Howmet boosts annual forecasts on strong aerospace parts demand, raises share buyback
July 30 (Reuters) -Howmet Aerospace HWM.N on Tuesday lifted its annual forecasts, driven by strong demand for its engine products and fastening systems from planemakers aiming to meet a surge in air travel.
The company also raised its buyback program by $2 billion and quarterly dividend by 60% to 8 cents per share.
Shares of the company, which supplies partsto Airbus AIR.PA and Boeing BA.N, jumped 8.6% premarket after the second-quarter results also topped estimates.
Pennsylvania-based Howmet now expects 2024 revenue between $7.40 billion and $7.48 billion, up from its prior forecast of $7.23 billion to $7.38 billion.
"Outlook for commercial aerospace continues to be robust, with strong travel demand and an aging aircraft fleet, leading to an extremely high backlog at the aircraft OEMs," CEO John Plant said in a statement.
Howmet, one of the main suppliers of aerospace castings, expects annual adjusted earnings between $2.53 and $2.57 per share, compared with estimates of $2.39 per share.
In the second quarter, commercial aerospace sales were up 27% which helped boost the company's overall sales at $1.88 billion, ahead of estimates of $1.84 billion, as per LSEG data.
On an adjusted basis, the company earned 67 cents per share for the quarter ended June 30.
Reporting by Anandita Mehrotra in Bengaluru; Editing by Anil D'Silva
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