Industry News

Howmet Aerospace has reported second quarter 2022 revenues of US$1.39 billion  (€1.39 billion), up 17% year-on-year, primarily driven by growth in the commercial aerospace market of 34%.

Howmet Aerospace also reported net income of US$147 million in the second quarter of 2022 versus net income of US$74 million in the second quarter 2021. Net income excluding special items was US$149 million for Q2 2022, versus US$96 million in 2021.

“Howmet Aerospace delivered another strong set of results as the commercial aerospace recovery continued in Q2 of 2022. Looking ahead, commercial aerospace narrow body production rates continue to improve and are the primary growth driver through 2022, while we expect wide body volumes to improve as we move into 2023,” commented John Plant, executive chairman and chief executive officer at Howmet Aerospace. “While 2022 is a transition year for Howmet’s defence aerospace growth following last year’s updated F-35 build rate forecast, we continue to expect the defence aerospace market to resume growth in 2023. Commercial transportation is expected to improve as customer supply chain challenges ease, while industrial gas turbine and oil and gas should grow further as we progress through 2022.”

Fastening Systems reported revenue of US$277 million, an increase of 6% year-on-year due to growth in the commercial aerospace market with narrow body recovery more than offsetting Boeing 787 production declines, as well as declines in the industrial market.