Howmet Aerospace
Howmet Aerospace Inc. is an American manufacturing company that develops and produces advanced engineered metal products primarily for the aerospace, defense, and commercial transportation sectors.[1] Headquartered in Pittsburgh, Pennsylvania, it specializes in components such as investment castings, forgings, fasteners, seamless rolled rings, and titanium structures used in jet engines, airframes, and industrial gas turbines.[2] The company traces its origins to innovations in the mid-20th century, including the invention of the first forged aluminum truck wheel in 1948 and early advancements in investment casting processes starting around 1951.[3][4] Howmet Aerospace emerged as an independent entity on April 1, 2020, following its spin-off from Arconic Inc., which itself had roots in Alcoa Corporation's operations in lightweight metals and aerospace components.[5] Its product portfolio includes airfoils, disks, coatings, and fastening systems designed to enhance fuel efficiency, reduce emissions, and improve performance in high-stress environments like aero engines and ground transportation.[6][7] The firm operates globally, with facilities in the United States, Europe, and Asia, serving major aircraft and engine manufacturers through vertically integrated manufacturing processes.[8] Notable for its focus on materials like titanium, nickel superalloys, and aluminum, Howmet has established leadership in enabling lighter, more durable aerospace solutions amid demands for sustainable aviation technologies.[9]Corporate History
Founding and Early Innovations
In 1951, a group of engineers from the Detroit-based Michigan Steel Casting Corporation founded the Michigan Investment Casting Company (MISCO) in Whitehall, Michigan, starting with 26 employees and focusing on precision casting techniques.[4] This venture marked the origins of the casting operations that would evolve into Howmet Corporation's core aerospace business, initially targeting complex metal components for emerging jet engine technologies.[4][10] Early efforts centered on refining the lost-wax investment casting process, particularly the monolithic shell method, where wax patterns were coated in ceramic slurry to create durable molds.[4] After firing to remove the wax and harden the shell, molten alloys—such as superalloys and titanium—were poured into the cavity, yielding intricate parts with superior strength and heat resistance unattainable through traditional sand casting.[4] This innovation enabled the production of high-performance components like turbine blades and vanes, critical for gas turbine engines operating under extreme temperatures and stresses.[10] By the 1960s, these advancements had propelled MISCO's successor entities to supply superalloy castings for advanced aircraft engines, including those in the F-15 and F-16 fighters during the 1970s.[10] Howmet's emphasis on titanium and superalloy investment casting established it as a pioneer in aerospace manufacturing, prioritizing material integrity and geometric precision to meet demanding propulsion requirements.[10][4]Acquisition by Alcoa and Integration
In March 2000, Alcoa Inc. announced its agreement to acquire Cordant Technologies Inc., Howmet International's parent company, in a stock-for-stock transaction valued at approximately $2.9 billion, aiming to gain control of Howmet's leading position in investment castings for aerospace applications.[11] As part of the deal, Alcoa launched a cash tender offer of $20 per share for the remaining public shares of Howmet International, which Cordant did not fully own, to consolidate ownership following regulatory approvals.[12] The acquisition was completed on June 20, 2000, integrating Howmet's operations—focused on precision casting of superalloys for jet engine airfoils, structural components, and other high-performance parts—into Alcoa's portfolio.[13] The strategic rationale centered on expanding Alcoa's aerospace capabilities beyond aluminum into titanium and nickel-based alloys, where Howmet held a dominant market share in investment casting processes essential for turbine engines and airframes.[14] Post-acquisition, Howmet's facilities and technologies were incorporated into Alcoa's Industrial Components division, enabling synergies in multi-material solutions for customers like General Electric and Pratt & Whitney, while leveraging Alcoa's global supply chain for enhanced production scale.[15] This integration diversified Alcoa's revenue streams, with aerospace sales growing through combined expertise in forging, extrusion, and casting, though it required harmonizing Howmet's specialized workforce and processes with Alcoa's broader manufacturing standards.[15] By 2004, Howmet's assets contributed to the formation of Alcoa's Engineered Structures business unit, further streamlining operations and fostering innovation in lightweight, high-strength components amid rising demand for fuel-efficient aircraft.[16] The merger faced initial scrutiny from antitrust regulators, including the European Commission, which approved it in May 2000 after assessing minimal competitive overlap in superalloy castings.[14] Overall, the acquisition bolstered Alcoa's position as a tier-one supplier, with Howmet's annual revenues exceeding $1 billion at the time, supporting long-term growth in engineered products that later evolved into distinct segments.[11]Spin-Offs from Arconic and Independence
In February 2020, the board of directors of Arconic Inc. approved the separation of the company into two independent entities: one focused on engineered products and forgings, and the other on global rolled products.[17] The separation aimed to allow each business to pursue distinct strategies tailored to their markets, with the engineered products segment retaining the legacy operations in aerospace components, fastening systems, and forged wheels.[17] The transaction was structured as a spin-off of the global rolled products business, which became Arconic Corporation, while Arconic Inc. was renamed Howmet Aerospace Inc.[18] Arconic Inc. shareholders of record as of March 19, 2020, received one share of Arconic Corporation common stock for every three shares of Arconic Inc. held, on a tax-free basis to shareholders.[19] The separation was completed effective April 1, 2020, prior to the opening of the New York Stock Exchange, marking Howmet Aerospace's launch as a standalone public company trading under the ticker symbol HWM.[18][20] This spin-off represented Howmet Aerospace's full independence from its origins within Alcoa Inc., which had separated into Arconic Inc. and Alcoa Corporation in 2016.[21] Retaining core capabilities in investment castings, forgings, and fasteners—stemming from Alcoa's 2000 acquisition of Howmet International—enabled Howmet to concentrate on high-value aerospace and industrial applications without the diversification pressures of rolled aluminum products.[22] As of the separation, Howmet Aerospace operated with approximately 19,000 employees and reported 2019 revenues of $5.5 billion from its engineered solutions segments.[18]Business Segments and Products
Engine Products Division
The Engine Products Division (EPD) of Howmet Aerospace manufactures specialized components essential for aircraft engines and industrial gas turbines, leveraging advanced metallurgical processes to produce high-temperature-resistant parts that enhance engine efficiency and durability.[3] These components are critical for enabling quieter, more fuel-efficient propulsion systems in commercial aviation, defense applications, and power generation.[3] Key products include investment-cast airfoils such as turbine blades and vanes, seamless rolled rings, forged disks, and structural forgings, often made from vacuum-melted superalloys to withstand extreme operating conditions.[3] [6] The division employs proprietary technologies like precision investment casting, performance coatings for hot sections, machining, and hot isostatic pressing to achieve superior material integrity and performance, positioning Howmet as a leading supplier in single-crystal and directionally solidified airfoil production.[3] [23] EPD serves original equipment manufacturers (OEMs) in the commercial aerospace, defense, and industrial gas turbine sectors, supplying parts for jet engines and aftermarket spares amid rising aircraft production and fleet utilization.[24] Growth is driven by demand for next-generation engines focused on sustainability, with the segment benefiting from long-term contracts and underbuilt inventories at OEMs.[25] In the second quarter of 2025, EPD generated $1.1 billion in revenue, reflecting a 13% year-over-year increase attributed to commercial aerospace expansion, defense programs, and industrial gas turbine recovery.[24] This performance underscores the division's high-margin profile, supported by decades of expertise in complex manufacturing and a global footprint of facilities specializing in casting and forging.[26]Fastening Systems
Howmet Fastening Systems serves as a core business segment of Howmet Aerospace, specializing in the design, development, and manufacture of precision-engineered fasteners, latches, fluid fittings, bearings, and installation tools for aerospace and industrial applications. Established with a legacy dating to the 1930s, the segment has built a reputation as a global leader in providing high-strength, vibration-resistant fastening solutions that secure aircraft components from nose to tail, including structures on commercial and military fixed-wing and rotary-wing platforms, jet engines, and spacecraft.[7][27] The product portfolio encompasses a wide array of categories tailored for demanding environments, such as blind bolts and rivets for inaccessible joints, lockbolts for high-fatigue structural connections, bolts and screws in materials like alloy steel, corrosion-resistant steel, Inconel 718, Waspaloy, titanium, and other superalloys, as well as nuts, panel fasteners (including captive screws and 1/4-turn variants), pin systems, inserts, studs, latching systems, and specialty items like the ASP (Adjustable Sustained Preload) fasteners designed for composites and soft-core materials.[7][28][29] Fluid products and thread roll/header tooling complement these, enabling reliable assembly in high-vibration and extreme-temperature conditions. Installation tools ensure precise application, supporting efficiency in manufacturing and maintenance. These solutions extend to industrial uses in commercial transportation, renewable energy (e.g., wind turbines and solar), and heavy equipment.[7][27] Innovations within the segment emphasize enhanced performance for modern aircraft, including proprietary technologies for lightweight composite fastening to reduce weight and support sustainable aviation, such as Flite-Tite® systems providing lightning strike protection. Recent advancements include self-forming thread blind fasteners with sleeve-and-pin designs for improved joint integrity in dissimilar materials, and vibration-resistant lockbolt systems optimized for fatigue life.[27][30][31] The segment operates 21 manufacturing plants and two dedicated R&D facilities worldwide, focusing on precision engineering to meet aerospace certification standards.[27] In 2024, Fastening Systems generated $1.6 billion in revenue, reflecting a 17% increase from the prior year, driven primarily by demand in commercial aerospace (64% of segment revenue), followed by defense (10%), industrial/other (16%), and commercial transport (10%).[32][27] This growth underscores the segment's role in supplying critical components to major airframe and engine manufacturers amid rising production rates for widebody and narrowbody aircraft.[32]Engineered Structures and Other Solutions
The Engineered Structures segment of Howmet Aerospace specializes in the production of high-performance, lightweight multi-material components and assemblies for airframe structures and defense applications. These solutions emphasize advanced metallurgy and engineering to deliver lighter, stronger, and more cost-effective products suited for extreme operational conditions. The segment maintains vertical integration from material production through final machining and assembly, enabling precise control over quality and supply chain efficiency.[27][33] Key products encompass titanium ingots, mill products (including billets, bars, plates, and sheets), aluminum and nickel-based forgings, extrusions, and precision-machined structural components such as seat tracks, door frames, engine pylons, wing ribs, and bulkheads. The segment also produces electromechanical assemblies and specialty metal parts using materials like stainless steel and nickel alloys. Forging capabilities include high-tonnage conventional and isothermal presses, complemented by in-house melting, heat treatment, and revert processing for material recycling.[33][6] Manufacturing processes feature CNC machining, system assembly, and advanced engineering techniques certified under NADCAP and AS9100 standards, ensuring compliance with aerospace quality requirements. These vertically integrated operations support the development of multi-material solutions that enhance fuel efficiency and structural integrity in aircraft and defense systems. For instance, titanium extrusions and forgings are utilized in airframe components to reduce weight while maintaining durability.[33][6] The segment serves commercial aerospace (73% of revenue), defense aerospace (22%), and industrial applications (5%), including satellites and land-based radar systems. In 2024, it generated $1.1 billion in revenue, reflecting demand for defense structures and productivity improvements. Operations span 10 manufacturing facilities across the United States, Canada, and the United Kingdom, plus a dedicated research and development center focused on metallurgical advancements. Howmet's historical contributions include inventing over 90% of aluminum alloys used in modern aerospace structures.[27][6]Operations and Global Reach
Manufacturing Facilities and Supply Chain
Howmet Aerospace maintains manufacturing facilities across 13 countries, including Australia, Canada, China, the Czech Republic, France, Germany, Hungary, Japan, Mexico, Morocco, the Netherlands, the United Kingdom, and the United States, enabling localized production of precision-engineered components such as investment castings, forgings, and fastening systems.[34] In the United States, operations extend to 15 states, with key sites supporting core processes like airfoil manufacturing and titanium structural machining, headquartered at 201 Isabella Street in Pittsburgh, Pennsylvania.[35][36] Specialized facilities underscore segment-specific capabilities: the Engine Products division operates casting and machining sites in Canada (e.g., Laval, Quebec, for aluminum investment castings), China, the Czech Republic, France, Germany, Hungary, Japan, and Mexico; Fastening Systems includes production in Australia (Melbourne) and multiple U.S. locations such as Tucson, Arizona, for blind bolts and rivets; while Engineered Structures features assembly operations in Canada.[37][38][33] Recent expansions include capacity increases for engine airfoils, with new facilities in Michigan and Kentucky slated to activate in late 2025 to meet rising demand from commercial aerospace recovery.[39][40] The company's supply chain emphasizes sustainability and risk mitigation through the Global Supplier Sustainability Program, which conducts third-party ESG assessments of key suppliers, requiring adherence to a Supplier Code of Conduct with a minimum score of 40 in environment, labor/human rights, and ethics domains.[41] Contractual terms enforce these standards, aligned with International Aerospace Environmental Group protocols for shared industry evaluations, while underperforming suppliers face corrective action plans or termination.[41] In 2024, Howmet increased capital expenditures to $321 million, including workforce growth of 1,205 in Engine Products, to bolster capacity amid easing constraints, though vulnerabilities persist from potential disruptions, cyber threats, and tariff fluctuations impacting raw material flows and North American markets.[39][42] This framework supports reliable delivery to major customers like Boeing and Lockheed Martin, with spares comprising 17% of 2024 revenue.[39][43]Key Markets and Customer Base
Howmet Aerospace primarily serves the commercial aerospace market, which accounts for the majority of its revenue through components for jet engines, airframes, and fastening systems used in passenger and cargo aircraft. This segment benefits from rising demand for fuel-efficient aircraft amid global air travel recovery, with sales growth driven by original equipment manufacturer (OEM) production and aftermarket spares.[39][24] In 2025, commercial aerospace sales increased by approximately 8% year-over-year, reflecting higher build rates at major airframers.[44] The defense aerospace market represents a significant and growing portion of Howmet's business, supplying critical engineered structures, fasteners, and engine products for military aircraft and programs such as the F-35 Joint Strike Fighter. Defense sales rose 21% in recent quarters, supported by sustained U.S. Department of Defense budgets and international procurements.[45][44] Howmet's turbine blades and structural components are integral to high-performance military engines, contributing to its leadership in this sector.[27] Additional markets include industrial gas turbines (IGT) for power generation and emerging data center applications, where Howmet provides blades and forgings for efficient energy production. This segment saw 17% sales growth in 2025, fueled by demand for reliable power amid electrification trends.[39][44] While transportation products like forged wheels serve commercial trucks, they constitute a minor share compared to aerospace dominance.[8] Key customers encompass leading OEMs such as Boeing and Airbus for airframe fasteners and structures, as well as engine manufacturers including GE Aerospace, Pratt & Whitney (a RTX subsidiary), and Rolls-Royce for turbine components.[45] Defense contracts involve direct supply to programs like the F-35, often through prime contractors.[45] Howmet's customer base is concentrated among Tier 1 suppliers, with long-term agreements ensuring stable demand but exposing it to OEM production risks.[25]Technological Capabilities and R&D
Howmet Aerospace maintains advanced capabilities in engineered metal products, specializing in components that enhance aerospace efficiency through lightweighting and durability. The company produces over 90% of structural and rotating aero engine components, including investment castings such as turbine airfoils, seamless rolled rings, forgings, and titanium extrusions.[6] These technologies enable the creation of high-performance parts using materials like vacuum-melted superalloys, titanium, aluminum, and cobalt, processed via methods including casting, forging, extruding, hot forming, machining, performance coatings, and hot isostatic pressing.[3] Key innovations include thermal barrier coatings that improve metal thermal properties for extreme engine environments and Flite-Tite® fasteners offering lightning strike protection for carbon fiber-reinforced aircraft structures.[6] Howmet has contributed to over 90% of aluminum alloys utilized in aerospace applications and supports advanced engines like Pratt & Whitney's geared turbofan through vertically integrated machined solutions for airframes and engines.[6] Multi-material fastening systems and titanium mill products further enable lighter, stronger aircraft designs, reducing fuel consumption and emissions.[25] Research and development efforts emphasize next-generation materials and manufacturing processes, with expenditures totaling $33 million in 2024, down from $36 million in 2023 due to project timing.[25] The company holds approximately 1,170 patents worldwide (950 granted and 220 pending as of 2024), underpinning advancements in turbine airfoils with enhanced cooling for high-temperature operations and lightweight aluminum wheel technologies like MagnaForce® alloy and Dura-Bright® surface treatments.[25] Capital investments of $321 million in 2024 supported capacity expansions, automation, and technology projects, building on historical expertise in additive manufacturing inherited from predecessor entities.[25]Leadership and Governance
Executive Team
Howmet Aerospace's executive leadership is headed by John C. Plant, who has served as Executive Chairman and Chief Executive Officer since October 2021.[46] Plant previously acted as Co-Chief Executive Officer from April 2020 to October 2021 following the spin-off from Arconic.[47] The company's financial operations are overseen by Ken Giacobbe, Executive Vice President and Chief Financial Officer, a position he has held since November 2016.[48] On October 22, 2025, Howmet announced Giacobbe's retirement effective December 31, 2025, after which Patrick Winterlich will assume the role of Executive Vice President and Chief Financial Officer starting December 1, 2025; Winterlich joins from a prior finance leadership position at another industrial firm.[49][50] Key divisional presidents include Merrick Murphy, President of Engine Products, responsible for aero engine and industrial gas turbine components such as airfoils, rings, disks, and forgings;[51] Vagner Finelli, President of Fastening Systems, overseeing aerospace and industrial fasteners, latches, bearings, fluid fittings, and installation tools;[52] and executives supporting administration and commercial functions, such as Neil Marchuk, Executive Vice President and Chief Administration Officer,[53] and Michael "Mike" Chanatry, Vice President and Chief Commercial Officer since April 2018.[54] Legal and compliance leadership features roles like Executive Vice President, Chief Legal Officer, Chief Compliance Officer, and Secretary, held by Lola Lin.[55] The team collectively manages strategic operations across Howmet's core segments, with a focus on aerospace component manufacturing and supply chain efficiency.[56]Board Composition and Strategic Direction
The Board of Directors of Howmet Aerospace comprises 10 members as of May 2025, led by John C. Plant, who serves as Executive Chairman and Chief Executive Officer.[57] Plant, appointed CEO in October 2021, brings extensive experience in manufacturing and aerospace leadership, having previously guided companies like Alcoa and Ingersoll Rand through operational transformations.[58] The board includes a majority of independent directors, such as James F. Albaugh, the Lead Independent Director and former executive at Boeing, providing oversight on governance and risk; Amy E. Alving, with expertise in technology and defense from her roles at DARPA; Sharon R. Barner, focused on sustainability and legal matters from her DuPont tenure; Joseph S. Cantie, a finance specialist and former RTX executive; Robert F. Leduc, with investment and energy sector background; Jody G. Miller, experienced in human resources and compensation; and Ulrich R. Schmidt, contributing European market and industrial insights.[58] [59] This composition ensures a blend of industry-specific knowledge, financial acumen, and strategic advisory capabilities, with standing committees including Audit (chaired by Cantie), Compensation and Benefits (chaired by Albaugh), and Nominating and Governance (chaired by Leduc) to address key oversight functions.[60] Under the board's guidance, Howmet Aerospace's strategic direction emphasizes leveraging core competencies in engineered metal products—particularly for jet engines, fasteners, and structures—to achieve revenue growth exceeding market rates, targeting positions as the number one or two player in over 80% of its segments.[27] The strategy is underpinned by rigorous commercial and operational discipline, including disciplined capital allocation toward high-return investments in proprietary technologies that reduce fuel consumption and emissions in aerospace and transportation applications.[27] For instance, the company supplies over 90% of structural and rotating aero-engine parts globally, capitalizing on rising demand in commercial aerospace, which drove 8% year-over-year revenue growth in Q2 2025.[27] [61] The board oversees initiatives to enhance sustainability and efficiency, such as innovations in Flite-Tite® fasteners and forged wheels, while mitigating risks from aerospace cycles through diversified exposure to defense and commercial transportation.[27] In 2025, this direction supported widened revenue guidance to $8.08–8.18 billion, reflecting confidence in nearshoring and supply chain resilience amid industry recovery.[62] Recent leadership transitions, including the planned CFO change effective December 2025, underscore the board's focus on continuity in executing these priorities.[49] Official filings and company disclosures, as primary sources from SEC requirements, provide verifiable details on this governance structure, though self-reported strategies warrant cross-verification with financial outcomes.[63]Financial Performance and Growth
Historical Revenue and Profit Trends
Howmet Aerospace's revenue experienced a contraction in 2021 amid the COVID-19-induced downturn in commercial air travel, falling to $4.97 billion from $5.26 billion in 2020, before embarking on a robust recovery trajectory.[64] Subsequent years reflected surging demand in commercial aerospace, with revenue climbing 13.9% to $5.66 billion in 2022, 17.25% to $6.64 billion in 2023, and 11.9% to $7.43 billion in 2024, driven by higher production rates from key customers like Boeing and Airbus, improved pricing, and productivity gains.[65] [39] Net income remained relatively stable at approximately $260 million in both 2020 and 2021, reflecting resilience in defense and other segments offsetting commercial weakness.[66] Profitability then accelerated, rising to $469 million in 2022, $765 million in 2023 (a 63.4% increase), and $1.155 billion in 2024 (a 51.1% increase), bolstered by operating leverage from volume growth, cost controls, and favorable product mix shifts toward high-margin engine products.[67] [39]| Year | Revenue ($B) | YoY Growth (%) | Net Income ($M) | YoY Change (%) |
|---|---|---|---|---|
| 2020 | 5.26 | - | 261 | - |
| 2021 | 4.97 | -5.5 | 258 | -1.1 |
| 2022 | 5.66 | +13.9 | 469 | +81.8 |
| 2023 | 6.64 | +17.3 | 765 | +63.1 |
| 2024 | 7.43 | +11.9 | 1,155 | +51.1 |
Recent Financial Results (2020-2025)
Howmet Aerospace's revenue declined slightly to $4.97 billion in 2021 from $5.26 billion in 2020, amid lingering effects of the COVID-19 pandemic on global air travel demand.[69] Recovery accelerated thereafter, with revenue rising to $5.66 billion in 2022 (up 13.9% year-over-year), $6.64 billion in 2023 (up 17.3%), and reaching a record $7.43 billion in 2024 (up 11.9%).[65] This growth reflected robust demand for engineered products in commercial aerospace, particularly jet engine components, alongside contributions from defense and industrial gas turbine markets.[70] Net income held steady at approximately $260 million in both 2020 and 2021 before expanding significantly to $467 million in 2022, $763 million in 2023, and $1.153 billion in 2024.[67] The sharp profitability gains from 2022 onward stemmed from higher volumes, improved pricing, operational efficiencies, and a favorable product mix emphasizing high-margin aerospace fasteners and forgings.[71]| Year | Revenue ($ billions) | Net Income ($ millions) |
|---|---|---|
| 2020 | 5.26 | 260 |
| 2021 | 4.97 | 260 |
| 2022 | 5.66 | 467 |
| 2023 | 6.64 | 763 |
| 2024 | 7.43 | 1,153 |
Investment and Shareholder Value
Howmet Aerospace has prioritized shareholder value through a combination of robust stock price appreciation, modest but growing dividends, and aggressive share repurchases funded by strong free cash flow generation. As of October 2025, the company's market capitalization reached approximately $80 billion, reflecting its position as a leading supplier of engineered components in the recovering aerospace sector.[73] Over the five years ending in 2025, total shareholder return (TSR) delivered 914%, driven primarily by operational leverage from commercial aerospace demand and effective capital allocation, though this outpaced underlying earnings growth amid post-pandemic industry cycles.[74] In 2024 alone, the common stock price rose 102%, surpassing the S&P 500's 23% gain, with TSR components including dividends and buybacks contributing to sustained investor confidence.[39] The firm has maintained a conservative yet progressive dividend policy, paying quarterly cash dividends on its common stock. In 2024, the board increased the quarterly dividend by 25% to $0.10 per share, resulting in an annual payout of approximately $0.40; this was further raised to $0.12 per share effective in 2025 announcements, yielding an annualized dividend of $0.48 at recent stock prices and a trailing yield of about 0.24%.[39] [75] [76] The payout ratio remains low at around 16%, preserving flexibility for reinvestment while signaling financial discipline.[77] Dividends are supplemented by a dividend reinvestment plan allowing shareholders to acquire additional shares without commissions.[78] Share repurchases have been a core element of capital return strategy, with $500 million of common stock bought back in 2024 at prevailing market prices.[39] This program continued into 2025, with $125 million repurchased in the first quarter at an average price of $124.24 per share and $175 million in the second quarter at $142.36 per share, retiring approximately 1.5% of outstanding shares in the first half of the year.[79] [61] These actions, supported by $977 million in 2024 free cash flow, alongside debt reduction, underscore a balanced approach prioritizing accretive returns over excessive leverage.[39] The company's return on equity stood at 29.98% in recent trailing periods, reflecting efficient use of shareholder capital in high-margin Engine Products and Fastening Systems segments.[80]| Quarter Ending | Shares Repurchased ($M) | Average Price per Share |
|---|---|---|
| Jun 30, 2025 | 175 | $142.36 |
| Mar 31, 2025 | 125 | $124.24 |
| Dec 31, 2024 | 190 | N/A |
| Sep 30, 2024 | 100 | N/A |