Howmet Aerospace Inc. Files 10-Q for Q1 2024

TL;DR

<b>Howmet Aerospace Inc. has filed its Q1 2024 10-Q report, detailing its financial performance and position.</b>

AI Summary

Howmet Aerospace Inc. (HWM) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Howmet Aerospace Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company was formerly known as Arconic Inc. and ALCOA INC. Howmet Aerospace Inc. is classified under Rolling Drawing & Extruding of Nonferrous Metals. The filing was made on May 2, 2024.

Why It Matters

For investors and stakeholders tracking Howmet Aerospace Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for Howmet Aerospace Inc., crucial for understanding its current operational health and future prospects. As a public company, Howmet Aerospace Inc. is required to submit regular filings like this 10-Q to ensure transparency and provide stakeholders with timely financial information.

Risk Assessment

Risk Level: — Howmet Aerospace Inc. shows moderate risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for public companies and does not contain any immediately alarming information.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to assess Howmet Aerospace Inc.'s performance trends and identify any emerging risks or opportunities.

Key Numbers

• 20240331 — Conformed Period of Report (10-Q filing)
• 20240502 — Filed As Of Date (10-Q filing)
• 0000004281 — Central Index Key (Howmet Aerospace Inc.)

Key Players & Entities

• Howmet Aerospace Inc. (company) — Filer
• Arconic Inc. (company) — Former company name
• ALCOA INC. (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date

FAQ

Industry Context

Howmet Aerospace Inc. operates in the Rolling Drawing & Extruding of Nonferrous Metals industry, a sector focused on manufacturing metal products through various processes.

Regulatory Implications

As a publicly traded company, Howmet Aerospace Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review management's discussion and analysis for insights into operational performance and strategic initiatives.
3. Identify any new risk factors or changes in existing risks disclosed in the filing.

Key Dates

• 2024-03-31: End of Reporting Period — First quarter financial results
• 2024-05-02: Filing Date — Submission of 10-Q report

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the latest quarterly financial data.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share HWM New York Stock Exchange
• $3.75 — per share HWM New York Stock Exchange $3.75 Cumulative Preferred Stock, par value
• $100.00 — Cumulative Preferred Stock, par value $100.00 per share HWM PR NYSE American Indica
• $1 — ucturing and other charges of less than $1, which were primarily due to a gain on

Filing Documents

• hwm-20240331.htm (10-Q) — 984KB
• ex31_1q24.htm (EX-31) — 19KB
• ex32_1q24.htm (EX-32) — 8KB
• 0000004281-24-000014.txt (&nbsp;) — 6388KB
• hwm-20240331.xsd (EX-101.SCH) — 50KB
• hwm-20240331_cal.xml (EX-101.CAL) — 85KB
• hwm-20240331_def.xml (EX-101.DEF) — 233KB
• hwm-20240331_lab.xml (EX-101.LAB) — 523KB
• hwm-20240331_pre.xml (EX-101.PRE) — 381KB
• hwm-20240331_htm.xml (XML) — 986KB

Financial Statements and Supplementary Data

Item 1. Financial Statements and Supplementary Data 3 Statement of Consolidated Operations for the F irst Quarter Ended March 3 1 , 202 4 and 2023 3 Statement of Consolidated Comprehensive Income for the First Quarter Ended March 3 1 , 202 4 and 2023 4 Consolidated Balance Sheet as of March 3 1 , 202 4 and December 31, 2023 5 Statement of Consolidated Cash Flows for the First Quarter Ended March 3 1 , 202 4 and 202 3 6 Statement of Changes in Consolidated Equity for the First Quarter Ended March 3 1 , 202 4 and 2023 7 Notes to the Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27 Part II

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Exhibits

Item 6. Exhibits 28

Signatures

Signatures 29

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements and Supplementary Data

Item 1. Financial Statements and Supplementary Data. Howmet Aerospace Inc. and subsidiaries Statement of Consolidated Operations (unaudited) (in millions, except per-share amounts) First quarter ended March 31, 2024 2023 Sales ( C ) $ 1,824 $ 1,603 Cost of goods sold (exclusive of expenses below) 1,290 1,164 Selling, general administrative, and other expenses 88 75 Research and development expenses 10 9 Provision for depreciation and amortization 67 69 Restructuring and other charges ( D ) — 1 Operating income 369 285 Loss on debt redemption ( N ) — 1 Interest expense, net 49 57 Other expense, net ( F ) 17 7 Income before income taxes 303 220 Provision for income taxes ( G ) 60 72 Net income $ 243 $ 148 Amounts Attributable to Howmet Aerospace Common Shareholders ( H ): Net income $ 242 $ 147 Earnings per share: Basic $ 0.59 $ 0.36 Diluted $ 0.59 $ 0.35 Average Shares Outstanding ( H ): Basic 410 412 Diluted 412 418 The accompanying notes are an integral part of the consolidated financial statements. 3 Howmet Aerospace Inc. and subsidiaries Statement of Consolidated Comprehensive Income (unaudited) (in millions) First quarter ended March 31, 2024 2023 Net income $ 243 $ 148 Other comprehensive income (loss), net of tax ( I ): Change in unrecognized net actuarial loss and prior service cost related to pension and other postretirement benefits 3 5 Foreign currency translation adjustments ( 37 ) 34 Net change in unrecognized gains (losses) on cash flow hedges 3 ( 4 ) Total Other comprehensive (loss) income, net of tax ( 31 ) 35 Comprehensive income $ 212 $ 183 The accompanying notes are an integral part of the consolidated financial statements. 4 Howmet Aerospace Inc. and subsidiaries Consolidated Balance Sheet (unaudited) (in millions) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 533 $ 610 Receivables from customers, less allowances of $ — in both 2024 and