Howmet reports increased revenue | News, Sports, Jobs

WEATHERSFIELD — Howmet Aerospace, the Pittsburgh-based company that has a production revenue facility in Weathersfield, reported of $1.88 billion in the second quarter, a 14% percent increase year-over-year that was piloted by the commercial aerospace market.

The company also reported for the April to June period net income of $266 million, up from $193 million in the same quarter in 2023, and earnings per share of 65 cents compared to 46 cents over the same period last year.

“In the second quarter 2024, the Howmet Aerospace team drove another very strong set of results, again exceeding the high end of the guidance on all fronts,” John Plant, executive chairman and CEO, said.

The company focuses on engine products, fastening systems, engineered structures and forged wheels. It operates a titanium mill in Weathersfield, the Niles Ingot & Mill Products Operations, 1000 Warren Ave.

The engine products division reported revenue of $933 million, a 14% increase year-over-year “due to growth in the commercial aerospace, defense aerospace, oil and gas, and industrial gas turbine markets,” according to the company’s earnings release.

Fastening systems had revenue of $394 million, a 20% increase from 2023’s second quarter “due to growth in the aerospace market, including wide body aircraft recovery.”

The engineered structures division reported a revenue increase of 38% to $275 million. The growth, according to the company, was in the commercial and defense aerospace markets.

The forged wheels division reported revenue of $278 million, a decrease of 7% year-over-year “due to 4% lower volumes in the commercial transportation market as well as a decrease in aluminum and other inflationary cost pass through,” the release states .

Also, the company’s board of directors has declared a dividend of 8 cents per share of Howmet’s outstanding common stock to be paid Aug. 26 to holders of record at the close of business Friday. The dividend for the company’s Class A stock is 93.75 cents per share to be paid Oct. 1 for holders of record at the close of business on Sept. 13.

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