Howmet said Sales for Q1 2024 were $1,824 (compared with $1,603 for Q1 2023), an increase of $221, or 14%, and that net income was $243, or $0.59 per diluted share, versus $148, or $0.35 per diluted share, for Q1 2023.

1. 01

   Howmet said Sales for Q1 2024 were $1,824 (compared with $1,603 for Q1 2023), an increase of $221, or 14%, and that net income was $243, or $0.59 per diluted share, versus $148, or $0.35 per diluted share, for Q1 2023.

2. 02

   The company said its COGS as a percentage of Sales was 70.7% in Q1 2024, down from 72.6% in Q1 2023. It said there were no COGS charges related to the France Plant Fire or the Barberton Cast House Incident in Q1 2024, compared with $4 in Q1 2023.

3. 03

   The company said quality control issues at Boeing are expected to negatively impact narrow body and wide body production rates in the near term. Fastening Systems third-party sales for Q1 2024 rose $77, or 25%.

4. 04

   The company said cash provided from operations was $177 (compared with $23 in the same period of 2023) in the 3 months ended March 31, 2024. It also established a commercial paper program on April 4, 2024 with a maximum aggregate face amount of up to $1,000.

Key figures

Quarter ended March 31, 2024

Revenue

$1.8B

Operating income

$369M

Net income

$243M

EPS

$0.59

Operating cash flow

$177M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.