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.
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