HWM - Why Aerospace Company Howmet's Shares Are Jumping Today | Benzinga
Howmet Aerospace Inc (NYSE: HWM) reported third-quarter FY23 revenue growth of 16% year-over-year to $1.66 billion, beating the consensus of $1.60 billion. The revenue increase was driven by growth in the commercial aerospace of 23%.
Revenue by Segments: Engine Products $798 million (+17% Y/Y); Fastening Systems $348 million (+20% Y/Y); Engineered Structures $227 million (+18% Y/Y); and Forged Wheels $285 million (+7% Y/Y).
Adjusted EPS improved 28% Y/Y to $0.46, beating the consensus of $0.43.
Operating income increased by 34.7% Y/Y to $307 million, and the margin expanded by 261 bps to 18.5%.
Adjusted EBITDA excluding special items was $382 million (+18% Y/Y), and the margin was 23%, up 50 bps compared to last year.
During the quarter, HWM repurchased $25 million of common stock at an average price of $49.32 per share. As of October 31, 2023, the total share repurchase authorization available was $797 million.
Howmet Aerospace's operating cash flow for ...