Howmet Aerospace Inc. (NYSE:HWM) just released its latest first-quarter results and things are looking bullish. Howmet Aerospace beat earnings, with revenues hitting US$1.8b, ahead of expectations, and statutory earnings per share outperforming analyst reckonings by a solid 14%. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

View our latest analysis for Howmet Aerospace

After the latest results, the 17 analysts covering Howmet Aerospace are now predicting revenues of US$7.35b in 2024. If met, this would reflect a credible 7.1% improvement in revenue compared to the last 12 months. Per-share earnings are expected to ascend 13% to US$2.37. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$7.15b and earnings per share (EPS) of US$2.20 in 2024. It looks like there's been a modest increase in sentiment following the latest results, withthe analysts becoming a bit more optimistic in their predictions for both revenues and earnings.

With these upgrades, we're not surprised to see that the analysts have lifted their price target 12% to US$80.42per share. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. The most optimistic Howmet Aerospace analyst has a price target of US$100.00 per share, while the most pessimistic values it at US$53.00. As you can see, analysts are not all in agreement on the stock's future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable.

Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. One thing stands out from these estimates, which is that Howmet Aerospace is forecast to grow faster in the future than it has in the past, with revenues expected to display 9.6% annualised growth until the end of 2024. If achieved, this would be a much better result than the 10% annual decline over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in the industry are forecast to see their revenue grow 2.3% per year. Not only are Howmet Aerospace's revenues expected to improve, it seems that the analysts are also expecting it to grow faster than the wider industry.

The Bottom Line

The biggest takeaway for us is the consensus earnings per share upgrade, which suggests a clear improvement in sentiment around Howmet Aerospace's earnings potential next year. Pleasantly, they also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow faster than the wider industry. There was also a nice increase in the price target, with the analysts clearly feeling that the intrinsic value of the business is improving.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At Simply Wall St, we have a full range of analyst estimates for Howmet Aerospace going out to 2026, and you can see them free on our platform here..

Plus, you should also learn about the 2 warning signs we've spotted with Howmet Aerospace .

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.