HWM - Howmet Aerospace Inc. (HWM) Q1 2024 Earnings Call Transcript
2024-05-02 13:17:07 ET
Howmet Aerospace Inc. (HWM)
Q1 2024 Earnings Conference Call
May 02, 2024 10:00 AM ET
Company Participants
Paul Luther – Vice President of Investor Relations
John Plant – Executive Chairman and Chief Executive Officer
Ken Giacobbe – Executive Vice President and Chief Financial Officer
Conference Call Participants
Noah Poponak – Goldman Sachs
Robert Stallard – Vertical Research
Robert Spingarn – Melius Research
Doug Harned – Bernstein
Ken Herbert – RBC Capital Markets
Myles Walton – Wolfe Research
Sheila Kahyaoglu – Jefferies
Gautam Khanna – TD Cowen
Ronald Epstein – Bank of America
Presentation
Operator
Good morning and welcome to the Howmet Aerospace First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Paul Luther, Vice President of Investor Relations. Please go ahead.
Paul Luther
Thank you, Gary. Good morning, and welcome to the Howmet Aerospace first quarter 2024 results conference call. I'm joined by John Plant, Executive Chairman and Chief Executive Officer; and Ken Giacobbe, Executive Vice President and Chief Financial Officer. After comments by John and Ken, we will have a question-and-answer session. I would like to remind you that today's discussion will contain forward-looking statements relating to future events and expectations. You can find factors that could cause the company's actual results to differ materially from these projections listed in today's presentation and earnings press release and in our most recent SEC filings.
In today's presentation references to EBITDA, operating income and EPS mean adjusted EBITDA, excluding special items, adjusted operating income, excluding special items and adjusted EPS, excluding special items. These measures are among the non-GAAP financial measures that we've included in our discussion. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release and in the appendix in today's presentation.
With that, I'd like to turn the call over to John.
John Plant
Thanks, PT, and good morning everybody. Q1 2024 was an outstanding quarter for Howmet. Revenue, profit, margin, and earnings per share were records and all improved versus guidance last year and sequentially. More specifically, Q1 performance and year-over-year improvements were as follows. Revenue was $1.824 billion, up 14%. EBITDA was $437 million, up 21%, with a healthy incremental of 35%. EBITDA margin was up 150 basis points to 24%. Operating income was up 27% with a margin rate of above 20. Earnings per share were $0.57, an increase of 36% year-over-year and 8% sequentially....
Howmet Aerospace Inc. (HWM) Q1 2024 Earnings Call Transcript