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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 (NYSE:HWM) has initiated an accelerated share repurchase (ASR) agreement with Morgan Stanley for $200 million of its common stock. Approximately 4.9 million shares are set for initial delivery on May 11, 2021. The final share count will depend on the average stock price during the transaction. Post-repurchase, about $77 million is still available under the prior buyback authorization. This move aims to enhance shareholder value and reflect the company's confidence in its financial position.
Howmet Aerospace (NYSE:HWM) reported first quarter 2021 revenues of $1.2 billion, a 26% decline year-over-year, primarily due to disruptions in the commercial aerospace market from COVID-19 and Boeing production issues. Income from continuing operations was $80 million, or $0.18 per share, down from $153 million or $0.35 per share in Q1 2020. The company saw a mixed performance across segments, with Forged Wheels increasing by 19%, while Engine Products and Fastening Systems faced declines of 32% and 29%, respectively. Looking forward, Howmet expects improved cash flow and a recovery in commercial aerospace by Q2.
Howmet Aerospace Inc. (NYSE:HWM) announced the early redemption of its 5.87% Notes due 2022, totaling $476.2 million, redeemed with cash on hand for about $503.3 million, including accrued interest. This action eliminates upcoming debt obligations, with the next maturity set for October 2024. This strategic move indicates the company's strong cash position and commitment to managing debt effectively, positioning it well for future financial stability in the aerospace sector.
Howmet Aerospace Inc. (NYSE: HWM) announced that executives John C. Plant, Tolga Oal, and Ken Giacobbe will speak at the Virtual Goldman Sachs Industrials & Materials Conference on May 13, 2021, at 9:40 AM ET.
A real-time webcast will be available on the company’s website, with a replay accessible for 30 days post-event. Howmet Aerospace, based in Pittsburgh, is a leading provider of advanced engineered solutions for aerospace and transportation industries, focusing on jet engine components, fastening systems, and titanium parts, promoting efficiency and lower carbon footprints.
Howmet Aerospace will announce its first quarter 2021 financial results on May 6, 2021, at 7:00 AM ET. The press release and presentation materials will be accessible on its website. A conference call will follow at 10:00 AM ET, hosted by Executive Chairman John Plant, Co-CEO Tolga Oal, and CFO Ken Giacobbe. Call-in numbers include +1 (833) 519-1352 and (918) 922-6504 (International), with Conference ID: 8349815. A replay will be available until May 20, 2021, on the website.
Howmet Aerospace Inc. (NYSE:HWM) plans to redeem all of its 2022 Notes, totaling approximately $476.2 million, on May 1, 2021, with a redemption price of around $500 million funded with cash on hand. Payment will be made on May 3, 2021, due to the Redemption Date falling on a non-business day. This redemption signifies a proactive management of the company's debt obligations, with the next maturity scheduled for October 2024. Howmet Aerospace specializes in advanced engineered solutions for aerospace and transportation sectors, emphasizing efficiency and reduced carbon footprints.
Howmet Aerospace (NYSE:HWM) announced that its leadership team, including John C. Plant and Tolga Oal, will present at the J.P. Morgan 2021 Industrials Conference on March 16, 2021, at 2:00 PM ET. A live audio webcast will be accessible in the 'Investors/Events and Presentations' section of www.howmet.com, with a replay available for 30 days post-event. Howmet specializes in engineered solutions for aerospace and transportation, focusing on jet engine components and titanium parts, contributing to fuel efficiency and reduced carbon footprint.
Howmet Aerospace (NYSE:HWM) declared a dividend of 93.75 cents per share on its $3.75 Cumulative Preferred Stock. This payment will be made on April 1, 2021 to shareholders recorded by the close of business on March 12, 2021. The company, located in Pittsburgh, is a leader in advanced engineered solutions for aerospace and transportation, focusing on jet engine components and aerospace fastening systems. With a strong patent portfolio, Howmet aims for more fuel-efficient aircraft and lower carbon emissions.
Howmet Aerospace Inc. (NYSE: HWM) will participate in the Barclays Industrial Select Conference on February 16, 2021, at 8:10 AM ET. The event will feature remarks from key executives, including Chairman John C. Plant and Co-CEOs John C. Plant and Tolga Oal. A live audio webcast will be available on their website, with a replay accessible for 30 days post-event. Howmet Aerospace is a leading provider of engineered solutions for the aerospace and transportation sectors, specializing in jet engine components and titanium structural parts, promoting fuel efficiency and reduced carbon footprints.
Howmet Aerospace (NYSE:HWM) reported Q4 2020 revenues of $1.2 billion, a 29% decline year-over-year, primarily due to COVID-19 impacts on commercial aerospace and Boeing 737 MAX production. Income from continuing operations was $106 million ($0.24 per share) compared to $118 million ($0.27 per share) a year earlier. Full year income from continuing operations rose to $211 million ($0.48 per share) from $126 million ($0.27 per share) in 2019. The company ended 2020 with $1.6 billion in cash and expects a stronger position in 2021 as markets recover.
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