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H Investor Contact Paul T. Luther ( 412 ) 553-1950 Paul.Luther@howmet.com ● First Quarter 2021 Highlights ● ● HOWMET AEROSPACE ● ● ● FOR IMMEDIATE RELEASE Howmet Aerospace Reports First Quarter 2021 Results Media Contact Paul Erwin ( 412 ) 553-2666 Paul.Erwin@howmet.com Cash balance at end of quarter at $ 1.2 billion after redeeming approximately $ 361 million of debt ; Revolving credit facility undrawn at $ 1 billion 2021 Guidance¹ Updated Revenue of $ 1.2 billion , down 26 % year over year Income from continuing operations of $ 80 million , or $ 0.18 per share , versus $ 153 million , or $ 0.35 per share , in the first quarter 2020 Income from continuing operations excluding special items of $ 96 million , or $ 0.22 per share , versus $ 194 million , or $ 0.44 per share , in the first quarter 2020 Operating income of $ 189 million , down 27 % year over year Operating income excluding special items of $ 208 million , down 34 % year over year Cash used for operations of ( $ 6 million ) and adjusted free cash flow of ( $ 4 million ) ; cash used for financing activities of ( $ 368 million ) ; and cash provided from investing activities of $ 3 million Updated Full Year 2021 Guidance : Revenue $ 5.05- $ 5.20 billion , versus prior $ 5.05- $ 5.25 billion , with an unchanged outlook of $ 5.10 billion , Adjusted EBITDA $ 1.125- $ 1.20 billion , versus prior $ 1.07- $ 1.15 billion , with an increased outlook of $ 1.15 billion , Earnings Per Share Excluding Special Items $ 0.91- $ 1.02 , versus prior $ 0.75- $ 0.89 , with an increased outlook of $ 0.95 , Adjusted Free Cash Flow $ 390- $ 460 million , versus prior $ 350- $ 450 million , with an increased outlook of $ 425 million Issued Second Quarter 2021 Guidance : Revenue $ 1.17- $ 1.23 billion with an outlook of $ 1.20 billion , Adjusted EBITDA $ 260- $ 270 million with an outlook of $ 265 million , Earnings Per Share Excluding Special Items $ 0.19- $ 0.21 with an outlook of $ 0.20 Key Announcements On January 15 , 2021 , Howmet Aerospace completed early redemption of 5.40 % Notes due 2021 in the aggregate principal amount of approximately $ 361 million . ¹ Reconciliations of the forward - looking non - GAAP measures to the most directly comparable GAAP measures are not available without unreasonable efforts due to the variability and complexity of the charges and other components excluded from the non - GAAP measures - for further detail , see " 2021 Guidance Updated " below . 1