HWM - Howmet Aerospace beats Q2 top and bottom line estimates; initiates Q3 and raises FY23 outlook

2023-08-01 07:08:44 ET

• Howmet Aerospace press release ( NYSE: HWM ): Q2 Non-GAAP EPS of $0.44 beats by $0.01 .
• Revenue of $1.65B (+18.7% Y/Y) beats by $40M .
• Adjusted EBITDA excluding special items of $368 million, up 16% year over year.
• Generated $229 million cash from operations and $188 million of free cash flow; $189 million of cash used for financing activities; and $41 million of cash used for investing activities.
• Cash balance at end of quarter of $536 million.
• Full Year 2023 Guidance Increased ; Expect to Increase Common Stock Dividend in Fourth Quarter 2023: Revenue of $6.400B-$6.470B vs. consensus of $6.38B; Adj. Earnings per Share of $1.69- $1.71 vs. consensus of $1.71; Adj. EBITDA of $1.435B- $1.455B; Free Cash Flow of $600M- $670M.
• Q3 outlook: Revenue of $1.580B-$1.600B vs. consensus of $1.56B; Adj. Earnings per Share of $0.41- $0.42  vs. consensus of $0.42; Adj. EBITDA of $355M- $365M.

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