Howmet Aerospace Inc. (NYSE:HWM) shares are trading higher after the company reported better-than-expected second-quarter FY24 financial results.
Revenue grew 14% Y/Y to $1.88 billion, beating the consensus of $1.836 billion, driven by growth in the commercial aerospace of 27% Y/Y.
Revenue by Segments: Engine Products $933 million (+14% Y/Y); Fastening Systems $394 million (+20% Y/Y); Engineered Structures $275 million (+38% Y/Y); and Forged Wheels $278 million (-7% Y/Y).
Adjusted EBITDA excluding special items was $483 million (+31% Y/Y), and the margin was 25.7%.
Adjusted operating income increased by 38% Y/Y to $414 million, and the margin expanded by 370 bps Y/Y to 22.0%.
Adjusted EPS stood at $0.67, beating the consensus of $0.60.
Howmet Aerospace’s operating cash flow stood at $397 million, and its free cash flow was $342 million. At the end of the quarter, the company’s cash balance was $752 …