Howmet Aerospace Files Q3 2024 10-Q

TL;DR

Howmet Aerospace's Q3 2024 10-Q is in. Check financials.

AI Summary

Howmet Aerospace Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the third quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with the latest financial data for Howmet Aerospace, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial information that can reveal performance trends and potential challenges.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial data is reported.)

Key Players & Entities

• Howmet Aerospace Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• Arconic Inc. (company) — Former company name
• ALCOA INC. (company) — Former company name

FAQ

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

Filing Documents

• hwm-20240930.htm (10-Q) — 1453KB
• ex101_3q24.htm (EX-10.1) — 26KB
• ex31_3q24.htm (EX-31) — 19KB
• ex32_3q24.htm (EX-32) — 8KB
• 0000004281-24-000034.txt ( ) — 8313KB
• hwm-20240930.xsd (EX-101.SCH) — 52KB
• hwm-20240930_cal.xml (EX-101.CAL) — 87KB
• hwm-20240930_def.xml (EX-101.DEF) — 269KB
• hwm-20240930_lab.xml (EX-101.LAB) — 560KB
• hwm-20240930_pre.xml (EX-101.PRE) — 423KB
• hwm-20240930_htm.xml (XML) — 1525KB

Financial Statements and Supplementary Data

Item 1. Financial Statements and Supplementary Data 3 Statement of Consolidated Operations for the Third Quarter and Nine Months Ended Sep te mber 30, 2024 and 2023 3 Statement of Consolidated Comprehensive Income for the Th ird Quarter and Nin e Months Ended September 30, 2024 and 2023 4 Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023 5 Statement of Consolidated Cash Flows for the Nine Months Ended September 30, 2024 and 2023 6 Statement of Changes in Consolidated Equity for the Third Quarter Ended Septem ber 30, 2024 and 2023 7 Statement of Changes in Consolidated Equity for the Nine Months Ended September 30, 2024 and 202 3 8 Notes to the Consolidated Financial Statements 9

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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33 Part II

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 36

– 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) Third quarter ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Sales ( C ) $ 1,835 $ 1,658 $ 5,539 $ 4,909 Cost of goods sold (exclusive of expenses below) 1,253 1,183 3,830 3,543 Selling, general administrative, and other expenses 85 87 270 250 Research and development expenses 9 9 26 27 Provision for depreciation and amortization 68 68 204 204 Restructuring and other (credits) charges ( D ) ( 1 ) 4 21 8 Operating income 421 307 1,188 877 Loss on debt redemption ( N ) 6 — 6 1 Interest expense, net 44 54 142 166 Other expense, net ( F ) 17 11 49 5 Income before income taxes 354 242 991 705 Provision for income taxes ( G ) 22 54 150 176 Net income $ 332 $ 188 $ 841 $ 529 Amounts Attributable to Howmet Aerospace Common Shareholders ( H ): Net income $ 331 $ 187 $ 839 $ 527 Earnings per share: Basic $ 0.81 $ 0.45 $ 2.06 $ 1.28 Diluted $ 0.81 $ 0.45 $ 2.04 $ 1.27 Average Shares Outstanding ( H ): Basic 408 412 408 412 Diluted 410 415 411 417 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) Third quarter ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Net income $ 332 $ 188 $ 841 $ 529 Other comprehensive income (loss), net of tax ( I ): Change in unrecognized net actuarial loss and prior service benefit related to pension and other postretirement benefits 8 10 15 19 Foreign currency translation adjustments 71 ( 56 ) 30 ( 18 ) Net change in unrecognized (losses) gains on cash flow hedges ( 19 ) 4 ( 13 ) ( 10 ) Total Other comprehensive income (loss), net of tax 60 ( 42 ) 32 ( 9 ) Comprehensive income $ 392 $ 146 $ 873 $ 520 The accompany