Howmet Aerospace reported Fastening Systems revenue increased 26% to $360 million in the final quarter of 2023 due to growth in the commercial aerospace market, including emerging wide body aircraft recovery, and the commercial transportation market.

Fastening Systems adjusted EBITDA rose 38% to $80 million, driven by favorable volume in the commercial aerospace and commercial transportation markets. Margin increased approximately 180 basis points year over year to 22.2%.

The segment absorbed approximately 50 net headcount in the quarter and approximately 435 net headcount in full year 2023 in support of expected revenue increases.

Full-year Fastening Systems revenue grew 21% to $1.3 billion. Segment adjusted EBITDA gained 19% to $278 million, with margin dropped 30 basis points to 20.6%.

Consolidated Howmet Aerospace revenue improved 14% to 1.7 billion in Q4, driven by a 22% increase in commercial aerospace business. Net income more than doubled to $236 million, with an operating income margin of 18.8%.

Full-year consolidated revenue rose 17% to $6.6 billion, with net income improving to $765 million. Web: howmet.com