ITA - Why Aerospace Company Howmet's Shares Are Surging Thursday | Benzinga
Howmet Aerospace Inc. (NYSE:HWM) shares are trading higher after the company reported better-than-expected Q1 FY24 financial results.
Revenue grew 14% Y/Y to $1.82 billion, beating the consensus of $1.736 billion, driven by growth in the commercial aerospace of 23% Y/Y.
Revenue by Segments: Engine Products $885 million (+11% Y/Y); Fastening Systems $389 million (+25% Y/Y); Engineered Structures $262 million (+27% Y/Y); and Forged Wheels $288 million (flat Y/Y).
Adjusted EBITDA excluding special items was $437 million (+21% Y/Y), and the margin was 24.0%.
Adjusted operating income increased by 27% Y/Y to $370 million, and the margin expanded by 210 bps Y/Y to 20.3%.
Adjusted EPS stood at $0.57, beating the consensus of $0.52.
Howmet Aerospace’s operating cash flow stood at $177 million, compared to $23 million in the ...