Howmet Aerospace Inc. shares HWM, -0.82% slid 1.6% in premarket trade Thursday, after the former unit of Pittsburgh-based Arconic ARNC, -1.26% missed revenue estimates for the third quarter and offered guidance that lagged consensus. The company posed net income of $27 million, or 6 cents a share, down from $74 million, or 17 cents a share, in the year-earlier period. Excluding special items, the company had EPS of 27 cents a share, ahead of the 25 cent FactSet consensus. Revenue rose 13% to $1.28 billion, missing the $1.30 billion FactSet consensus. “Third quarter 2021 marked the start of the commercial aerospace recovery, with commercial aerospace revenue up 16% sequentially, driving total revenue growth of 7% sequentially,” CEO John Plant said in a statement. Howmet is expecting revenue growth to continue in the fourth quarter and into 2022. The company is expecting fourth-quarter revenue of $1.295 billion to $1.325 billion and EPS of 27 cents to 30 cents. The FactSet consensus is for EPS of 30 cents and revenue of $1.388 billion. For the full year, it expects EPS of 98 cents to $1.01 and revenue of $4.980 billion to $5.010 billion. The FactSet consensus is for EPS of 99 cents and revenue of $5.115 billion. Shares have gained about 7% in the year to date, while the S&P 500 SPX, +0.65% has gained 24%.
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