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Michael Frank Ciarmoli

Managing Director and Senior Equity Research Analyst at Truist Financial Corp.

Michael Frank Ciarmoli is a Managing Director and Senior Equity Research Analyst at Truist Securities, specializing in the coverage of industrial goods, aerospace, and defense companies. He provides in-depth research for firms such as Lockheed Martin, TransDigm Group, Kratos Defense, and Woodward, maintaining an impressive track record that includes a 76.7% success rate and an average return of 24.9% per recommendation, with his most profitable call generating a 124.8% return on MAXR stock. Ciarmoli began his analyst career in the early 2000s and has developed extensive sector expertise through both institutional and client-facing roles before joining Truist Securities, where he is recognized as a top-tier analyst by platforms like TipRanks. He holds FINRA registration with Truist Securities and maintains professional securities licenses.

Michael Frank Ciarmoli's questions to HEXCEL CORP /DE/ (HXL) leadership

Question · Q3 2025

Michael Frank Ciarmoli inquired about the incremental margins required to reach the 18% target, potential disruptions from labor additions, and Hexcel's confidence in pricing power given annual contract renewals and the significant Airbus renewal in 2030. He also asked about the dilutive effect and interest headwind of the ASR for the full year 2026.

Answer

Tom Gentile, CEO, Chairman, and President, stated that increased volumes would drive significant operating leverage without substantial capital investment, with productivity programs offsetting inflation and other costs, leading to margin recovery. Patrick Winterlich, EVP and CFO, projected that the ASR would be net positive for 2026 on a full-year basis, as the benefit from the reduced share count (80% of shares surrendered soon) would offset the interest charges as debt is paid down quickly.

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