$HWM
Howmet Aerospace Inc.

2016 Q2 Form 10-Q Financial Statement

#000119312516664835 Filed on July 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $3.234B $3.204B
YoY Change 0.94% -45.1%
Cost Of Revenue $2.533B $4.663B
YoY Change -45.68% -2.14%
Gross Profit $701.0M -$1.459B
YoY Change -148.05% -236.23%
Gross Profit Margin 21.68% -45.54%
Selling, General & Admin $239.0M $224.0M
YoY Change 6.7% -8.57%
% of Gross Profit 34.09%
Research & Development $32.00M $68.00M
YoY Change -52.94% 36.0%
% of Gross Profit 4.56%
Depreciation & Amortization $313.0M $320.0M
YoY Change -2.19% -8.57%
% of Gross Profit 44.65%
Operating Expenses $271.0M $292.0M
YoY Change -7.19% -1.02%
Operating Profit $283.0M -$1.751B
YoY Change -116.16% -325.64%
Interest Expense $124.0M $124.0M
YoY Change 0.0% 18.1%
% of Operating Profit 43.82%
Other Income/Expense, Net $17.00M $5.000M
YoY Change 240.0% -200.0%
Pretax Income $176.0M $282.0M
YoY Change -37.59% 36.23%
Income Tax $123.0M $75.00M
% Of Pretax Income 69.89% 26.6%
Net Earnings $135.0M $140.0M
YoY Change -3.57% 1.45%
Net Earnings / Revenue 4.17% 4.37%
Basic Earnings Per Share $0.27 $0.30
Diluted Earnings Per Share $0.27 $0.30
COMMON SHARES
Basic Shares Outstanding 438.0M shares 1.222B shares
Diluted Shares Outstanding 452.0M shares 1.237B shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.929B $1.311B
YoY Change 47.14% 10.82%
Cash & Equivalents $1.929B $1.311B
Short-Term Investments
Other Short-Term Assets $637.0M $1.112B
YoY Change -42.72% 20.22%
Inventory $3.438B $3.160B
Prepaid Expenses
Receivables $1.595B $1.558B
Other Receivables $494.0M $688.0M
Total Short-Term Assets $8.093B $7.829B
YoY Change 3.37% 5.98%
LONG-TERM ASSETS
Property, Plant & Equipment $15.02B $15.27B
YoY Change -1.68% -13.27%
Goodwill $5.396B $5.232B
YoY Change 3.13% 52.31%
Intangibles
YoY Change
Long-Term Investments $1.466B $1.952B
YoY Change -24.9% -1.36%
Other Assets $3.415B $3.806B
YoY Change -10.27% 43.41%
Total Long-Term Assets $28.05B $28.76B
YoY Change -2.48% -0.57%
TOTAL ASSETS
Total Short-Term Assets $8.093B $7.829B
Total Long-Term Assets $28.05B $28.76B
Total Assets $36.14B $36.59B
YoY Change -1.22% 0.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.665B $3.009B
YoY Change -11.43% -0.46%
Accrued Expenses $810.0M $802.0M
YoY Change 1.0% -14.41%
Deferred Revenue
YoY Change
Short-Term Debt $33.00M $50.00M
YoY Change -34.0% -85.96%
Long-Term Debt Due $26.00M
YoY Change -70.11%
Total Short-Term Liabilities $5.488B $5.206B
YoY Change 5.42% -10.89%
LONG-TERM LIABILITIES
Long-Term Debt $8.278B $8.713B
YoY Change -4.99% 14.46%
Other Long-Term Liabilities $7.844B $8.030B
YoY Change -2.32% 178.34%
Total Long-Term Liabilities $16.12B $16.74B
YoY Change -3.71% 480.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.488B $5.206B
Total Long-Term Liabilities $16.12B $16.74B
Total Liabilities $21.61B $21.95B
YoY Change -1.54% 1.6%
SHAREHOLDERS EQUITY
Retained Earnings $8.871B $9.605B
YoY Change -7.64% 4.82%
Common Stock $1.391B $1.304B
YoY Change 6.67% 2.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.647B $2.834B
YoY Change -6.6% -13.47%
Treasury Stock Shares
Shareholders Equity $12.34B $12.31B
YoY Change
Total Liabilities & Shareholders Equity $36.14B $36.59B
YoY Change -1.22% 0.77%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $135.0M $140.0M
YoY Change -3.57% 1.45%
Depreciation, Depletion And Amortization $313.0M $320.0M
YoY Change -2.19% -8.57%
Cash From Operating Activities $332.0M $472.0M
YoY Change -29.66% -8.88%
INVESTING ACTIVITIES
Capital Expenditures -$277.0M -$267.0M
YoY Change 3.75% 3.49%
Acquisitions
YoY Change
Other Investing Activities $588.0M $47.00M
YoY Change 1151.06% -267.86%
Cash From Investing Activities $311.0M -$220.0M
YoY Change -241.36% -23.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0M -133.0M
YoY Change -24.81% -147.33%
NET CHANGE
Cash From Operating Activities 332.0M 472.0M
Cash From Investing Activities 311.0M -220.0M
Cash From Financing Activities -100.0M -133.0M
Net Change In Cash 543.0M 119.0M
YoY Change 356.3% -76.8%
FREE CASH FLOW
Cash From Operating Activities $332.0M $472.0M
Capital Expenditures -$277.0M -$267.0M
Free Cash Flow $609.0M $739.0M
YoY Change -17.59% -4.77%

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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
77000000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
118000000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10000000
CY2016Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
30000000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000 shares
CY2016Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
34000000
CY2016Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
5000000
CY2016Q2 us-gaap Translation Adjustment Functional To Reporting Currency Increase Decrease Gross Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyIncreaseDecreaseGrossOfTax
6000000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
28000000 shares
CY2016Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
17000000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
330000000
CY2016Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-15000000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
152000000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5295000000
CY2016Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2000000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1356000000 shares
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
286000000
CY2016Q2 us-gaap Restructuring Charges
RestructuringCharges
23000000
CY2016Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-8000000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1315000000 shares
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
39000000
CY2016Q2 us-gaap Profit Loss
ProfitLoss
178000000
CY2016Q2 aa Segment Reporting Information Income Tax Expenses Benefits
SegmentReportingInformationIncomeTaxExpensesBenefits
173000000
CY2016Q2 aa Incremental Common Shares Attributable To Mandatory Convertible Preferred Stock Dividends
IncrementalCommonSharesAttributableToMandatoryConvertiblePreferredStockDividends
0 shares
CY2016Q2 aa Foreign Currency Transaction Gain Loss After Tax
ForeignCurrencyTransactionGainLossAfterTax
9000000
CY2016Q2 aa Segment Reporting Information Depreciation Depletion And Amortization Expenses
SegmentReportingInformationDepreciationDepletionAndAmortizationExpenses
296000000
CY2016Q2 aa Restructuring And Other Charges After Tax And Noncontrolling Interests
RestructuringAndOtherChargesAfterTaxAndNoncontrollingInterests
16000000
CY2016Q2 aa Segment Reporting Information Profits Losses
SegmentReportingInformationProfitsLosses
444000000
CY2016Q2 aa Segment Reporting Information Metal Price Increase Decrease
SegmentReportingInformationMetalPriceIncreaseDecrease
-7000000
CY2016Q2 aa Proceeds From Sale Of Life Insurance Policies
ProceedsFromSaleOfLifeInsurancePolicies
223000000

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