Published on 2 May 2024 on Zacks via Yahoo Finance

Howmet (HWM) Q1 Earnings Beat Estimates, Revenues Increase Y/Y

Howmet Aerospace Inc.’s HWM first-quarter 2024 adjusted earnings of 57 cents per share beat the Zacks Consensus Estimate of 52 cents. The bottom line improved 35.7% year over year.Total revenues of $1.8 billion surpassed the consensus estimate of $1.7 billion. The top line increased 14% from the year-ago quarter. The increase was backed by an improved commercial aerospace market.

Segmental Details

The Engine Products segment’s revenues totaled $885 million, representing 48.5% of net revenues. On a year-over-year basis, the segment’s revenues increased 11%, driven by growth in the commercial aerospace, defense aerospace, and oil & gas markets. The Zacks Consensus Estimate for Engine Products revenues was pegged at $882 million.The Fastening Systems segment generated revenues of $389 million, accounting for 21.3% of net revenues. Revenues increased 26% year over year, driven by growth in the commercial aerospace market, including emerging wide-body aircraft recovery. The consensus estimate for Fastening Systems’ revenues was pegged at $351 million.The Engineered Structures segment’s revenues, representing 14.4% of net revenues, increased 27% year over year to $262 million. The results benefited from growth in the commercial aerospace market, including wide-body aircraft recovery, and the defense aerospace market. The Zacks Consensus Estimate for Engineered Structures’ revenues was pegged at $233 million.The Forged Wheels segment’s revenues totaled $288 million, representing 15.8% of net revenues. On a year-over-year basis, the segment’s revenues were flat. The consensus estimate for Forged Wheels’ revenues was pegged at $277 million.