The company expects commercial aerospace wide body demand to grow faster than narrow body demand on a production percentage basis.

Quality control issues at Boeing are expected to negatively impact narrow body and wide body production rates in the near term. The timing and level of future aircraft builds by original equipment manufacturers are subject to changes and uncertainties, which may cause our future results to differ from prior periods.

The Company continues to evaluate whether, when, and to what extent it may access capital markets, including any plans to refinance the 6.875% Notes due May 2025.

The Engine Products segment absorbed approximately 315 net headcount in the second quarter of 2024, in support of expected revenue increases.

Howmet and the United Autoworkers at our Cleveland, Ohio location approved a new five-year collective bargaining agreement, covering approximately 750 employees within our Engineered Structures and Forged Wheels segments.

Corporate expense decreased $13, or 38%, in the second quarter of 2024 compared to the second quarter of 2023, primarily due to lower costs associated with closures, supply chain disruptions, and other items of $10, lower costs related to the collective bargaining agreement negotiations of $7.

Quality control issues at Boeing are expected to negatively impact narrow body and wide body production rates in the near term. Boeing production levels have a material impact on the financial performance of Howmet.

The company faces geopolitical, economic, and regulatory risks relating to Howmet's global operations, including geopolitical and diplomatic tensions, instabilities, conflicts and wars, as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations.

The company is subject to the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation, which can expose Howmet to substantial costs and liabilities.

Howmet is a global leader in lightweight metals engineering and manufacturing. Howmet's innovative, multi-material products are used worldwide in the aerospace, commercial transportation, and industrial and other markets.

The increase in sales was primarily due to higher volumes in the commercial aerospace, defense aerospace, and industrial and other markets, and favorable product pricing.

In 2024, as compared to 2023, demand in the commercial aerospace, defense aerospace, oil and gas, and industrial gas turbine markets is expected to increase.

COGS as a percentage of sales decreased to 68.5% in Q2 2024 from 72.6% in Q2 2023 and 69.6% for the six months ended June 30, 2024, due to higher volumes and favorable product pricing.

The increase of $9, or 10%, in the second quarter of 2024 and $22, or 13% in the six months ended June 30, 2024 was primarily due to higher employment costs.

Corporate expense decreased $13, or 38%, in the second quarter of 2024 compared to the second quarter of 2023, primarily due to lower costs associated with closures, supply chain disruptions, and other items of $10, lower costs related to the collective bargaining agreement negotiations of $7.

There is no specific discussion of R&D investments, technological capabilities, digital transformation efforts, or intellectual property position in this 10-Q.

On July 30, 2024, the Company's Board of Directors authorized a $2,000 million increase to the Share Repurchase Program, which, together with the remaining authorization of approximately $487 million, results in a Share Repurchase Program of up to approximately $2,487 million of the Company's outstanding common stock.

On July 30, 2024, the Company's Board of Directors declared a dividend of $0.08 per share on its common stock to be paid on August 26, 2024 to holders of record as of the close of business on August 9, 2024. The quarterly dividend represents a 60% increase from the second quarter 2024 dividend of $0.05 per share.

The company completed the early redemption of all the remaining outstanding principal amount of $205 of its 5.125% Notes and repurchased approximately $23 aggregate principal amount of its 6.875% Notes.

There is no specific discussion of environmental commitments, social responsibility initiatives, governance practices, or sustainability risks and opportunities in this 10-Q.

Aircraft production in the commercial aerospace industry continues to recover based on increases in demand for narrow body and wide body aircraft.

Quality control issues at Boeing are expected to negatively impact narrow body and wide body production rates in the near term.

In 2024, as compared to 2023, demand in the commercial aerospace, defense aerospace, oil and gas, and industrial gas turbine markets is expected to increase.