Last but not least, we have another key player in the aerospace industry,
Howmet Aerospace (NYSE:
HWM), which specializes in the production and supply of titanium products for various aerospace components.
During the third quarter, the company
posted excellent results with wonderful growth. It had a 16% year-over-year increase in revenue to $1.66 billion.
HWM’s net income
soared to $188 million, compared to $80 million in the same quarter of 2022. Now, that was a lot of growth. Howmet’s solid position was more than demonstrated with an operating income margin of 18.5%.
But it wasn’t all good for the company, as it faced a
lawsuit from
Lockheed Martin (NYSE:
LMT) regarding the F-35 Joint Strike Fighter Program. But Howmet didn’t sit idly by, as the company highlighted its long-standing role as a proud Lockheed Martin supplier, providing essential titanium products for decades.
Moreover, despite the disruption in the global supply of titanium sponge due to major geopolitical events, which led to higher prices, Howmet managed to maintain a healthy cash balance of $425 million at the end of the quarter.
In addition, the board of directors
declared a dividend of 93.75 cents per share on the $3.75 outstanding cumulative preferred stock, demonstrating a clear commitment to shareholder return.