Howmet (HWM) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.The power of a ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

This aerospace and defense supplier continues to exceed expectations.Howmet Aerospace (HWM -0.87%) stock is up a whopping 75% in 2024 and rose 14.7% in the last week to Friday morning trading. The latest leg up is due to its impressive second-quarter earnings release earlier this week.Howmet's end marketsThe company generates around 52% of its sales from commercial aerospace and 16% from defense aerospace, with commercial transportation at about 18%. The remaining 14% is under the "industrial and other" hea ...

Tech stocks, which primarily drove the market rally this year, have been taking a hit lately, with volatility returning to Wall Street. All three major indexes that hit multiple record highs this year have retreated over the past couple of weeks.Investors have been rotating out of mega-cap tech stocks and placing their bets on small-cap and cyclical stocks that they believe will benefit from the Federal Reserve’s rate cuts.Investors are optimistic that the Federal Reserve could soon start its rate-cut cycle ...

Howmet (HWM) reported $1.88 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 14.1%. EPS of $0.67 for the same period compares to $0.44 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.84 billion, representing a surprise of +2.30%. The company delivered an EPS surprise of +11.67%, with the consensus EPS estimate being $0.60.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

销售业绩 - Howmet公司在2024年第二季度销售额为18.8亿美元，同比增长14%[106] - Engine Products部门2024年第二季度第三方销售额为9.33亿美元，同比增长14%[108] - Fastening Systems部门2024年第二季度第三方销售额为3.94亿美元，同比增长20.4%[110] - Engineered Structures部门第二季度第三方销售额为275美元，同比增长38%[113] - Forged Wheels部门第二季度第三方销售额为278美元，同比下降7%[115] 利润增长 - Howmet公司2024年第二季度净利润为2.66亿美元，同比增长37.8%[107] 财务表现 - 公司第二季度总调整后EBITDA为508美元，同比增长31%[117] - 公司第二季度企业费用同比下降38%[118] - 公司董事会宣布每股普通股股息为0.08美元，较2024年第二季度的0.05美元每股股息增长60%[122] 融资和信用评级 - 公司提前赎回了剩余的5.125%票面金额为205美元的债券，预计每年将通过此举减少12美元的利息费用[122] - 公司维持信贷设施，截至2024年6月30日和2023年12月31日，信贷协议下没有任何未偿还金额[122] - 公司建立了商业票据计划，最大发行额为1000美元，用于一般企业用途[122] - 三大信用评级机构将公司的长期信用评级分别定为Baa3、BBB-和BBB，展望稳定[123] - Moody's将公司的长期债务评级从Ba1上调至Baa3，展望为正面[124] 现金流和投资 - 现金流量运营活动在2024年上半年提供了574美元，同比增长127%[120] - 公司在2024年上半年的投资活动中，投入资金为129美元，主要用于资本支出和资产出售[125] 风险披露 - 公司发布了关于市场风险的定量和定性披露，未涉及重大风险[128]

Key TakeawaysShares of Boeing supplier Howmet Aerospace soared after the company topped quarterly sales and profit expectations.Howmet lifted its full-year guidance, citing travel demand and an aging aircraft fleet as tailwinds for its commercial aerospace division.The company also increased its share repurchase authorization and boosted its dividend. Shares of Howmet Aerospace (HWM) soared Tuesday after the manufacturer of jet engine parts and aluminum wheels for heavy trucks posted better-than-expected s ...

文章核心观点 - 公司第二季度业绩超预期,调整后每股收益为0.67美元,同比增长52% [1] - 公司总收入为18.8亿美元,同比增长14%,主要得益于商用航空市场的强劲表现 [2] 分部业务表现 - 发动机产品分部收入为9.33亿美元,同比增长14%,受益于商用航空、国防航空、工业燃气轮机和油气市场的增长 [3] - 紧固系统分部收入为3.94亿美元,同比增长20%,主要得益于商用航空市场的增长,包括宽体机型的复苏 [4] - 工程结构分部收入为2.75亿美元,同比增长38%,受益于商用航空市场(包括宽体机型复苏)和国防航空市场的增长 [5] - 锻造轮毂分部收入为2.78亿美元,同比下降7% [6] 财务指标 - 毛利率和营业利润率均有大幅提升,调整后EBITDA同比增长31%,达到25.7%的利润率 [8][9] - 经营活动产生的现金流为5.74亿美元,同比增长128%,自由现金流为4.37亿美元 [11] - 公司预计全年收入将达到74亿-74.8亿美元,调整后EBITDA为18.55亿-18.75亿美元,调整后每股收益为2.53-2.57美元,自由现金流为8.4亿-9亿美元 [14][15]

财务数据和关键指标变化 - 公司第二季度收入同比增长14%,创历史新高 [8][17] - EBITDA同比增长31%,创历史新高,EBITDA利润率达25.7% [17][18] - 每股收益同比增长52%,达到0.67美元 [11] - 自由现金流达到3.42亿美元,创第二季度新高 [19][20] - 现金余额达7.52亿美元,提前3个月偿还了2024年到期的2.05亿美元债券 [19][20] - 净债务/EBITDA比率降至1.7倍,创历史新低 [21] 各条业务线数据和关键指标变化 - 发动机业务收入同比增长14%,EBITDA同比增长31%,EBITDA利润率达31.3% [24][25] - 紧固件业务收入同比增长20%,EBITDA同比增长58%,EBITDA利润率达25.6% [26][27] - 结构件业务收入同比增长38%,EBITDA同比翻倍,EBITDA利润率达14.5% [28][29] - 锻造轮毂业务收入同比下降7%,EBITDA同比下降7%,EBITDA利润率维持在27% [30] 各个市场数据和关键指标变化 - 商用航空市场收入同比增长27%,持续强劲增长 [14] - 国防航空市场收入同比增长11%,主要受益于战斗机项目和发动机备件需求 [15] - 商用车市场收入同比下降4%,但公司继续从钢制轮毂向铝制轮毂转型获得市场份额 [15] - 工业及其他市场收入同比增长4%,其中油气市场增长14%,燃气轮机市场增长6%,工业通用市场下降6% [16] 公司战略和发展方向及行业竞争 - 公司继续获得第二家发动机制造商的新订单,将在2026年开始供货,这将带来新的收入增长 [56][57][58] - 公司正在大幅提升发动机业务的自动化和生产效率,以满足未来更高的产能需求 [56][57] - 公司正在研发新一代发动机部件,以满足发动机升级对性能的更高要求 [57][58] - 行业面临的主要挑战是航空制造商的产能受限,公司正在尽量配合客户需求 [49][50][51][52][53][54] 管理层对经营环境和未来前景的评论 - 管理层对商用航空市场的强劲需求表示乐观,预计未来几年订单将持续增长 [31][32] - 国防航空和工业燃气轮机市场也将保持良好增长势头 [35][36][37] - 商用车市场预计将在下半年出现10%左右的下滑,主要受欧洲市场影响 [39] - 公司将继续提高生产效率和自动化水平,以应对原材料和人工成本压力 [63][64][65][66][67] 其他重要信息 - 公司将从第三季度开始将普通股股息提高60%至每股0.08美元 [42] - 2025年普通股股息预计将达到净利润的15%左右 [42] - 公司股票回购授权额度增加20亿美元至约25亿美元 [42] - 2024年资本支出预算增加3000万美元至约3.2亿美元,主要用于支持发动机业务的产能扩张 [40][41] 问答环节重要的提问和回答 问题1 **Douglas Harned 提问** 询问公司在LEAP-1A发动机涡轮叶片供应方面的情况,是否存在任何问题 [49] **John Plant 回答** 公司目前涡轮叶片产能已大幅提升,远高于发动机制造商的需求,有能力满足更多需求。但同时也受到发动机制造商产能受限的影响 [50][51][52][53] 问题2 **Kristine Liwag 提问** 询问公司在新一代发动机技术方面的投资和市场份额提升空间 [55] **John Plant 回答** 公司正在大幅提升发动机业务的自动化和生产效率,以满足未来更高的产能需求。新一代发动机部件的研发也将为公司带来新的增长机会 [56][57][58] 问题3 **Seth Seifman 提问** 询问787机型在公司紧固件和结构件业务的表现 [59] **John Plant 回答** 公司目前787机型相关业务量与之前指引一致,但注意到有欧洲供应商计划减产。公司已经相应调整了库存水平 [60][61]

Second Quarter 2024 Earnings Call John Plant: Executive Chairman and Chief Executive Officer Ken Giacobbe: EVP and Chief Financial Officer July 30, 2024 Important Information Forward–Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates," "believes," "could, ...