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Howmet Aerospace Inc., headquartered in Pittsburgh, Pennsylvania, is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The company's primary businesses focus on jet engine components, aerospace fastening systems, and titanium structural parts essential for mission-critical performance and efficiency in aerospace and defense applications. Additionally, Howmet manufactures forged wheels for commercial transportation, which further showcases its diverse capabilities.
Howmet operates in four distinct segments: Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels. These segments are dedicated to producing innovative products such as airfoils with cooling and coatings for extreme temperature applications, fasteners for lightweight composite airframe construction, and lightweight aluminum commercial wheels. These advancements contribute to the development of lighter, more fuel-efficient aircraft that operate with a lower carbon footprint.
With nearly 1,150 granted and pending patents, Howmet's technologies ensure its products remain at the forefront of the industry. The company's commitment to innovation and quality is evident in its continuous efforts to create solutions that meet the evolving needs of its customers.
Howmet Aerospace Inc. (NYSE:HWM) has announced the pricing of its public offering of $500 million aggregate principal amount of 4.850% Notes due 2031. The offering is expected to close on August 22, 2024, subject to customary conditions. The company plans to use the net proceeds, along with cash on hand, to redeem all outstanding principal (approximately $577 million) of its 6.875% Notes due 2025. J.P. Morgan Securities , Citigroup Global Markets Inc., Morgan Stanley & Co. , and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for the offering.
Howmet Aerospace Inc. (NYSE: HWM) has announced a proposed offering of notes. The company intends to use the net proceeds, along with cash on hand, to redeem all outstanding principal (approximately $577 million) of its 6.875% Notes due 2025. The timing, pricing, and terms of the new Notes are subject to market conditions. J.P. Morgan Securities , Citigroup Global Markets Inc., Morgan Stanley & Co. , and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for the offering. The Notes are being offered through an effective shelf registration statement filed with the SEC, with a prospectus supplement and accompanying prospectus available for interested investors.
Howmet Aerospace (NYSE:HWM) has received significant credit rating upgrades from two major rating agencies. Moody's Ratings upgraded Howmet's senior unsecured ratings by two notches from Baa3 to Baa1 on August 6, 2024. The commercial paper ratings were raised from P-3 to P-2, and preferred stock ratings from Ba2 to Baa3. Moody's also revised the rating outlook from positive to stable.
On the same day, Fitch Ratings affirmed Howmet's senior unsecured debt ratings at BBB, short-term and commercial paper ratings at F2, and preferred stock ratings at BB+. However, Fitch revised the rating outlook from stable to positive, indicating potential for further upgrades in the future.
These rating actions reflect a significant improvement in Howmet Aerospace's creditworthiness and financial stability, which could potentially lead to lower borrowing costs and improved investor confidence.
Howmet Aerospace (NYSE:HWM) reported strong second quarter 2024 results, with record quarterly revenue of $1.88 billion, up 14% year over year, driven by a 27% increase in commercial aerospace. The company achieved record operating income with a margin of 21.2%. Net income rose to $266 million, or $0.65 per share, compared to $193 million, or $0.46 per share, in Q2 2023.
Adjusted EBITDA excluding special items increased 31% to $483 million, with a margin of 25.7%. Free cash flow generation was strong at $342 million. Howmet raised its full-year 2024 guidance for all metrics and increased its common stock repurchase authorization by $2 billion to $2.487 billion. The company also announced a 60% higher Q3 2024 common stock dividend and a 2025 dividend policy payout ratio of 15% +/- 5%.
Howmet Aerospace Inc. (NYSE:HWM) has announced dividend payments for both its Common Stock and Class A Stock. The Board of Directors declared a dividend of 8 cents per share on the Common Stock, payable on August 26, 2024, to shareholders of record as of August 9, 2024. Additionally, a dividend of 93.75 cents per share was declared on the $3.75 Cumulative Preferred Stock (Class A Stock), to be paid on October 1, 2024, to shareholders of record as of September 13, 2024. This announcement demonstrates Howmet Aerospace's commitment to returning value to its shareholders through regular dividend distributions.
Howmet Aerospace (NYSE:HWM) will announce its Q2 2024 financial results on July 30, 2024. The press release and presentation materials will be available on the Howmet Aerospace website's 'Investors' section at 7:00 AM ET. A conference call and webcast, hosted by CEO John Plant and CFO Ken Giacobbe, will follow at 10:00 AM ET. Participants can pre-register for the call via a provided link. A webcast replay will be accessible on the company’s website, and a telephone replay will be available until August 13, 2024, using the provided access code.
Howmet Aerospace (NYSE:HWM) announced that its Executive Chairman and CEO, John C. Plant, will participate in Bernstein’s 40th Annual Strategic Decisions Conference. The event is scheduled for Wednesday, May 29th, 2024, at 3:30 PM ET. Interested parties can access a real-time audio webcast and a 30-day replay through the 'Investors/Events and Presentations' section on Howmet's website.
Howmet Aerospace Inc. (NYSE:HWM) will host its 2024 Annual Meeting of Shareholders virtually on May 22, 2024, at 12:00 p.m. Eastern Time. Shareholders as of March 25, 2024, the record date, can vote or submit questions via a webcast. The replay will be available until March 1, 2025, on the company website.
Howmet Aerospace reported record quarterly revenue of $1.82 billion, up 14% year over year, with strong profit and cash from operations. They deployed $150 million for common stock repurchases and increased their full-year 2024 guidance. Net income was $243 million, operating income margin was 20.2%, and adjusted EBITDA excluding special items was $437 million, up 21% year over year. The company generated $95 million of free cash flow and provided guidance for Q2 and full year 2024.
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