Howmet Aerospace reports Q2 EPS 44c, consensus 43c

Reports Q2 revenue $1.65B, consensus $1.61B. “Our key defense aerospace and industrial end markets continue to be solid, while the commercial transportation end market remains healthy, albeit the third quarter tends to be seasonally weaker. With the robust demand backdrop and continued strong operational execution, we are increasing full year 2023 guidance for revenue, Adjusted EBITDA*, and Adjusted Earnings Per Shar..Howmet Aerospace’s balance sheet remains solid and cash generation was strong, supporting $100 million in common stock repurchases in the second quarter 2023. In July 2023, the Company launched a redemption of $200 million of its 2024 Notes, which will reduce annualized interest expense by approximately $10 million. We also expect to increase the quarterly dividend on common stock from 4 to $ 5c per share in the fourth quarter 2023, demonstrating confidence in Howmet’s free cash, noted management