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Mar 31, 2020
Howmet Aerospace Q1 2020 Earnings Report
Howmet Aerospace reported first quarter 2020 results which included the Global Rolled Products business, later separated into Arconic Corp, with revenue down 9% year-over-year but operating income excluding special items up 19% year-over-year.
Key Takeaways
Howmet Aerospace reported a decrease in revenue but an increase in profitability for Q1 2020. Revenue was $3.2 billion, down 9% year-over-year, while net income was $215 million, or $0.49 per share. Operating income excluding special items was $472 million, up 19% year-over-year.
Completed separation of Arconic Inc. into Howmet Aerospace Inc. and Arconic Corp.
Completed early redemption of 6.150% Notes due 2020 and early partial redemption of 5.40% Notes due 2021.
Issued $1.2 billion aggregate principal amount of 6.875% Notes due 2025.
Commenced plans to reduce costs, targeting approximately $100 million of run-rate savings.
Howmet Aerospace
Howmet Aerospace
Howmet Aerospace Revenue by Segment
Revenue by Segment
Engine Products Revenue
CapyFin.com Forward Guidance
Company has temporarily suspended the dividend on its Common Stock to preserve cash and provide additional flexibility. Howmet Aerospace, formerly Arconic Inc., full-year 2020 Capex target approximately $200 million, reduced by $100 million from initial target provided at February 25, 2020 Investor Day.