Howmet Aerospace Inc. (HWM) CEO John Plant on Q2 2022 Results - Earnings Call Transcript

Howmet Aerospace Inc. (NYSE:HWM) Q2 2022 Results Conference Call August 4, 2022 11:30 AM ET

Company Participants

Paul Luther - Vice President of Investor Relations

John Plant - Executive Chairman and Chief Executive Officer

Kenneth Giacobbe - Executive Vice President and Chief Financial Officer

Conference Call Participants

Kristine Liwag - Morgan Stanley

Noah Poponak - Goldman Sachs Group

Gautam Khanna - Cowen and Company

Robert Stallard - Vertical Research Partners

David Strauss - Barclays Bank

Matthew Akers - Wells Fargo Securities

George Shapiro - Shapiro Research

Seth Seifman - JPMorgan Chase

Philip Gibbs - KeyBanc Capital Markets

Michael Ciarmoli - Truist Securities

Operator

Good morning, ladies and gentlemen, and welcome to Howmet Aerospace Second Quarter 2022 Results Conference Call. My name is Ian, and I will be your operator for today. As a reminder, today’s conference is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Mr. Paul Luther, Vice President of Investor Relations. Please go ahead.

Paul Luther

Thank you, Ian. Good morning, and welcome to the Howmet Aerospace Second Quarter 2022 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 addition, we have included some non-GAAP financial measures 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.

With that, I would like to turn the call over to John.

John Plant

Thanks, PT, and good morning, everyone. Welcome to our Q2 call. Howmet's second quarter was another strong quarter and witnessed the continuing recovery in commercial aerospace, which was up 34% year-on-year and 7% sequentially.

Total revenue was $1.393 billion and was up 17% year-on-year and 5% sequentially, which was at the top end of our guidance range. Revenue increased in each business segment, both year-over-year and sequentially. Similarly, Howmet's Q2 EBITDA grew year-over-year and sequentially to $316 million, including net headcount additions of approximately 740 employees.