Howmet Aerospace Q1 2024 Earnings Report
Key Takeaways
Howmet Aerospace reported a strong start to 2024, exceeding guidance with record quarterly results in revenue, Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per share. First quarter 2024 revenue grew 14% year over year with all end markets up, led by 23% growth in commercial aerospace.
Record quarterly revenue of $1.82 billion, up 14% year over year, driven by growth in the commercial aerospace market.
Net income of $243 million, or $0.59 per share, compared to $148 million, or $0.35 per share, in the first quarter 2023.
Adjusted earnings per share of $0.57, a 36% increase year over year.
Free cash flow was $95 million, marking the first time the Company has generated positive cash flow in the first quarter of a year.
Howmet Aerospace
Howmet Aerospace
Howmet Aerospace Revenue by Segment
Forward Guidance
Howmet Aerospace increased its full year 2024 revenue guidance by $200 million due to a more favorable demand outlook in other aspects of the business, despite lower 737 MAX volumes.