Howmet Aerospace (HWM) FY2023 results: revenue $6.6 billion, up 17.3% on the year
Howmet Aerospace Inc. (HWM) reported revenue of $6.6 billion for fiscal 2023, the year ended 31 December 2023, up 17.3% on the year before. Net income was $765 million, up 63.1%, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2024.
Revenue
$6.6 billion
+17.3% on the year
FY2016FY2023
Operating margin
18.1%
16.2% a year earlier
FY2016FY2023
Net income
$765 million
+63.1% on the year
FY2016FY2023
Diluted EPS
$1.83
+64.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
901
733
449
+22.9%
Capital expenditure
219
193
199
+13.5%
Free cash flow
682
540
250
+26.3%
Free cash flow margin
10.3%
9.5%
5.0%
Cash from investing
-215
-135
107
Cash from financing
-868
-526
-1,444
Depreciation and amortisation
272
265
270
+2.6%
Share-based compensation
50.0
54.0
40.0
-7.4%
Buybacks
250
400
430
-37.5%
Dividends paid
73.0
44.0
19.0
+65.9%
Dividend per share
$0.17
$0.10
$0.04
+70.0%
Diluted shares, weighted
416m
421m
435m
-1.2%
Shares outstanding at period end
410m
412m
422m
-0.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
4,037
3,601
3,508
+12.1%
Non-controlling interest
n/a
n/a
0.0
Short-term borrowings
n/a
0.0
5.0
Debt
3,706
4,162
4,232
-11.0%
Operating lease liabilities
97.0
83.0
81.0
+16.9%
Other liabilities
2,588
2,409
2,393
+7.4%
Total liabilities and equity
10,428
10,255
10,219
+1.7%
Fixed assets
2,328
2,332
2,467
-0.2%
Goodwill
4,035
4,013
4,067
+0.5%
Intangible assets
505
521
549
-3.1%
Cash and equivalents
610
791
720
-22.9%
Receivables
675
506
367
+33.4%
Inventory
1,765
1,609
1,402
+9.7%
Other assets
510
483
647
+5.6%
Total assets
10,428
10,255
10,219
+1.7%
10-K for the year ended 31 December 2023, filed 13 February 2024: the filing.