: Howmet Aerospace stock dips premarket as sales beat weighs against soft guidance

Howmet Aerospace Inc. HWM said Tuesday it had net income of $111 million, or 26 cents a share, for the fourth quarter, up from $77 million, or 18 cents a share, in the year-earlier period. Adjusted for one-time items, the company had EPS of 38 cents, matching the FactSet consensus. Sales climbed to $1.513 billion from $1.285 billion a year ago, ahead of the $1.467 billion FactSet consensus. The company, formerly called Arconic Inc., makes aluminum parts for the car and aerospace industries, and said net income included a roughly $50 million charge related mostly to pension liabilities. “The team drove strong revenue growth and improved profitability in 2022 against a choppy backcloth with uneven aircraft and engine build rate increases and inflationary pressures,” Chief Executive John Plant said in a statement. Howmet is now expecting first-quarter adjusted EPS of 35 cents to 39 cents on revenue of $1.475 billion to $1.525 billion. The FactSet consensus is for EPS of 38 cents and revenue of $1.486 billion. For the full year, it expects adjusted EPS of $1.53 to $1.67 on revenue of $6.000 billion to $6.200 billion. The FactSet consensus is for EPS of $1.73 and revenue of $6.168 billion. Shares slipped 1.4% premarket but are up 21% in the last 12 months, while the S&P 500 SPX has fallen 6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.