Sign in

Howmet Aerospace (HWM)

Howmet Aerospace is a global leader in lightweight metals engineering and manufacturing, specializing in advanced engineered solutions for the aerospace and transportation industries. The company operates in four primary segments, offering products such as investment castings, seamless rolled rings, fastening systems, titanium and aluminum components, and aluminum wheels . These products serve critical roles in the aerospace and transportation sectors, contributing significantly to Howmet's revenue, with the aerospace sector being the largest contributor .

  1. Engine Products - Provides investment castings and seamless rolled rings for aircraft engines and industrial gas turbines, significantly contributing to the aerospace market .
  2. Fastening Systems - Produces aerospace and industrial fastening systems, essential for aircraft and commercial transportation vehicles .
  3. Engineered Structures - Offers titanium and aluminum components for aerospace and defense applications .
  4. Forged Wheels - Manufactures aluminum wheels for commercial transportation, known for their strength and lightweight properties .

You might also like

NamePositionExternal RolesShort Bio

John C. Plant

ExecutiveBoard

Executive Chairman and Chief Executive Officer

Board Member at Jabil Circuit Corporation and Masco Corporation

John C. Plant has been leading Howmet Aerospace since 2019, guiding the company through its transition from Arconic Inc. He has extensive experience in global operations and strategic planning.

View Report →

Ken Giacobbe

Executive

Executive Vice President and Chief Financial Officer

None

Ken Giacobbe joined Howmet Aerospace in 2004 and has served as CFO since 2016, overseeing financial operations and contributing to the company's financial stability.

Lola F. Lin

Executive

Executive Vice President, Chief Legal and Compliance Officer, and Secretary

None

Lola F. Lin joined Howmet Aerospace in 2021, bringing experience from Airgas, Inc. and Air Liquide USA LLC, where she held senior legal roles.

Michael N. Chanatry

Executive

Vice President and Chief Commercial Officer

None

Michael N. Chanatry has been with Howmet Aerospace since 2018, with prior experience in supply chain and commercial roles at General Electric and Lockheed Martin.

Neil E. Marchuk

Executive

Executive Vice President and Chief Human Resources Officer

None

Neil E. Marchuk has been with Howmet Aerospace since 2019, previously holding HR leadership roles at Adient and TRW Automotive.

David J. Miller

Board

Independent Director

Equity Partner and Senior Portfolio Manager at Elliott Investment Management L.P.; Board Member at Peabody Energy Corporation, Acosta, Inc., Brazilian American Automotive Group, Inc., Futures and Options.

David J. Miller has been a director since 2017, with expertise in capital markets and financial strategy.

Gunner S. Smith

Board

Independent Director

President of the Roofing business at Owens Corning; President of Asphalt Roofing Manufacturers Association; Board Member at Toledo Zoo and Aquarium.

Gunner S. Smith joined the board in 2023, bringing expertise in business strategy and manufacturing from Owens Corning.

James F. Albaugh

Board

Independent Lead Director

Board Member at Aloft Aeroarchitects, Belcan Corporation; Chairman of National Aeronautic Association; Trustee at Willamette University and Columbia University.

James F. Albaugh has been a director since 2017, bringing expertise in aerospace, defense, and space sectors.

Joseph S. Cantie

Board

Independent Director

Board Member at Summit Materials, Inc. and TopBuild Corporation.

Joseph S. Cantie has been a director since 2020, with expertise in finance and risk management from his roles at ZF TRW and TRW Automotive.

Robert F. Leduc

Board

Independent Director

Board Member at AAR Corporation and JetBlue Airways Corporation.

Robert F. Leduc joined the board in 2020, with extensive aerospace experience from United Technologies Corporation.

Sharon R. Barner

Board

Independent Director

Board Member at Eskenazi Health Foundation; Trustee at Foundation for Advancement of Diversity in Intellectual Property Law and Syracuse University.

Sharon R. Barner joined the board in 2021, with a background in legal and intellectual property from Cummins Inc. and the U.S. Patent and Trademark Office.

Ulrich R. Schmidt

Board

Independent Director

None

Ulrich R. Schmidt has been a director since 2016, with a background in finance and aerospace from Spirit Aerosystems and Goodrich Corporation.

  1. Given that aftermarket revenues have increased from 11% in 2019 to 17% in 2024 and are expected to exceed 20% in the next few years, what specific strategies are you implementing to sustain this growth while mitigating risks associated with potential fluctuations in spares demand?

  2. With the introduction of the new high-pressure turbine blade for the LEAP-1A, how do you anticipate this will impact your pricing structure and production efficiency, and what challenges might arise in scaling up production to meet both OEM and aftermarket demand?

  3. Considering the expected reacceleration in incremental margins in the fourth quarter, can you provide more detail on the drivers of this improvement and discuss the sustainability of these margin levels given the uncertainties and costs associated with hiring and training new employees next year?

  4. Despite external forecasts predicting higher aircraft production rates for 2025, you've tempered your expectations due to factors like the gradual restart of Boeing 737 assembly lines and supply chain impacts at Airbus; could you elaborate on these factors and how they might affect your growth targets?

  5. Even with the resumption of F-35 deliveries and expected growth in defense aerospace, your forecast for defense revenue growth remains at mid-single digits; what barriers are preventing higher growth in this segment, and are there opportunities to accelerate this growth?

Program DetailsProgram 1
Approval DateAugust 18, 2021
End Date/DurationNo stated expiration
Total additional amount$1,500 million
Remaining authorization amount$2,297 million (as of October 31, 2024)
DetailsThe program was increased by an additional $2,000 million on July 30, 2024. The program may be suspended, modified, or terminated at any time without prior notice.
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2026200 USD Term Loan Facility5.795 5.9% = (200 / 3,394) * 100
2026208 JPY Term Loan Facility2.044 6.1% = (208 / 3,394) * 100
2027625 5.900% Notes5.900 18.4% = (625 / 3,394) * 100
2028300 6.750% Bonds6.750 8.8% = (300 / 3,394) * 100
2029700 3.000% Notes3.000 20.6% = (700 / 3,394) * 100
2031500 4.850% Notes (Euro liability)3.720 14.7% = (500 / 3,394) * 100
2037625 5.950% Notes5.950 18.4% = (625 / 3,394) * 100
2042250 4.750% Iowa Finance Authority Loan4.750 7.4% = (250 / 3,394) * 100

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

Through its 2016 acquisition of Precision Castparts Corporation and subsidiaries, it competes in the markets for titanium and titanium-based alloys, precision forgings, seamless rolled rings, investment castings, including airfoils, and aerospace fasteners.

VSMPO

A competitor in the markets for titanium and titanium-based alloys and precision forgings.

Its High-Performance Materials & Components segment competes in the markets for titanium and titanium-based alloys and precision forgings.

Lisi Aerospace

A competitor in the aerospace fasteners market.

Aubert & Duval

Part of Eramet Group in France, competes in the precision forgings market.

Doncasters Group Ltd.

A competitor in the investment castings market.

Consolidated Precision Products Corp.

Owned by Warburg Pincus and Berkshire Partners, competes in the investment castings market.

Weber Metals

Part of Otto Fuchs, competes in the precision forgings market.

Forgital

A competitor in the seamless rings market.

Frisa

Based in Mexico, competes in the seamless rings market.

Accuride Corporation

A larger aluminum wheel competitor in the commercial transportation industry.

Speedline

A member of the Ronal Group, competes in the aluminum wheel market.

Nippon Steel Corporation

A competitor in the aluminum wheel market.

Dicastal

A competitor in the aluminum wheel market.

Alux

A competitor in the aluminum wheel market.

Wheels India Limited

A competitor in the aluminum wheel market.

CustomerRelationshipSegmentDetails

GE Aerospace

Supplies aircraft engine components including airfoils, rings, and rotating parts

Engine Products

Represents 10% of Howmet’s third-party sales in 2024, which is $743 million out of $7,430 million total revenue.

RTX Corporation

Supplies aircraft engine components including airfoils, rings, and rotating parts

Engine Products

Represents 10% of Howmet’s third-party sales in 2024, which is $743 million out of $7,430 million total revenue.

NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP1950 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Camcraft LTD

2024

In October 2024, Howmet completed the acquisition of Camcraft LTD for approximately $5 million, acquiring a U.K. facility that manufactures tooling for the investment casting process and expanding its Engine Products segment.

Recent press releases and 8-K filings for HWM.

Howmet Aerospace Inc reports Q2 2025 results
·$HWM
Earnings
Guidance Update
Share Buyback
  • Q2 revenue of $2.00 B, up 9% yoy; EBITDA up 22% with a 28.7% margin; EPS of $0.91, up 36%; record free cash flow of $344 M; net debt/EBITDA improved to 1.3×.
  • Engine products revenue $1,056 M (+13%) with a 33% EBITDA margin; fastening systems $431 M (+9%) at 29.2%; engineered structures $290 M (+5%) at 21.4%; forged wheels volume down 11% at a 27.5% margin.
  • Q2 share repurchases of $175 M at $142/share; July buybacks of $100 M at $183; YTD repurchases $400 M at $144; remaining authorization $1.8 B; Q3 dividend raised 20% to $0.12/share.
  • Full-year guidance raised: revenue to $8.13 B (±$50 M), EBITDA to $2.32 B (±$20 M), EPS to $3.60 (±$0.04), and free cash flow to $1.225 B (±$50 M).
Jul 31, 2025, 10:10 PM
Howmet Aerospace Provides Production and Margin Update
·$HWM
New Projects/Investments
Revenue Acceleration/Inflection
  • Howmet Aerospace discussed its robust production of engine parts, highlighting an optimistic outlook on narrow-body production and overall parts availability, despite cautious views on certain segments.
  • The company emphasized running parallel production of legacy and new configuration blades for engine products, indicating a gradual transition in its manufacturing strategy through 2025–2027.
  • Margin improvements were attributed to enhanced automation, improved yields, and volume leverage in key operations, leading to higher efficiency with reduced labor requirements.
  • Updates on the fastener business included addressing the SPS fire impact and future production increases tied to wide-body aircraft, along with capacity expansion in IGT operations.
May 31, 2025, 8:21 AM
Howmet Aerospace Q1 2025 Financial Performance, Guidance & Capital Deployment
·$HWM
Earnings
Dividends
Guidance Update
Share Buyback
  • Record Q1 2025 Performance: Achieved revenue of $1.94B (up 6% YoY), net income of $344M, adjusted EBITDA of $560M, adjusted EPS of $0.86, an EBITDA margin of 28.8%, and generated $134M in free cash flow .
  • Guidance & Outlook Update: Provided Q2 guidance of approximately $1.99B with net tariff impact under $15M for 2025, and updated full-year expectations with increased adjusted EBITDA, EPS, and free cash flow, along with a Fitch upgrade to BBB+ .
  • Capital Deployment: Executed total share repurchases of $225M ($125M in Q1 plus an additional $100M in April) and raised the quarterly dividend to $0.10 per share (up 25%) .
  • Robust Segment Growth: Notable performance across engine products, fastening systems, and engineered structures with significant increases in revenue and EBITDA margins .
  • Strong Financial Discipline: Maintained a low Net Debt-to-LTM EBITDA ratio of 1.4x, underscoring robust cash management .
May 1, 2025, 2:01 PM
Howmet Aerospace Releases 2024 Annual Report Letter
·$HWM
Guidance Update
  • 2024 Annual Report & Shareholders Letter: On April 16, 2025, Howmet Aerospace released its 2024 Annual Report, which includes a shareholders letter dated April 9, 2025 outlining the company’s 2024 achievements and providing a market outlook for 2025.
  • ESG Report Availability: The report also highlights the publication of the 2024 Environmental, Social, and Governance Report on the company’s website.
Apr 16, 2025, 12:00 AM
Howmet Aerospace Outlines Capacity Expansion and Demand Outlook
·$HWM
New Projects/Investments
Guidance Update
Demand Weakening
  • Capital expenditures increased by about 50% in 2024 to boost capacity, with guidance indicating similarly high investment in 2025 to support future growth and production ramp-up ( ).
  • The discussion highlighted mixed OEM signals, with Airbus showing strong demand while Boeing faces inventory corrections, warranting a conservative approach on production assumptions ( , ).
  • The company’s aftermarket business, particularly in turbine blades, has risen from 11% to 17% of revenues and is expected to near 20% in the coming years, underscoring a favorable long-term trend ( ).
Mar 18, 2025, 2:51 PM