Howmet Aerospace: Lower Alcoa sales leads to 7% drop in segment revenue

Howmet Aerospace’s Forged Wheels business, which markets products under the Alcoa brand, has reported revenue of US $278 million during the second quarter of 2024. This represents a decrease of 7% year-on-year and is attributed to volumes shrinking by 4% within the commercial transportation market as well as a decrease in aluminium and other inflationary cost pass through. Segment Adjusted EBITDA was $75 million, a year-on-year decrease of approximately 7%. Segment Adjusted EBITDA margin decreased approximately 20 basis points year over year, to 27.0%.