Why Howmet Aerospace Stock Rocketed More Than 12% Skyward Today

Even by the very bullish standards of stock trading on Wednesday, Howmet Aerospace (NYSE: HWM) was an outlier in the best way possible. On news of a massive earnings beat by the aerospace company, investors piled into the stock, sending its share price over 12% higher on the day. That compared extremely favorably to the frothy S&P 500 (SNPINDEX: ^GSPC), which booked a relatively generous gain of 2.5%.Howmet unveiled its third-quarter results well before market open, giving investors plenty of time to get excited about buying into the company. Revenue for the period was $1.84 billion, representing year-over-year growth of 11%. Despite the double-digit improvement, analysts tracking the stock were collectively modeling a slightly higher figure of $1.85 billion. The reality-versus-expectations dynamic was quite different on the bottom line. Net income according to generally accepted accounting principles (GAAP) reporting standards was $332 million, or $0.81 in earnings per share (EPS), quite the improvement over the $188 million the company earned in the third quarter of 2023. That surely blindsided at least a few pundits, as their average estimate was only $0.65 per share. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool