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Howmet Aerospace Inc. (HWM) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $1,835 million from $1,658 million in the same quarter the previous year. The increase is attributed to higher volumes in the commercial aerospace, defense aerospace, and industrial markets.
Cost of goods sold for the quarter was $1,253 million, representing 68.3% of sales, compared to 71.4% in the same quarter of the previous year. This decrease in cost ratio is due to higher volumes and favorable product pricing.
The company reported a gross profit of $582 million for the quarter, compared to $475 million in the previous year, with the increase attributed to higher sales volumes.
Interest expense, net decreased to $44 million from $54 million, primarily due to early redemptions of certain notes and lower long-term debt levels.
Net income for the quarter was $332 million, up from $188 million in the previous year. Earnings per share increased to $0.81 from $0.45.
Cash provided by operating activities was $818 million, while cash used in investing and financing activities was $209 million and $742 million, respectively.
Howmet had a working capital of $3,391 million as of September 30, 2024. The company continues to focus on expanding its capacity in Engine Products and Forged Wheels.
The filing also details various financial agreements, including a new commercial paper program and a revolving credit facility.
Howmet does not anticipate significant changes in its dividend policy, with the Board of Directors approving a 2025 dividend policy based on net income.
The company continues to address quality control issues at Boeing (BA), which are expected to impact production rates in the near term.
Howmet remains focused on its core markets, including commercial aerospace, defense aerospace, and industrial sectors, while managing ongoing challenges in the commercial transportation market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Howmet Aerospace Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.