Aristotle Funds, an investment advisor, released its “Growth Equity Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. U.S. equity markets reached new all-time highs in Q4 2025, with the S&P 500 Index rising 2.66% and the Bloomberg U.S. Aggregate Bond Index increasing by 1.10%. Within the Russell 1000 Growth Index, healthcare, communication services, and financials were the top-performing sectors, while utilities, real estate, and materials lagged. The U.S. economy show ...

Core Insights - Howmet Aerospace reported record revenue and profit for FY 2025, with revenue of $8.3 billion, up 11% year over year, and net income of $1.5 billion, up 25% year over year [1][2][3] - The company generated $1.9 billion in cash from operations for FY 2025, with a free cash flow of $1.4 billion, reflecting strong cash generation capabilities [1][2] - For FY 2026, Howmet expects revenue growth of approximately 10% and improved profit and cash generation [1][4] Fourth Quarter 2025 Financial Results - Fourth quarter revenue reached $2.2 billion, a 15% increase year over year, driven by growth in commercial aerospace (up 13%), defense aerospace (up 20%), and gas turbines (up 32%) [1][2] - Net income for Q4 2025 was $372 million, or $0.92 per share, compared to $314 million, or $0.77 per share, in Q4 2024 [1][2] - Adjusted EPS for Q4 2025 was $1.05, up 42% year over year, with adjusted EBITDA of $653 million, a 29% increase year over year [1][2] Full Year 2025 Financial Performance - Full year operating income was $2.0 billion, up 25% year over year, with an operating income margin of 24.8%, an increase of 280 basis points [2][3] - Adjusted EBITDA for FY 2025 was $2.4 billion, up 26% year over year, with an adjusted EBITDA margin of 29.3%, up 350 basis points [2][3] - The company repurchased $700 million of common stock in FY 2025 and paid $181 million in dividends [1][2] Segment Performance - Engine Products segment reported Q4 revenue of $1.2 billion, a 20% increase year over year, with adjusted EBITDA of $396 million, up 31% [2][3] - Fastening Systems segment achieved Q4 revenue of $454 million, a 13% increase year over year, with adjusted EBITDA of $139 million, up 25% [3] - Engineered Structures segment reported Q4 revenue of $287 million, a 4% increase year over year, with adjusted EBITDA of $63 million, up 24% [3] Strategic Actions and Guidance - The company announced the acquisition of Consolidated Aerospace Manufacturing for approximately $1.8 billion, expected to close in the first half of 2026 [3][4] - Howmet redeemed all outstanding preferred stock for approximately $55 million and reduced its gross pension obligation by approximately $125 million [4] - For Q1 2026, revenue guidance is set between $2.225 billion and $2.245 billion, with adjusted EBITDA guidance of $680 million to $690 million [4]

Group 1 - Howmet Aerospace Inc. will host a Technology and Markets Day investor presentation on March 10, 2026, from 8:00 AM to 10:30 AM ET [1] - The event will include a detailed agenda and live webcast available on the company's investor website [1] Group 2 - Howmet Aerospace is a leading global provider of advanced engineered solutions for the aerospace and transportation industries [2] - The company's primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural components [2] - Howmet Aerospace holds approximately 1,150 granted and pending patents, enabling the development of lighter, more fuel-efficient aircraft and commercial trucks [2]

Core Viewpoint - Howmet Aerospace Inc. will announce its fourth quarter and full year 2025 financial results on February 12, 2026, with a conference call scheduled for the same day at 10:00 AM ET [1]. Group 1: Financial Results Announcement - The financial results announcement will be available at approximately 7:00 AM ET on February 12, 2026, via the "Investors" section of the Howmet Aerospace website [1]. - The conference call will be hosted by John Plant, Executive Chairman and Chief Executive Officer, and Patrick Winterlich, Executive Vice President and Chief Financial Officer [2]. Group 2: Conference Call Information - The conference call will take place on Thursday, February 12, 2026, at 10:00 AM ET [2]. - Participants can pre-register for the conference call through a provided link [2]. - The call can be accessed via U.S. Toll Free: +1-844-481-2703 and International Toll: +1-412-317-0659 [2]. Group 3: Replay Information - A webcast replay of the call will be available on the "Investors/Events and Presentations" section of the Howmet website [3]. - Telephone replay will be available from two hours after the live call until February 26, 2026, at 11:59 PM ET [3]. - Replay access codes and numbers for U.S., Canada, and international callers are provided for convenience [3]. Group 4: Company Overview - Howmet Aerospace Inc. is a leading global provider of advanced engineered solutions for the aerospace and transportation industries, focusing on jet engine components, aerospace fastening systems, and airframe structural components [4]. - The company holds approximately 1,150 granted and pending patents, enabling the development of lighter, more fuel-efficient aircraft and commercial trucks with a lower carbon footprint [4].

Core Insights - Howmet Aerospace reported record revenue of $2.09 billion for Q3 2025, reflecting a 14% year-over-year growth, driven by strong performance in the commercial aerospace, defense aerospace, and industrial markets [3][4][7] - The company achieved a net income of $385 million, or $0.95 per share, compared to $332 million, or $0.81 per share, in Q3 2024, marking a significant increase in profitability [4][8] - Full year 2026 revenue guidance has been raised to approximately $9 billion, representing a ~10% increase year-over-year [9][16] Financial Performance - Q3 2025 Adjusted EBITDA was $614 million, up 26% year-over-year, with an Adjusted EBITDA margin of 29.4%, an increase of approximately 290 basis points [6][8] - Operating income for Q3 2025 was $542 million, a 29% increase from the previous year, with an operating income margin of 25.9%, up about 300 basis points [5][8] - Free cash flow generated in Q3 2025 was $423 million after $108 million in capital expenditures [7][8] Shareholder Returns - The company repurchased $200 million of common stock in Q3 2025 and an additional $100 million in October 2025, totaling $600 million year-to-date [9][13] - A 20% increase in the quarterly dividend to $0.12 per share was declared in Q3 2025 [14][9] - The company paid down $63 million of debt in Q3 2025, reducing annualized interest expenses by approximately $4 million [15][9] Market Outlook - The commercial aerospace market is expected to continue growing, supported by increasing air traffic and a backlog of commercial aircraft orders extending through the decade [7][9] - The defense aerospace market remains robust, particularly due to demand for F-35 and legacy fighter aircraft [7][9] - However, the commercial transportation market is experiencing weakness, which may impact overall performance [7][9]

Core Points - Howmet Aerospace Inc. declared a dividend of 12 cents per share on its outstanding Common Stock, payable on November 25, 2025, to shareholders of record as of November 7, 2025 [1] Company Overview - Howmet Aerospace Inc. is a leading global provider of advanced engineered solutions for the aerospace and transportation industries, focusing on jet engine components, aerospace fastening systems, and airframe structural components [2] - The company holds approximately 1,170 granted and pending patents, enabling the development of lighter, more fuel-efficient aircraft and commercial trucks with a lower carbon footprint [2] Financial Performance - Howmet Aerospace reported record second quarter 2025 revenue of $2.05 billion, indicating significant growth [5]

Core Insights - Howmet Aerospace reported record revenue of $2.05 billion for the second quarter of 2025, representing a 9% increase year over year, driven by growth in the commercial aerospace market (8%), defense aerospace market (21%), and industrial and other markets (17%) [3][4][8] - The company achieved a net income of $407 million, or $1.00 per share, compared to $266 million, or $0.65 per share, in the same quarter of 2024, with adjusted earnings per share of $0.91, up 36% year over year [4][8] - Operating income increased by 31% year over year to $521 million, with an operating income margin of 25.4%, up approximately 420 basis points [5][8] - Adjusted EBITDA for the quarter was $589 million, a 22% increase year over year, with an adjusted EBITDA margin of 28.7%, up 300 basis points [6][8] - The company generated $344 million in free cash flow, marking the ninth consecutive quarter of positive free cash flow generation [7][8] Financial Performance - Revenue for the second quarter of 2025 was $2.05 billion, up 9% year over year, with significant contributions from various markets [3][8] - Net income was reported at $407 million, an increase from $266 million in the previous year, with adjusted net income excluding special items at $371 million [4][8] - Operating income reached $521 million, reflecting a 31% year-over-year increase, with a margin of 25.4% [5][8] - Adjusted EBITDA was $589 million, a 22% increase year over year, with a margin of 28.7% [6][8] Shareholder Returns and Debt Management - The company repurchased $175 million of common stock in the second quarter of 2025 and an additional $100 million in July, totaling $400 million year-to-date [9][16] - A quarterly dividend of $0.12 per share was declared, representing a 20% increase from the previous dividend [10][17] - Howmet Aerospace paid down $76 million of its USD Term Loan, reducing annualized interest expense by approximately $4 million [10][18] Guidance and Market Outlook - Full year 2025 guidance was raised on all metrics following strong second quarter performance [10][19] - The commercial aerospace market is expected to continue growing, supported by healthy passenger traffic and high OEM backlogs [10][19] - The defense aerospace market remains strong, and demand for industrial gas turbines is anticipated to stay robust [10][19]

Core Points - Howmet Aerospace Inc. declared a dividend of 12 cents per share on its Common Stock, payable on August 25, 2025, to shareholders of record as of August 8, 2025 [1] - The company also declared a dividend of 93.75 cents per share on its $3.75 Cumulative Preferred Stock, payable on October 1, 2025, to shareholders of record as of September 12, 2025 [1] Company Overview - Howmet Aerospace Inc. is a leading global provider of advanced engineered solutions for the aerospace and transportation industries, headquartered in Pittsburgh, Pennsylvania [2] - The company's primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural components, which are essential for mission-critical performance and efficiency in aerospace and defense applications [2] - Howmet Aerospace also produces forged aluminum wheels for commercial transportation and holds approximately 1,170 granted and pending patents, enabling lighter and more fuel-efficient aircraft and commercial trucks with a lower carbon footprint [2]

Core Viewpoint - Howmet Aerospace Inc. will announce its second quarter 2025 financial results on July 31, 2025, with a conference call scheduled for the same day at 11:00 AM ET [1][2]. Group 1: Financial Results Announcement - The financial results will be released on July 31, 2025, at approximately 7:00 AM ET [1]. - A conference call will be hosted by John Plant, Executive Chairman and CEO, and Ken Giacobbe, Executive Vice President and CFO [2]. - Participants can pre-register for the conference call and access the webcast through the company's website [2]. Group 2: Replay Information - A replay of the conference call will be available on the company's website and via telephone from two hours after the live call until August 14, 2025, at 11:59 PM ET [3]. - The replay can be accessed using specific toll-free numbers and a replay access code [3]. Group 3: Company Overview - Howmet Aerospace is a leading global provider of advanced engineered solutions for the aerospace and transportation industries, focusing on jet engine components and aerospace fastening systems [4]. - The company holds approximately 1,170 granted and pending patents, enabling the development of lighter, more fuel-efficient aircraft and commercial trucks [4]. - Howmet Aerospace aims to reduce the carbon footprint of its products, contributing to mission-critical performance and efficiency in aerospace and defense applications [4].

Company Information - Howmet Aerospace Inc. is a leading global provider of advanced engineered solutions for the aerospace and transportation industries [3] - The company's primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural components [3] - Howmet Aerospace has approximately 1,170 granted and pending patents, enabling lighter and more fuel-efficient aircraft and commercial trucks [3] Annual Meeting Details - The 2025 Annual Meeting of Shareholders will be held on May 28, 2025, at 9:00 a.m. Eastern Time in a virtual format [1] - Shareholders of record as of March 31, 2025, are entitled to vote at the Annual Meeting [2] - Online access to the webcast will open shortly before the start of the meeting, and a replay will be available from May 29, 2025, until March 1, 2026 [1][2]