Hexcel Corporation HXL reported first-quarter 2021 loss of 10 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 16 cents.In the reported quarter, the company’s GAAP losses came in at 17 cents against the prior-year quarter’s GAAP earnings of 50 cents.Total SalesNet sales totaled $310.3 million, surpassing the Zacks Consensus Estimate of $298 million by 4.1%. However, the top line witnessed a decline of 42.6% from the year-ago quarter’s $541 million. Both the company’s Commercial Aerospace and Industrial segments registered year-over-year declines in sales.Operational UpdateHexcel's gross margin for the first quarter was 17.1% compared to 26% in the prior-year period.Adjusted operating income in the first quarter of 2021 was $1.9 million, or 0.6% of sales, compared to adjusted operating income of $80.4 million, or 14.9% of sales in 2020.Quarterly PerformanceCommercial Aerospace: Net sales plunged 59.3% year over year to $147.6 million. The decline in the segment’s sales reflected pandemic-induced build rate reductions by aircraft OEMs and continued supply-chain destocking.Space and Defense: Net sales remained unchanged year over year at $111.7 million.Industrial: Net sales declined 23.3% year over year to $51 million, primarily due to soft wind energy sales on account of lower demand and the cessation of sales in North America.Hexcel Corporation Price, Consensus and EPS Surprise Hexcel Corporation price-consensus-eps-surprise-chart | Hexcel Corporation QuoteFinancial DetailsAs of Mar 31, 2021, cash and cash equivalents were $82 million compared with $103.3 million as of Dec 31, 2020.Long-term debt totaled $912 million as of Mar 31, 2021, up from $925.5 million as of 2020-end.At the end of first-quarter 2021, cash used in operating activities was $1.2 million compared to the $8.6 million cash generated in the prior-year period.The effective tax rate for the first quarter of 2021 was a 36.8% benefit compared to a 21.9% charge in the first quarter of 2020.Free cash outflow for the first quarter of 2021 was $6.1 million compared with $18.6 million in the first quarter of 2020.2021 GuidanceHexcel continues to withhold its financial guidance due to the market uncertainties arising from the global pandemic.Zacks RankHexcel currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.A Recent Defense ReleaseLockheed Martin Corp. LMT reported first-quarter 2021 earnings of $6.56 per share, which surpassed the Zacks Consensus Estimate of $6.32 by 3.8%.Upcoming Defense ReleasesGeneral Dynamics GD carries a Zacks Rank #3 and is scheduled to report first-quarter 2021 results on Apr 28.Boeing BA carries a Zacks Rank #3 and is scheduled to report first-quarter 2021 results on Apr 28.Zacks Top 10 Stocks for 2021In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2021 today >>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 The Boeing Company (BA): Free Stock Analysis Report General Dynamics Corporation (GD): 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