HWM - Why Aerospace Company Howmet's Shares Are Higher Today | Benzinga
Howmet Aerospace Inc (NYSE:HWM) shares are trading higher after the company reported fourth-quarter FY23 results.
Revenue grew 14% Y/Y to $1.73 billion, beating the consensus of $1.65 billion, driven by growth in the commercial aerospace of 22% Y/Y.
Revenue by Segments: Engine Products $852 million (+16% Y/Y); Fastening Systems $360 million (+26% Y/Y); Engineered Structures $244 million (+6% Y/Y); and Forged Wheels $275 million (+3% Y/Y).
Adjusted EBITDA excluding special items was $398 million (+18% Y/Y), and the margin was 23.0%.
Adjusted operating income increased by 23% Y/Y to $330 million, and the margin expanded by 130 bps Y/Y to 19.1%.
Adjusted EPS improved 39% Y/Y to $0.53, beating the consensus of $0.47.
Howmet Aerospace’s operating cash flow for the year stood at $901 million, compared to $733 million a year ...