Howmet Aerospace(US:HWM)2024-05-02 15:32Q1 2024 Performance Highlights - Revenue reached $1.82 billion, a 14% increase year-over-year, driven by a 23% increase in Commercial Aerospace revenue[4, 17] - Adjusted EBITDA was $437 million, up 21% year-over-year, with an Adjusted EBITDA Margin of 24%, an increase of approximately 150 basis points[4, 78] - Adjusted Earnings Per Share was $0.57, a 36% increase year-over-year[4, 78] - The company generated a record Q1 Free Cash Flow of $95 million[12, 17] Segment Performance - Engine Products revenue increased by 11% year-over-year, with an Adjusted EBITDA Margin of 28.1%[79] - Fastening Systems revenue increased by 25% year-over-year, with an Adjusted EBITDA Margin of 23.7%[72] - Engineered Structures revenue increased by 27% year-over-year, with an Adjusted EBITDA Margin of 14.1%[67] - Forged Wheels revenue was approximately flat year-over-year, with an Adjusted EBITDA Margin of 28.5%[64, 75] FY 2024 Guidance - The company expects revenue to increase by approximately 10% year-over-year[16, 19] - Adjusted EBITDA is expected to increase by approximately 16% year-over-year[16, 19] - Adjusted Earnings Per Share is expected to increase by approximately 28% year-over-year[16, 19] - Free Cash Flow is projected to be approximately $800 million, up approximately 17% year-over-year, with a Free Cash Flow Conversion of approximately 85%[16, 103] Capital Deployment and Balance Sheet - Approximately $170 million was allocated for common stock repurchases and quarterly dividends[4, 86] - $150 million was used to repurchase common stock[12] - Net Debt-to-LTM EBITDA improved to a record low of 20x[12, 84]