Howmet Aerospace Boosts FY24 Outlook; Guides Q2 Well Above View - Update

(RTTNews) - While reporting financial results for the first quarter on Thursday, Howmet Aerospace Inc. (HWM) raised its adjusted earnings and revenue guidance for the full-year 2024 and provided guidance for the second quarter, well above estimates. For the second quarter, the company expects adjusted earnings in a range of $0.57 to $0.59 per share on revenues between $1.825 billion and $1.845 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.54 per share on revenues of $1.77 billion for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2024, the company now projects adjusted earnings in a range of $2.31 to $2.39 per share on revenues between $7.225 billion and $7.375 billion.

Previously, the company expected adjusted earnings in a range of $2.10 to $2.20 per share on revenues between $7.00 billion and $7.20 billion.

The Street is looking for earnings of $2.20 per share on revenues of $7.15 billion for the year.

The Company also said it expects to increase the quarterly common stock dividend to $0.07 per share beginning in the third quarter 2024, subject to the discretion and approval of the Board of Directors.

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