Howmet Aerospace Inc. (NYSE:HWM) Jefferies Industrials Conference September 4, 2025 9:30 AM EDT
Company Participants
John Plant – Executive Chairman & CEO
Conference Call Participants
Sheila Kahyaoglu – Jefferies LLC, Research Division
Presentation
Sheila Kahyaoglu
Managing Director in Equity Research
Good morning, everyone. My name is Sheila Kahyaoglu with the Jefferies Aerospace and Defense Equity Research team. So thank you, Howmet, for being here. John Plant, in case you don’t know, Chairman and CEO; Ken Giacobbe, who’s over there, sitting shyly is the EVP and CFO; and PT, who keeps us at bay when we’re out of control. So thank you, John, for being here.
Question-and-Answer Session
Sheila Kahyaoglu
Jefferies LLC, Research Division
John, you’ve done a fabulous job when it comes to Howmet. There was one interesting contrast in the second quarter results, where many suppliers, including yourself, saw an inventory destocking, but Howmet’s commercial OE business still grew low single digits unlike many. So in large part because of the actions you’ve taken over the past year, are you seeing any sense of shift from your OEM customers? And how do you think you’re keeping — how are you thinking about supply chain levels and production?
John Plant
Executive Chairman & CEO
So I think you start off with where did we see the destocking occur and that really was a continuing theme from the first quarter where I think Boeing were trying to slim their balance sheet and understandably so given the fact that maybe for the last now, maybe 2 years, they’ve aspired to build at rate 38. And we’re taking parts of, I’d say, close to that rate where it was applicable in terms of the ERP system. But if they weren’t building, then clearly, they’ve built up a bank of parts. And post the capital raise, I think they really did want to
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