Howmet Aerospace beats top-line and bottom-line estimates; initiates Q2 and raises FY24 outlook

• Howmet Aerospace press release (NYSE:HWM): Q1 Non-GAAP EPS of $0.57 beats by $0.05.
• Revenue of $1.82B (+13.8% Y/Y) beats by $80M.
• Generated $177 million of cash from operations; $178 million of cash used for financing activities; and $75 million of cash used for investing activities.
• Adjusted EBITDA excluding special items of $437 million, up 21% year over year.
• Full Year 2024 Guidance Increased:

• 2024 Guidance

  	Q2 2024 Guidance				FY 2024 Guidance
  	Low	Baseline	High		Low	Baseline	High
  Revenue	$1.825B	$1.835B	$1.845B vs. $1.77B consensus		$7.225B	$7.300B	$7.375B vs. $7.14B consensus
  Adj. EBITDA*1	$435M	$440M	$445M		$1.720B	$1.750B	$1.780B
  Adj. EBITDA Margin*1	23.8%	24.0%	24.1%		23.8%	24.0%	24.1%
  Adj. Earnings per Share*1	$0.57	$0.58	$0.59 vs. $0.54 consensus		$2.31	$2.35	$2.39 vs. $2.21 consensus
  Free Cash Flow1					$750M	$800M

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