Howmet Aerospace has reported second quarter revenues of US$1.2 billion, down only 5% year-on-year due to disruptions in the commercial aerospace market, primarily driven by Covid-19 and Boeing 787 production declines, whilst partially offset by growth in the commercial transportation and industrial markets.
John Plant, executive chairman and co-chief executive officer at Howmet Aerospace, said: “Howmet Aerospace delivered another solid quarter of results despite the Covid-19 pandemic’s impact on the commercial aerospace market, supported by strong demand in commercial transportation and industrial markets. While second quarter revenues declined 5% year-on-year, driven by a 31% reduction in commercial aerospace revenues, profit and margins exceeded guidance and included strong cash generation.”
He continued: “We continue to expect the commercial aerospace recovery to begin in the second half of 2021, led by Engine Products, followed by Engineered Structures, with Fastening Systems lagging by approximately six months.”
Fastening Systems reported revenue of US$262 million (€221.5 million), a decrease of 20% year-on-year due to declines in the commercial aerospace market. Segment operating profit was US$50 million, down 29% year-on-year, driven by volume declines in the commercial aerospace market, partially offset by variable and fixed cost reductions and favourable sales volumes in the commercial transportation and industrial markets.
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
Will manages the content strategy across all platforms and is the guardian for the high editorial standards that the Magazine is renowned.
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