Howmet Aerospace reports Q1 EPS 42c, consensus 38c

Reports Q1 revenue $1.6B, consensus $1.49B. Howmet Aerospace Executive Chairman and Chief Executive Officer John Plant said, "Howmet Aerospace delivered a solid start to 2023. First quarter 2023 revenue grew 21% year over year and exceeded the high end of our guidance range. Adjusted EBITDA and Adjusted Earnings Per Share* also exceeded the high end of guidance and grew 20% and 35% year over year, respectively, demonstrating continued healthy operational execution as the aerospace recovery continues." Mr. Plant continued, "The demand picture continues to be strong for commercial aerospace, with higher aircraft production rates underpinned by continued growth in air traffic. We are encouraged by progress at aircraft OEM customers to meet their higher build rate targets. Given our strong first quarter and improving aerospace backcloth, we are increasing full year 2023 guidance for revenue, Adjusted EBITDA , Adjusted Earnings Per Share*, and Free Cash Flow." "The Company’s balance sheet remains strong, further enhanced by $176M of debt reduction in the first quarter 2023. Howmet Aerospace also continued to return cash to shareholders through $25 million in share repurchases in addition to the common stock dividend. A healthy free cash flow outlook supports continued capital allocation actions."