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Aerospace Company Howmet Aerospace Reports Strong Second Quarter Results

Pittsburgh-based Howmet Aerospace, a leading aerospace company with a production facility in Weathersfield, has reported impressive second quarter financial results. The company recorded a revenue of $1.65 billion, marking an 18 percent year-over-year increase. This growth was primarily driven by a 23 percent increase in the commercial aerospace market.

Additionally, for the three-month period ending June 30, Howmet Aerospace reported a net income of $193 million, compared to $147 million in the same quarter of the previous year.

The company’s positive outlook can be attributed to the exceptional backlog of commercial aircraft orders at major players like Airbus and Boeing. John Plant, the executive chairman and CEO, stated that Howmet Aerospace’s defense aerospace and industrial markets continue to perform well, while the commercial transportation market remains healthy, albeit with seasonally weaker third quarters.

Furthermore, Howmet Aerospace paid a quarterly dividend of 4 cents per share on common stock on May 25. The company expects to increase the dividend to 5 cents per share for the fourth quarter, pending board approval.

In terms of financial activities, the company generated $229 million from operations, utilized $189 million for financing activities, and invested $41 million.

Howmet Aerospace specializes in engine products, fastening systems, engineered structures, and forged wheels. Its Weathersfield facility includes a titanium mill known as the Niles Ingot & Mill Products Operations, located at 1000 Warren Ave.

The company also recently reached a collective bargaining agreement with United Steel Workers Local 2155 and its amalgamated Local 2155-7. The agreement includes a 17 percent pay increase for employees, an increased shift differential for workers on the afternoon and midnight shifts, and an expedited path to more vacation time for some employees. In return, the union agreed to contribute more towards healthcare costs and secured job protection language for the plant.

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