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Howmet Aerospace Inc. (HWM-5.59%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a 12% increase in sales to $7,430 million, driven by higher volumes in the commercial aerospace, defense aerospace, and industrial markets, partially offset by lower volumes in the commercial transportation market.
Net income for the year was $1,155 million, or $2.81 per diluted share, an increase from $765 million, or $1.83 per diluted share, in the previous year. The increase was primarily due to higher sales and favorable product pricing.
The company reported a total Segment Adjusted EBITDA of $2,009 million, a 27% increase from $1,587 million in the prior year, reflecting growth in the commercial aerospace and defense markets.
Howmet ended the year with $564 million in cash and cash equivalents, down from $610 million at the end of 2023, after repurchasing approximately 6 million shares of common stock for $500 million.
The company reduced its total debt to $3,315 million, down from $3,706 million in 2023, through the early redemption of notes and a partial prepayment of its USD term loan.
Looking forward, Howmet projects continued growth in the commercial aerospace market in 2025, with anticipated increases in sales and earnings per share.
The filing also details various financial agreements, including a new commercial paper program and the issuance of $500 million in 4.850% Notes due 2031.
Howmet's management continues to focus on liquidity, cost structure improvements, and capital efficiency, with capital expenditures expected to increase in 2025 for capacity expansions.
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. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.