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EX - 99.1 2 a52521306ex99 1.htm EXHIBIT 99.1 Exhibit 99.1 Howmet Aerospace Delivers Third Quarter 2021 Sequential Revenue Growth ; Raises Adjusted EPS Guidance¹ Positive Cash Generation and Improved Capital Structure PITTSBURGH -- ( BUSINESS WIRE ) -- November 4 , 2021 -- Howmet Aerospace ( NYSE : HWM ) : Third Quarter 2021 Highlights • Revenue of $ 1.28 billion , up 13 % year over year and up 7 % sequentially • • • • Income from continuing operations of $ 27 million , or $ 0.06 per share , versus $ 36 million , or $ 0.08 per share , in the third quarter 2020 Income from continuing operations excluding special items of $ 120 million , or $ 0.27 per share , versus $ 13 million , or $ 0.03 per share , in the third quarter 2020 Operating income of $ 205 million , up 181 % year over year • • • Operating income excluding special items of $ 224 million , up 124 % year over year Generated $ 67 million cash from operations and $ 115 million of adjusted free cash flow ; $ 106 million of cash used for financing activities ; and $ 50 million of cash provided from investing activities Issued $ 700 million aggregate principal amount of 3.000 % Notes due 2029 ; Tendered $ 600 million aggregate principal amount of 6.875 % Notes due 2025 ; Repurchased $ 100 million aggregate principal amount of 5.125 % Notes due 2024 across third quarter 2021 and October 2021 Cash balance at end of quarter of $ 726 million including impacts of debt actions , common stock repurchase , and reinstatement of common stock dividend 2021 Guidance¹ Updated Revenue 4Q 2021 Guidance Low Outlook High $ 1.295B $ 1.315B $ 1.325B $ 290M $ 300M $ 310M 22.4 % 22.8 % 23.4 % $ 0.29 $ 0.30 Adj . EBITDA * Adj . EBITDA Margin * Adj . Earnings per Share * $ 0.27 Adj . Free Cash Flow * Excluding Special Items ~ - Reflects approximation FY 2021 Guidance Low Outlook High $ 4.980B ~ $ 5.000B ~ $ 5.010B ~ $ 1.125B ~ $ 1.135B ~ $ 1.145B ~ 22.6 % ~ 22.7 % ~ 22.9 % $ 0.98 $ 1.00 $ 1.01 $ 425M $ 450M $ 475M 1 Reconciliations of the forward - looking non - GAAP measures to the most directly comparable GAAP measures , as well as the 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 .