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Howmet reports $1.2B in 2nd-quarter revenue

WARREN — Howmet Aerospace, which has a production facility in Weathersfield, ended the second quarter with $1.2 billion in revenue, the Pittsburgh-based company reported.

The amount is off 5 percent from the same three months in 2020 due to disruptions in the commercial aerospace market, largely because of the viral outbreak and production declines of the Boeing 787, according to the company.

Howmet also reported in the quarterly earnings report income from continuing operations was $74 million compared to a loss of $84 million in the second quarter of 2020.

Also, operating income was $207 million, up 180 percent year over year, an increase driven by growth in the commercial transportation and industrial markets, cost reductions and favorable product pricing, according to the company.

The growth helped offset the decline in the commercial aerospace market.

Howmet had a cash balance of $716 million a the end of the quarter after redeeming about $476 million in debt and repurchasing $200 million of common stock.

The company spun off from Arconic Inc. in April 2020 and is the engineered products and forgings side of the former company.

business@tribtoday.com

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