Howmet Aerospace Posts Strong First Quarter

PITTSBURGH – Howmet Aerospace, which owns and operates the former RMI Titanium plant in Weathersfield Township, reported net income of $243 million during the first quarter of 2024, compared with $148 million during the same period a year ago.

The aerospace parts manufacturer also reported record revenue of $1.82 billion during the quarter – a 14% gain year-over-year – that was mostly generated by business in the commercial aerospace market, which increased 23%.

“Howmet Aerospace delivered an outstanding start to 2024, with results exceeding the high-end of guidance on all metrics,” Howmet Executive Chairman and CEO John Plant said in a statement. “Demand for air travel continues to be robust, exceeding pre-pandemic levels,” he said.

Despite a slowdown in production related to the Boeing 737 Max, the CEO said demand in other aspects of the business has driven a $200 million increase in revenue guidance for the full year of 2024. 

As such, Howmet raised its full-year revenue forecast to between $7.23 billion and $7.38 billion.  The company had earlier anticipated revenues for the year to fall between $7 billion and $7.2 billion.

Published by The Business Journal, Youngstown, Ohio.