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Howmet reports 1Q results

WARREN — Howmet Aerospace, which has a plant in Weathersfield, had first-quarter revenue of $1.32 billion, up 10 percent year over year, according to the company’s quarterly financial report released Tuesday.

The increase, according to the Pittsburgh-based company, was mostly driven by growth in the commercial aerospace market and an increase in material cost pass-through, but was partially offset by a decline in the defense aerospace market.

Howmet reported net income of $131 million for the first three months compared with $80 million for the same period in 2021.

First quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $300 million, up 9 percent year-over-year. EBITDA is a measure of a company’s overall financial performance.

“The revenue outlook continues to show improvement. Airline load factors continue to improve in North America and Europe, supporting higher commercial narrow body aircraft production rates. While 2022 is a transition year for Howmet’s defense aerospace growth following last year’s updated F-35 build rate forecast, we expect the defense aerospace market to resume growth in 2023. The commercial transportation and industrial gas turbine markets should also continue growth as we progress through 2022,” said John Plant, Howmet executive chairman and CEO.

In Weathersfield, the company has invested millions to upgrade and maintain the mill on Warren Avenue under an agreement with United Steelworkers Local 2155. The deal struck in 2021 cost the union some jobs and control over staffing, but saved the titanium melt shop.

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