Howmet Aerospace Inc. (HWM) Q1 2023 Earnings Call Transcript

Howmet Aerospace Inc. (NYSE:HWM) Q1 2023 Earnings Conference Call May 2, 2023 10:00 AM ET

Company Participants

Paul Luther - VP, IR

John Plant - Executive Chairman, CEO

Ken Giacobbe - EVP and CFO

Conference Call Participants

Noah Poponak - Goldman Sachs

Myles Walton - Wolfe Research

Robert Spingarn - Melius Research

Kristine Liwag - Morgan Stanley

Sheila Kahyaoglu - Jefferies

Seth Seifman - JPMorgan

Robert Stallard - Vertical Research

David Strauss - Morgan Stanley

Gautam Khanna - Cowen

Matt Akers - Wells Fargo

Phil Gibbs - KeyBanc Capital Markets

Operator

Good day. And welcome to the Howmet Aerospace First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Paul Luther, Vice President, Investor Relations. Please go ahead.

Paul Luther

Thank you, Andrew. Good morning and welcome to the Howmet Aerospace first quarter 2023 results conference call. I'm joined by John Plant, Executive Chairman and Chief Executive Officer, and Ken Giacobbe, Executive Vice President and Chief Financial Officer. After comments by John and Ken, we will have a question-and-answer session.

I would like to remind you that today's discussion will contain forward-looking statements relating to future events and expectations. You can find factors that could cause the company's actual results to differ materially from these projections listed in today's presentation and earnings press release and in our most recent SEC filings.

In today's presentation, references to EBITDA and adjusted EBITDA excluding special items and adjusted EPS excluding special items. These measures are among the non-GAAP financial measures that we've included in our discussion. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release and in the Appendix in today's presentation.

So, with that, I'd like to turn the call over to John.

John Plant

Thanks P.T. and good morning, everyone. Howmet's Q1 results speak louder for themselves. Revenue was $1.6 billion, an increase of 21% year-over-year and an increase of 6% sequentially. Commercial Aerospace increased 29% year-over-year and 4% sequentially. Revenue was above guidance by significant demand, which was in itself an increase quarter-over-quarter and naturally increased revenues require some working capital.

EBITDA was $360 million, an increase of 20% year-over-year and an increase of 7% sequentially.