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Mar 31, 2021
Howmet Aerospace Q1 2021 Earnings Report
Howmet Aerospace reported a decrease in revenue and earnings for Q1 2021 due to disruptions in the commercial aerospace market, but profits and margins exceeded expectations.
Key Takeaways
Howmet Aerospace reported Q1 2021 revenues of $1.2 billion, a 26% decrease year-over-year, and income from continuing operations of $80 million, or $0.18 per share. The decline was attributed to disruptions in the commercial aerospace market, but profits and margins exceeded expectations due to favorable product pricing and effective cost performance. The company ended the quarter with a cash balance of $1.2 billion after redeeming approximately $361 million of debt.
Revenue decreased by 26% year over year to $1.2 billion due to disruptions in the commercial aerospace market.
Income from continuing operations was $80 million, or $0.18 per share, compared to $153 million, or $0.35 per share, in Q1 2020.
Operating income was $189 million, a 27% decrease year over year.
Adjusted free cash flow was near breakeven, a first quarter record.
Revenue by Segment
Forward Guidance
Howmet Aerospace issued second quarter and updated full year 2021 guidance. For the second quarter, the company anticipates revenue of $1.17-$1.23 billion, Adjusted EBITDA of $260-$270 million, and Adjusted Earnings per Share of $0.19-$0.21. For the full year 2021, the company expects revenue of $5.05-$5.20 billion, Adjusted EBITDA of $1.125-$1.20 billion, Adjusted Earnings per Share of $0.91-$1.02 and Adjusted Free Cash Flow of $390-$460 million.
Positive Outlook
- Revenue is expected to be between $1.17B and $1.23B
- Adjusted EBITDA is expected to be between $260M and $270M
- Adjusted EPS is expected to be between $0.19 and $0.21
- Revenue is expected to be between $5.05B and $5.20B for the full year
- Adjusted free cash flow is expected to be between $390M and $460M for the full year
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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