PITTSBURGH, Pa. – Howmet Aerospace, which operates the former RTI Metals titanium plant in Niles, reported $1.89 billion in revenue during the last three months of 2024, up 9% compared with the same period the previous year.
Net income for the quarter was $314 million, or 77 cents per share, compared with $236 million, or 57 cents per share, during the fourth quarter of 2023, including net benefit from special items, the company said. Net Income excluding special items was $303 million, or 74 cents per share, in the fourth quarter of 2024, compared with $218 million, 53 cents per share, in the fourth quarter of 2023.
The increase was attributed primarily to growth in the commercial aerospace segment, which was up 13%, the company announced.
Fourth quarter 2024 operating income was $445 million, up 37% year-over-year.
Howmet also reported full year 2024 revenue of $7.4 billion, up 12% year-over-year, again driven by 20% growth in the commercial aerospace market.
The company reported net income of $1.2 billion, or $2.81 per share, in 2024, compared with $765 million, or $1.83 per share, in 2023, and included approximately $48 million in net benefit from special items. Net income excluding special items was $1.1 billion, or $2.69 per share, in 2024, compared with $766 million, or $1.84 per share, in 2023.
Full year 2024 operating income was $1.6 billion, up 36% year-over-year. Full year adjusted operating income excluding special items was $1.6 billion, up 32% year-over-year, the company said.
“Howmet drove a healthy set of results to close out the year, exceeding the high end of guidance,” John Plant, Howmet Aerospace executive chairman and CEO, said in a statement. “Revenue in the fourth quarter 2024 grew 9% year over year to a record $1.9 billion, with commercial aerospace growth of 13% supported by engine spares volumes. Robust cash generation continues to support Howmet’s strong balance sheet as well as an attractive shareholder return profile.”
Plant added that the outlook for commercial aerospace “remains solid with rising OEM production rates supported by strong demand as well as continued healthy growth in engine spares demand. We expect continued growth in the defense aerospace and industrial end markets, with the commercial transportation market anticipated to be soft until the second half of 2025.”
The midpoint of Howmet’s 2025 revenue growth guidance was increased to approximately 8% year-over-year compared with the 7.5% outlook provided at third quarter 2024 earnings, Plant said.
“We continue to employ a cautious view on underlying build rates in our guidance,” he said. “This assumes that the Boeing Company produces approximately 25 737-MAX aircraft per month and six 787 aircraft per month on average across 2025, and Airbus averages mid-50s per month on the A320 and approximately six per month on the A350,” the CEO said.