Howmet Aerospace recorded first quarter 2023 (Q1 2023) revenue of $1.6bn, up 21% on Q1 2022.
The increase was driven by commercial aerospace, revenue for which climbed 29%, helping the company to a net income of $148 million, or $0.35 per share, a 13% increase.
Net income excluding special items came to $175 million, or $0.42 per share, meaning adjusted earnings per share grew 35% year on year.
Earnings, given as adjusted EBITDA excluding special items, came to $360 million, up 20%.
The company said it generated $23 million cash from operations, with $214 million of cash used for financing activities and $64 million of cash used for investing activities, leaving it with cash balance at end of March of $538 million.
Executive chairman and chief executive John Plant said the "solid start" to the year "exceeded the high end of our guidance range" and showed "continued healthy operational execution as the aerospace recovery continues.”