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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 that John C. Plant will become the sole Chief Executive Officer while retaining his role as Executive Chairman. Plant decided to extend his tenure to guide the company through the expected upturn in the aerospace market. Tolga I. Oal has left the company to pursue other opportunities. The independent Lead Director, James F. Albaugh, expressed confidence in Plant’s leadership, emphasizing the importance of stability as the company navigates this growth phase.
Howmet Aerospace (NYSE:HWM) announced early tender results for its tender offer regarding the 6.875% Notes due 2025. As of the early tender deadline on August 31, 2021, valid tenders exceeded the purchase cap of $600 million. The accepted notes will be proportionally accepted to ensure the purchase cap is not exceeded. The total consideration includes a $50 early tender premium. Expected settlement for accepted notes will occur on September 2, 2021. The tender offer will expire on September 15, 2021, after which no further tenders will be accepted.
Howmet Aerospace (NYSE:HWM) has announced a public offering of $700 million in 3.000% Notes due 2029, set to close on September 1, 2021. The proceeds will primarily fund the purchase of up to $600 million of its outstanding 6.875% Notes due 2025 through a concurrent Tender Offer. Remaining funds may be used for general corporate purposes, including repaying other securities. The offering is managed by major financial institutions including Citigroup, Goldman Sachs, and J.P. Morgan. This offering is not contingent on the Tender Offer’s success.
Howmet Aerospace (NYSE:HWM) has authorized an additional share repurchase program of up to $1.5 billion, increasing its total repurchase authorization to $1.577 billion. The company is also launching a proposed offering of new notes to fund the purchase of $600 million of its existing 6.875% Notes due 2025. The actions reflect Howmet's confidence in its liquidity and positive cash flow outlook. By improving debt maturity profiles, the company anticipates a reduction in annual interest expenses, benefiting shareholders through increased value.
Howmet Aerospace (NYSE:HWM) reported second-quarter 2021 revenues of $1.2 billion, down 5% YoY, largely impacted by disruptions in the commercial aerospace market due to COVID-19 and declines in Boeing 787 production. However, the company posted income from continuing operations of $74 million ($0.17 per share), a significant improvement from the $84 million loss reported in Q2 2020. Operating income soared 180% YoY to $207 million. Liquidity remains strong with cash holdings of $716 million and an undrawn $1 billion credit facility.
Howmet Aerospace (NYSE:HWM) announced a dividend of 2 cents per share on its Common Stock, payable on August 25, 2021 to shareholders of record as of August 6, 2021. Additionally, a dividend of 93.75 cents will be paid on its $3.75 Cumulative Preferred Stock on October 1, 2021 to holders of record at the close of business on September 10, 2021. This decision reflects the company's confidence in its financial stability and commitment to returning value to shareholders.
Howmet Aerospace (NYSE:HWM) will release its Q2 2021 financial results on August 4, 2021, at 7:00 AM ET. The press release will be accessible on the company’s website and via its Twitter handle @HowmetAerospace. A conference call, hosted by key executives including John Plant and Tolga Oal, will take place at 10:00 AM ET. Participants are encouraged to dial in by 9:45 AM ET. The call can be replayed until August 18, 2021. For additional details, visit www.howmet.com.
Howmet Aerospace has appointed Lola Lin as Executive Vice President, Chief Legal Officer, and Corporate Secretary. She will join the Executive Leadership Team, overseeing the Company’s Global Legal and Ethics & Compliance functions. Lin brings over 20 years of legal expertise, previously serving as Senior Vice President and General Counsel at Airgas, Inc. Her experience spans multiple industries, enhancing Howmet's strategic leadership. Howmet Aerospace is recognized for advanced engineered solutions in aerospace and transportation, underscoring its commitment to sustainability.
The Board of Directors of Howmet Aerospace (HWM) declared a dividend of 93.75 cents per share on the $3.75 Cumulative Preferred Stock. The payment is scheduled for July 1, 2021, to stockholders of record by the close of business on June 11, 2021. Howmet Aerospace is a global leader in providing advanced engineered solutions for the aerospace and transportation sectors, with a focus on innovative technologies for lighter, fuel-efficient aircraft, supporting sustainability efforts.
Howmet Aerospace (NYSE:HWM) released its 2020 ESG Report, showcasing its dedication to sustainability through key metrics. The report highlights a 19.2% reduction in GHG emissions and a 17% decrease in energy consumption compared to 2019. Notable achievements include the use of 4.8 million BobTail® lockbolts for wind turbines and the diversion of 170,000 metric tons of greenhouse gases from solar array projects. The company also allocated over $5.2 million in STEM grants. Despite the pandemic, Howmet reported zero fatalities among employees and contractors, reaffirming its commitment to safety.
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