NYSE$HWM
Howmet Aerospace Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Reported an 11% year-over-year increase in revenue, driven by growth in the commercial aerospace market, and a record third quarter free cash flow.
Howmet Aerospace reported strong Q3 2024 results with revenue up 11% year-over-year to $1.84 billion and net income of $332 million. The company saw significant growth in the commercial aerospace market, which drove adjusted EBITDA up 27% year-over-year. They also reduced debt and repurchased common stock.
- Revenue increased by 11% year-over-year, primarily driven by growth in the commercial aerospace market.
- Net income was reported at $332 million, or $0.81 per share, compared to $188 million, or $0.45 per share, in Q3 2023.
- Adjusted EBITDA grew 27% year-over-year, with margins up approximately 350 basis points to 26.5%.
- The company repurchased $100 million of common stock in Q3 2024 and an additional $90 million in October 2024.
Headline financials
Revenue & EPS history
Howmet Aerospace · Revenue · Quarterly
$1.84B
Revenue by segment
Howmet Aerospace · $1.66B total across 4 segments · Q3 2023
- Engine Products$798M+16.8%48.1%
- Fastening Systems$348M+19.6%21.0%
- Forged Wheels$285M+7.1%17.2%
- Engineered Structures$227M+17.6%13.7%
Forward guidance
The demand outlook for commercial aerospace remains robust, driven by healthy air traffic growth. The under-production of aircraft in recent years has resulted in a very large order backlog which, combined with the significant needs for additional engine spare parts, is supportive of future revenue growth. The 2025 outlook envisions total revenue growth of approximately 7.5% year over year.
Tailwinds
- Demand outlook for commercial aerospace remains robust.
- Healthy air traffic growth.
- Large order backlog due to under-production of aircraft in recent years.
- Significant needs for additional engine spare parts.
- Expect above-trend growth in commercial aerospace to continue in 2025.
Headwinds
- Cautious approach to the assumed pace of new aircraft builds.
- Commercial transportation end market will remain soft until the second half 2025.
- Weaker Europe market conditions impacting Forged Wheels.
- Actions which restricted volumes shipped to the Boeing Company
- Reconciliations of the forward-looking non-GAAP measures to the most directly comparable GAAP measures, as well as the directly comparable GAAP measures, are not available without unreasonable efforts due to the variability and complexity of the charges and other components excluded from the non-GAAP measures
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+1.6%
Avg return
Earnings day
+3.0%
Avg return
5 days after
+5.9%
Avg return
30 days after
60%
43 / 72 earnings
Positive
+22.0%
Q3 2020
Best reaction
-21.2%
Q1 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +6.3% | +4.0% | -1.7% | |
| Q1 2026 | +2.8% | +4.0% | -1.7% | |
| Q3 2025 | -0.8% | +0.8% | +0.5% | |
| Q2 2025 | -6.4% | -6.7% | -9.4% | |
| Q1 2025 | +6.8% | +12.4% | +22.6% | |
| Q4 2024 | -0.0% | +6.7% | -1.2% | |
| Q3 2024 | +8.9% | +12.3% | +15.8% | |
| Q2 2024 | +15.5% | +8.8% | +17.0% | |
| Q4 2023 | +7.7% | +6.8% | +11.3% | |
| Q3 2023 | +7.3% | +7.9% | +18.3% | |
| Q2 2023 | -6.0% | -4.1% | -3.3% | |
| Q1 2023 | +0.9% | -0.7% | -1.3% | |
| Q4 2022 | +5.7% | +4.7% | -1.5% | |
| Q3 2022 | +0.9% | -0.4% | +4.1% | |
| Q2 2022 | -0.5% | +0.6% | -5.9% | |
| Q1 2022 | +8.0% | +3.5% | +9.3% | |
| Q4 2021 | +2.8% | +3.8% | +7.1% | |
| Q3 2021 | +9.8% | +8.7% | -4.5% | |
| Q2 2021 | -4.1% | -4.4% | -4.9% | |
| Q1 2021 | +3.8% | +0.2% | +8.8% | |
| Q4 2020 | +4.7% | +6.2% | +16.3% | |
| Q3 2020 | +22.0% | +18.6% | +35.0% | |
| Q2 2020 | +5.5% | +13.7% | +10.1% | |
| Q1 2020 | -3.8% | +5.6% | +30.0% | |
| Q4 2019 | +8.1% | +2.9% | +9.4% | |
| Q3 2019 | +2.3% | +0.7% | +5.9% | |
| Q2 2019 | -3.3% | +3.5% | +6.1% | |
| Q1 2019 | +3.7% | +8.3% | +6.3% | |
| Q4 2018 | -1.1% | -7.0% | -1.7% | |
| Q3 2018 | +5.8% | +10.1% | +11.0% | |
| Q2 2018 | +2.6% | +1.8% | +5.8% | |
| Q1 2018 | -21.2% | -23.3% | -19.3% | |
| Q4 2017 | -13.2% | -15.3% | -15.4% | |
| Q3 2017 | -10.5% | -9.4% | -12.6% | |
| Q2 2017 | +2.8% | -1.0% | +1.4% | |
| Q1 2017 | +5.4% | +4.7% | +4.3% | |
| Q4 2016 | +12.4% | +15.1% | +26.8% | |
| Q3 2016 | +6.0% | +9.6% | +25.2% | |
| Q2 2016 | -2.0% | — | — | |
| Q1 2016 | -2.0% | — | — | |
| Q4 2015 | +9.7% | — | — | |
| Q3 2015 | -3.5% | — | — | |
| Q2 2015 | -2.6% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | -0.4% | — | — | |
| Q3 2014 | +2.7% | — | — | |
| Q2 2014 | -2.9% | — | — | |
| Q1 2014 | +4.5% | — | — | |
| Q4 2013 | +0.9% | — | — | |
| Q3 2013 | +0.1% | — | — | |
| Q2 2013 | +0.2% | — | — | |
| Q1 2013 | -1.5% | — | — | |
| Q4 2012 | -2.5% | — | — | |
| Q4 2011 | -2.5% | — | — | |
| Q3 2012 | -0.6% | — | — | |
| Q2 2012 | +5.4% | — | — | |
| Q1 2012 | +1.5% | — | — | |
| Q3 2011 | +4.7% | — | — | |
| Q2 2011 | +2.1% | — | — | |
| Q1 2011 | -1.0% | — | — | |
| Q4 2010 | -1.8% | — | — | |
| Q4 2009 | -1.8% | — | — | |
| Q3 2010 | +0.8% | — | — | |
| Q2 2010 | -4.8% | — | — | |
| Q1 2009 | +2.9% | — | — | |
| Q1 2010 | +2.1% | — | — | |
| Q4 2007 | -0.5% | — | — | |
| Q3 2008 | -5.4% | — | — | |
| Q3 2009 | -5.4% | — | — | |
| Q2 2009 | +8.0% | — | — | |
| Q2 2008 | +8.0% | — | — | |
| Q4 2008 | +8.0% | — | — |
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