We're has to be and cash a all salary make similar XX% the also cost leadership are our spending. scrutinizing salaries. and for tightly and a and expenditures, reduction taken months. hiring working for We've compensation our in board adjustments, will half, has in implemented team over Europe base the been discretionary members in made changes tailed cut those freeze
this operating reshape meet our inventory ahead. employment margin these We're taking that Hexcel throughout to double annualized ensuring digit new to to operations, deliver measures position and strong We're including business, cycle. on an the and basis the rapidly levels, are levels demand capacity realigned
at are can do keep of and to the long our to an obligation meet continuing economic where do so. the we of business, to efficiency security although, because our plants as open have to operate, countries customer plants customers as national those we Most and reduced we commitments, to safely
platforms. demands. business. the customer needed Hexcel is we understand We're receive source future we to staying fulfill We're whole our with our better our essential many operations to pandemic only is their closely defense working customers material how suppliers the provider close for to affecting including ensure a and as programs,
to our aerodynamics, and to Hexcel not find and emissions. efficiency, always the performance, is and thing innovation materials and future change applications. focus will will composite high technology has aerospace to will growth. our edge accelerating work solutions, enable to improve safer continue reduce deliver that innovations, rich industrial on of for on energy Hexcel One always leading and customers
exceptional for our intimate foundations are value The composites customers, in and penetration continue relationships our advanced investment leadership technology are our advanced proposition. Our secular growing the materials and trend aerospace aircraft with positioned will efficiency, people to designs lower dependent working develop aerodynamic and materials, uniquely is of supply. and for Hexcel future more solutions that greater is emissions, increasingly fuel the on of lightweight as manufacturing
call the turn me discuss more quarter's financial to let Patrick the of Patrick? over Now to details.
