Howmet Aerospace Inc. (NYSE:HWM) reported first-quarter results Thursday that topped analyst estimates and raised its full-year outlook, sending shares higher.
Revenue rose 19% year over year to $2.313 billion, beating the $2.241 billion analyst estimate. Adjusted EPS rose 42% to $1.22, ahead of the $1.11 estimate, while GAAP EPS increased 71% to $1.44.
The company said revenue, adjusted EBITDA, and adjusted EPS exceeded the high end of guidance.
Margins Expand On Aerospace Demand
Operating income increased 52% to $753 million, while operating margin expanded 720 basis points to 32.6%. Adjusted EBITDA rose 32% to $740 million, with margin improving 320 basis points to 32.0%.
Growth was driven by 20% higher commercial aerospace revenue, 10% growth in defense aerospace, and 39% growth in gas turbines.
CEO John Plant said, “Commercial aerospace OEM customers continue to target production …