Howmet Q3 Adj. EPS Meets Estimates, But Revenues Miss; Doubles Dividend
(RTTNews) - Howmet Aerospace Inc. (HWM) reported Monday that net income for the third quarter soared to $80 million or $0.19 per share from $27 million or $0.06 per share in the prior-year quarter.
Excluding special items, adjusted earnings were $0.36 per share, compared to $0.27 per share in the year-ago quarter.
Revenue for the quarter grew 12 percent to $1.43 billion from $1.28 billion in the same quarter last year, driven by 23 percent growth in Commercial Aerospace.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share on revenues of $1.44 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company expects adjusted earnings in a range of $0.37 to $0.39 per share on revenues between $1.45 billion and $1.50 billion for the fourth quarter. Analysts expect earnings of $0.38 per share on revenues of $1.50 billion for the quarter
For fiscal 2022, the company now projects adjusted earnings in a range of $1.39 to $1.41 per share on revenues between $5.60 billion and $5.65 billion. Previously, the company expected adjusted earnings in the range of $1.38 to $1.42 per share on revenues between $5.645 billion and $5.715 billion.
The Street is looking for earnings of $1.40 per share on revenues of $5.67 billion for the year.
The Company increased the quarterly dividend of its common stock from $0.02 per share to $0.04 per share in the fourth quarter 2022, payable on November 25, 2022 to holders of record at the close of business on November 4, 2022.
Howmet Aerospace Boosts FY24 Outlook; Guides Q2 Well Above View - Update
Sensex, Nifty Seen Higher On Dovish Fed Comments
Thai Shares Tipped To Open To The Upside On Monday
Japanese Market Notably Higher
Indonesia Stock Market May End Losing Streak On Monday
Australian Market Notably Higher
Hong Kong Shares Tipped To Open In The Green
