Hexcel Corporation HXL reported third-quarter 2020 loss of 29 cents per share against the Zacks Consensus Estimate of earnings of 7 cents. The bottom line also declined from the prior-year quarter’s earnings per share of 90 cents. The year-over-year downside can be attributed to poor sales figures.The company reported GAAP earnings of 12 cents per share compared with the year-ago quarter’s 93 cents.Total SalesNet sales totaled $286.9 million, missing the Zacks Consensus Estimate of $344 million by 17.4%. Moreover, the top line witnessed a decline of 49.9% from the year-ago quarter’s $572.5 million.The year-over-year deterioration in sales can be primarily attributed to the impacts of the pandemic, leading to an unprecedented decline in demand, affecting the aerospace industry.Operational UpdateHexcel’s gross margin was 4.7% in the third quarter compared to the year-ago quarter’s gross margin of 27.6%. The deterioration reflects the under absorption of fixed overhead from lower sales levels magnified by the temporary idling of select production assets and facilities during the period to align production with demand.The company’s operating expenses amounted to $51.1 million in the third quarter compared with the year-ago quarter’s $48 million.Quarterly PerformanceCommercial Aerospace: Net sales were down 66.6% year over year to $128.8 million. Lower sales across all major programs, with the Airbus A350 generating the largest quarterly revenue decline, resulted in this unit’s poor top-line performance.Space and Defense: Net sales edged down 0.9% year over year to $108.8 million on account of lower demand from a number of European space & defense programs.Industrial: Net sales declined 35.8% year over year to $49.3 million, primarily due to lower wind energy sales on account of soft demand arising from the COVID-19 pandemic.Hexcel Corporation Price, Consensus and EPS Surprise Hexcel Corporation price-consensus-eps-surprise-chart | Hexcel Corporation QuoteFinancial DetailsAs of Sep 30, 2020, cash and cash equivalents were $68 million compared with $64.4 million as of Dec 31, 2019.Long-term debt totaled $998.7 million as of Sep 30, 2020, down from $1,050.6 million as of Dec 31, 2019.At the end of third-quarter 2020, cash generated from operating activities summed $157 million compared with $277.3 million generated at the end of third-quarter 2019.2020 GuidanceHexcel continues to withhold its financial guidance in the wake of the ongoing market uncertainties as a result of the pandemic.Zacks RankHexcel currently carries a Zacks Rank #5 (Strong Sell).A Recent Defense ReleaseLockheed Martin LMT reported third-quarter 2020 earnings from continuing operations of $6.25 per share, which surpassed the Zacks Consensus Estimate of $6.07 by 3%.Upcoming Defense ReleasesNorthrop Grumman NOC, a Zacks Rank #2 (Buy) company, is set to release results on Oct 22. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Boeing BA, a Zacks Rank #4 (Sell) company, will release results on Oct 28.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Northrop Grumman Corporation (NOC): Free Stock Analysis Report The Boeing Company (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Hexcel Corporation (HXL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research