Howmet Aerospace beats profit and offers upbeat guidance for 2022

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Howmet Aerospace Inc. shares HWM, +1.70% jumped 2.7% in premarket trade Wednesday, after the maker of aluminum parts for aircraft beat profit estimates for the fourth quarter and upbeat full-year guidance. Pittsburgh, Pa.-based Howmet posted net income of $77 million, or 18 cents a share, for the quarter, down from $106 million, or 24 cents a share, in the year-earlier period. The company, which was spun out of Arconic in 2020, said adjusted per-share earnings came to 30 cents, a penny ahead of the 29 cent FactSet consensus. Sales rose to $1.285 billion from $1.238 billion, a tad below the $1.310 billion FactSet consensus. “Howmet Aerospace delivered a strong finish to a challenging 2021, performing well despite the effects of the new COVID-19 variant and continued lack of Boeing 787 aircraft build,” Chief Executive John Plant said in a statement. Indicators for air travel continue to show improvement, particularly for domestic travel, he said. “We expect to see accelerating revenue growth through 2022 following a flat first quarter 2022 relative to fourth quarter 2021,” he said. The company is expecting first-quarter adjusted EPS of 28 cents to 30 cents on revenue of $1.28 billion to $1.32 billion. The FactSet consensus is for EPS of 31 cents and revenue of $1.34 billion. For the full year, it expects adjusted EPS of $1.31 to $1.43 on revenue of $5.56 billion to $5.72 billion. The FactSet consensus is for EPS of $1.41 and revenue of $5.62 billion. Shares have gained 21% in the last 12 months, while the S&P 500 SPX, +0.69% has gained 20%.

This article was originally published by Marketwatch.com. Read the original article here.

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