HWM
Howmet Aerospace INC
NYSE
DEF 14A: Howmet Aerospace Outlines Agenda for 2024 Annual Shareholder Meeting
Sentiment:
Proxy Statement
8 April 2024 12:59 PM
Howmet Aerospace has released its proxy statement detailing the agenda for its 2024 Annual Meeting of Shareholders, to be held virtually on May 22, 2024.
Better than expected
The company's revenue, net income, adjusted EBITDA, and free cash flow all increased year-over-year.
Summary
- Howmet Aerospace has announced the details of its 2024 Annual Meeting of Shareholders, which will be held virtually on May 22, 2024.
- Shareholders of record as of March 25, 2024, are entitled to vote on the election of ten directors, ratification of the appointment of PricewaterhouseCoopers LLP, an advisory vote on executive compensation, approval of the Howmet Aerospace Stock Incentive Plan, and a shareholder proposal regarding golden parachutes.
- The Board of Directors recommends voting for the election of all director nominees, for the ratification of PricewaterhouseCoopers LLP, for the advisory vote on executive compensation, for the approval of the Howmet Aerospace Stock Incentive Plan, and against the shareholder proposal regarding golden parachutes.
- The proxy statement highlights Howmet Aerospace's 2023 financial and operating performance, including revenue of $6.64 billion, net income of $765 million, and adjusted EBITDA excluding special items of $1.508 billion.
- The company emphasizes its commitment to environmental, social, and governance (ESG) principles, including reducing its environmental footprint and creating a diverse and inclusive work environment.
Sentiment
Score: 8
Explanation: The document presents a positive outlook on the company's performance and future prospects, with strong financial results and a commitment to ESG principles.
Positives
- The company achieved strong financial results in 2023, with revenue up 17% year-over-year.
- Howmet Aerospace is committed to ESG initiatives, including reducing its environmental footprint and promoting diversity and inclusion.
- The company has a strong independent Lead Director with significant responsibilities.
- The Board is actively engaged with shareholders and values their input.
- The company has a clawback policy in place for incentive compensation.
Risks
- The proxy statement contains forward-looking statements that are subject to risks and uncertainties.
- The company faces risks related to economic conditions, market demand, and competition.
- Cybersecurity threats and data breaches pose a risk to the company's operations and reputation.
Future Outlook
The company is encouraged by the opportunities 2024 presents.
Management Comments
- We are proud of our progress and achievements in 2023 and are encouraged by the opportunities 2024 presents.
- Our directors and executive officers value direct and recurring engagement with our shareholders as part of our continuing efforts to create shareholder value, to refine our corporate governance practices and to address any shareholder concerns.
Industry Context
Howmet Aerospace is a leading global provider of advanced engineered solutions for the aerospace and transportation industries.
Comparison to Industry Standards
- The company benchmarks its executive compensation against a proxy peer group of 18 companies, including AMETEK Inc., L3Harris Technologies, and Textron Inc.
- The company also uses a Willis Towers Watson custom survey comparator group of companies heavily weighted towards industrials with revenues between $3 billion and $15 billion.
- The company's TSR performance is measured against a peer group of 19 Aerospace & Defense companies, including The Boeing Company, Lockheed Martin Corporation, and RTX Corporation.
Stakeholder Impact
- Shareholders will have the opportunity to vote on key proposals at the Annual Meeting.
- Employees are eligible to receive awards under the Howmet Aerospace Stock Incentive Plan.
- Customers will benefit from the company's commitment to innovation and sustainable solutions.
Next Steps
- Shareholders are encouraged to vote their shares before the Annual Meeting.
- The Board will consider the outcome of the advisory vote on executive compensation when making future compensation decisions.
Key Dates
- March 25, 2024: Record date for the Annual Meeting
- May 22, 2024: Date of the 2024 Annual Meeting of Shareholders
- January 22, 2025: Earliest date for submission of shareholder proposals for the 2025 Annual Meeting
- February 21, 2025: Latest date for submission of shareholder proposals for the 2025 Annual Meeting
Keywords
Annual Meeting, Proxy Statement, Shareholders, Directors, Executive Compensation, ESG, Governance, Financial Performance, Howmet Aerospace
HWM
Howmet Aerospace INC
NYSE
Sector: Industrials
Filings with Classifications
Better than expected
1 May 2025 4:42 PM
Quarterly Report
- Sales increased by 6% year-over-year.
- Net income increased significantly from $243 million to $344 million.
- Earnings per share increased from $0.59 to $0.84.
- Segment Adjusted EBITDA increased from $460 million to $580 million.
Better than expected
1 May 2025 7:00 AM
Quarterly Report
- The company reported record first quarter revenue.
- The company reported better than expected adjusted EBITDA.
- The company reported better than expected adjusted EPS.
- The company increased full year guidance.
Better than expected
16 April 2025 4:46 PM
Proxy Statement
- The company's revenue, net income, adjusted EBITDA, and free cash flow all increased year-over-year.
Delay expected
13 February 2025 5:35 PM
Annual Results
- Quality control issues at Boeing have negatively impacted, and are expected to negatively impact, narrow body and wide body production rates in the near term.
- A labor union work stoppage and ensuing production restart at Boeing has negatively impacted results.
Better than expected
13 February 2025 7:05 AM
Earnings Release
- The company exceeded the high end of its previous guidance.
- Revenue, net income, and adjusted EBITDA all showed significant year-over-year growth.
- The company raised its revenue growth guidance for 2025.
Better than expected
6 November 2024 5:42 PM
Quarterly Report
- The company's sales and net income significantly exceeded the previous year's results.
- The company's earnings per share were substantially higher than the previous year.
- The company's Segment Adjusted EBITDA margins improved across multiple segments.
Better than expected
6 November 2024 7:07 AM
Quarterly Report
- The company's results exceeded the high end of guidance for Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per share.
- The company reported a 11% year-over-year revenue increase, driven by strong commercial aerospace growth.
- Net income and earnings per share showed significant improvement compared to the previous year.
- Adjusted EBITDA and margins increased substantially, indicating improved profitability.
Capital raise
22 August 2024 4:10 PM
Debt Offering Announcement
- Howmet Aerospace has completed a $500 million public offering of 4.850% notes due in 2031.
Better than expected
22 August 2024 4:10 PM
Debt Offering Announcement
- The company is expected to reduce its annual interest expense by approximately $21 million due to the refinancing.
Capital raise
8 August 2024 4:37 PM
Debt Offering Announcement
- Howmet Aerospace is raising $500 million through a debt offering of 4.850% Notes due 2031.
- The proceeds will be used to redeem approximately $577 million of its 6.875% Notes due 2025, with the remainder coming from cash on hand.
Capital raise
8 August 2024 9:25 AM
Debt Offering Announcement
- Howmet Aerospace is proposing an offering of senior notes.
- The proceeds from this offering will be used to redeem existing debt and for general corporate purposes.
Better than expected
30 July 2024 5:18 PM
Quarterly Report
- The company's sales and net income exceeded expectations due to strong demand in the aerospace sector.
- The company's cost of goods sold as a percentage of sales decreased more than expected, contributing to higher profitability.
- The company's debt reduction and refinancing activities resulted in lower interest expenses than anticipated.
Better than expected
30 July 2024 7:05 AM
Quarterly Report
- The company exceeded the high end of guidance on all fronts.
- The company reported record quarterly revenue, adjusted EBITDA, adjusted EBITDA margin, and adjusted earnings per share.
- The company raised full year 2024 guidance above the second quarter beat.
Better than expected
2 May 2024 4:31 PM
Quarterly Report
- The company's net income, sales, and earnings per share all significantly exceeded the prior year's results, indicating better than expected performance.
- The company's Segment Adjusted EBITDA increased across all segments, demonstrating strong operational performance.
- The company's effective tax rate was lower than the prior year, contributing to the improved net income.
Capital raise
2 May 2024 4:31 PM
Quarterly Report
- The company established a commercial paper program under which it may issue unsecured commercial paper notes up to a maximum aggregate face amount of $1,000 million.
- The company is evaluating whether, when, and to what extent it may access capital markets, including any plans to refinance the 5.125% Notes due October 2024 and the 6.875% Notes due May 2025.
Better than expected
2 May 2024 7:05 AM
Quarterly Report
- The company's results exceeded the high end of guidance on all metrics.
- The company achieved record quarterly results in revenue, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted earnings per share.
- The company generated positive free cash flow in the first quarter for the first time.
Capital raise
2 May 2024 7:05 AM
Quarterly Report
- The company established a commercial paper program, under which the Company may issue unsecured commercial paper notes up to a maximum aggregate face value amount of $1 billion outstanding at any time.
Better than expected
8 April 2024 12:59 PM
Proxy Statement
- The company's revenue, net income, adjusted EBITDA, and free cash flow all increased year-over-year.
Capital raise
4 April 2024 4:30 PM
Debt Issuance Announcement
- Howmet Aerospace has established a commercial paper program to issue up to $1 billion in unsecured notes.
- The proceeds from the notes will be used for general corporate purposes.
Better than expected
13 February 2024 5:05 PM
Annual Results
- The company's sales increased by 17% and income before income taxes increased by 61% compared to 2022, indicating better than expected financial performance.
Better than expected
13 February 2024 7:05 AM
Quarterly Report
- The company exceeded the high end of its guidance range for revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow.
- The company reported record net income and cash from operations for the full year 2023.
- The company's revenue growth of 17% year-over-year was strong, driven by a 24% increase in the commercial aerospace sector.
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