Howmet Aerospace’s ( NYSE: HWM ) stock fell 8.4% in premarket trading after the company reported revenue that missed Wall Street estimates and lowered its guidance for the year.
The maker of aircraft and vehicle parts said its revenue rose about 12% from a year earlier to $1.43 billion in Q3, missing estimates by $10 million.
Adjusted EPS was $0.36, matching the consensus estimate. Adjusted EBITDA excluding special items rose 11% from a year earlier to $323 million.
“Although the commercial aerospace end market saw an uneven pace of recovery in the third quarter 2022, all of Howmet Aerospace’s aerospace-focused segments increased revenue sequentially,” John Plant, executive chairman and CEO of Howmet, said in a statement. “Looking ahead, we continue to expect the commercial aerospace end market to grow at above-trend rates for the next several years.”
Lowered Guidance
Howmet cut its FY 2022 revenue guidance to a range of $5.6 billion-$5.65 billion from the previous amount $5.65 billion-$5.72 billion, compared with the consensus of $5.67 billion.
The company narrowed its adjusted EPS forecast to $1.39-$1.41 from $1.38-$1.1.42, compared with the consensus of $1.40.
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Howmet Aerospace falls in premarket after revenue miss