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H Investor Contact Paul T. Luther ( 412 ) 553-1950 Paul.Luther@howmet.com Second Quarter 2021 Highlights * ● Howmet Aerospace Delivers On Second Quarter 2021 Commitments With Expectations For A Stronger Second Half 2021 ● ● ● ● HOWMET AEROSPACE ● ● FOR IMMEDIATE RELEASE ● Media Contact Paul Erwin ( 412 ) 553-2666 Paul.Erwin@howmet.com Revenue of $ 1.20 billion , down only 5 % year over year Income from continuing operations of $ 74 million , or $ 0.17 per share , versus loss from continuing operations of $ 84 million , or $ 0.19 per share , in the second quarter 2020 Income from continuing operations excluding special items of $ 96 million , or $ 0.22 per share , versus $ 55 million , or $ 0.12 per share , in the second quarter 2020 Operating income of $ 207 million , up 180 % year over year 2021 Guidance * Updated Updated Full Year 2021 Guidance : Revenue at $ 5.05- $ 5.15 billion , versus prior $ 5.05- $ 5.20 billion , with an unchanged outlook of $ 5.10 billion ; Adjusted EBITDA $ 1.145- $ 1.185 billion , versus prior $ 1.125- $ 1.20 billion , with an increased outlook of $ 1.17 billion ; Earnings Per Share Excluding Special Items $ 0.95- $ 1.02 , versus prior $ 0.91- $ 1.02 , with an increased outlook of $ 0.99 ; Adjusted Free Cash Flow $ 415- $ 485 million , versus prior $ 390- $ 460 million , with an increased outlook of $ 450 million Operating income excluding special items of $ 205 million , up 14 % year over year Generated $ 85 million cash from operations and $ 164 million of adjusted free cash flow ; $ 700 million of cash used for financing activities ; and $ 91 million of cash provided from investing activities Cash balance at end of quarter at $ 716 million after redeeming approximately $ 476 million of debt and repurchasing $ 200 million of common stock with cash on hand ; Revolving credit facility undrawn at $ 1 billion Issued Third Quarter 2021 Guidance : Revenue $ 1.28- $ 1.32 billion with an outlook of $ 1.30 billion ; Adjusted EBITDA $ 285- $ 305 million with an outlook of $ 295 million ; Earnings Per Share Excluding Special Items $ 0.23- $ 0.27 with an outlook of $ 0.25 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 " below . 1