Shares of Howmet Aerospace (HWM) soared Tuesday after the manufacturer of jet engine parts and aluminum wheels for heavy trucks posted better-than-expected sales and profits for the second quarter. The Boeing (BA) supplier also lifted its full-year guidance, citing stro൩ng demand trends in commercial aerospace.

Howmet's revenue for the second quarter totaled $1.88 billion, up 14% from the same period a year ago and ahead of consensus estimates calling for $1.83 billion. Strength in commercial aerospace sales, which increased 27% year over year, underpinned the revenue growth. Second-quarter 2024 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of 65 cents exceeded consensus forecas🦹ts of 60 cents, accorওding to Visible Alpha data.

"The outlook for commercial aerospace continues to be robust, with strong travel demand and an aging aircraft fleet," said Howmet Executive Chairman and CEO John Plant. According to Plant, this is leading to an elevated backlog for aircraft 澳洲幸运5开奖号码历🙈史查询:original equipment manufacturers (OEMs), which sho꧟uld translate to strong demand for Howmet's🅰 commercial aerospace components.

Howmet shares finished Tuesday up about 13%, leaving th🎐em ahead more than 80% this year.

Plant recognized challenges for Howmet related to the consistency and safety issues faced by aircraft manufacturers, with Boeing's well-documented struggles leading to a 澳洲幸运5开奖号码历史查询:slump in deliveries this year. Current guidance factors in these headwinds, Plant said.

Howme꧂t lifted its full-year earnings and sales guidance, currently anticipating 2024 EPS of $2.53 to $2.57 on revenue of $7.4 billion to $7.48 billion. The low end of both ranges came in above current consensus forecasts.

After buying back $60 million worth of shares in the second quarter, Howmet's board of directors authorized a $2 billion increase in its buyback program. The company also boosted its dividend.