Howmet Aerospace Q1 2023 Earnings Report
Key Takeaways
Howmet Aerospace reported a strong start to 2023, with revenue up 21% year-over-year to $1.60 billion, driven by growth in the commercial aerospace market. Net income was $148 million, or $0.35 per share, while net income excluding special items was $175 million, or $0.42 per share. The company reduced debt by $176 million and repurchased $25 million of common stock.
Revenue increased by 21% year-over-year, reaching $1.60 billion, driven by a 29% increase in commercial aerospace.
Net income was reported at $148 million, or $0.35 per share, compared to $131 million, or $0.31 per share in Q1 2022.
Net income excluding special items was $175 million, or $0.42 per share, compared to $132 million, or $0.31 per share in Q1 2022.
The company reduced debt by $176 million and repurchased $25 million of common stock during the quarter.
Howmet Aerospace
Howmet Aerospace
Howmet Aerospace Revenue by Segment
Forward Guidance
Howmet Aerospace increased full year 2023 guidance for revenue, Adjusted EBITDA, Adjusted Earnings Per Share, and Free Cash Flow.
Positive Outlook
- Revenue: $1.600B - $1.620B
- Adj. EBITDA: $359M - $365M
- Adj. EBITDA Margin: 22.4% - 22.5%
- Adj. Earnings per Share: $0.41 - $0.43
- Free Cash Flow: $600M - $670M