Why Howmet Aerospace Stock Is Soaring Higher Today [Yahoo! Finance]
Alcoa Corporation (AA)
Last alcoa corporation earnings: 4/22 04:10 pm
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Source: Yahoo! Finance
Investors are buying in, sending shares up 16% as of 11:15 a.m. ET. Strong results despite Boeing's issues Howmet is a collection of jet engine and aerospace component businesses that were cobbled together by Alcoa before being spun out as an independent. The company earned $0.57 per share in the first quarter, it reported today, on revenue of $1.824 billion, topping Wall Street's consensus estimate for $0.52 per share in earnings on sales of $1.7 billion. Commercial aerospace sales were up 23% year over year, and companywide EBITDA margin at 24% was 100 basis points better than what Howmet had guided for. Free cash flow in the quarter was $95 million, the first time in the company's four-year history as a stand-alone that it has generated positive cash flow in the first quarter. Howmet is a supplier to Boeing and warned that the aerospace giant's ongoing manufacturing issues mean Howmet is assuming "sharply lower" parts for new 737 MAX planes in 2024. But the company said it
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