Howmet Aerospace reported Fastening Systems revenue dropped 20% to $262 million in the second quarter of 2021 driven by COVID-19 and Boeing 787 production declines, partly offset by growth in the commercial transportation and industrial markets.

Segment operating profit declined 29% to $50 million, hurt by volume declines in the commercial aerospace market. Segment operating profit margin decreased 240 basis points to 19.1%.

“We continue to expect the commercial aerospace recovery to begin in the second half 2021, led by Engine Products, followed by Engineered Structures, with Fastening Systems lagging by approximately six months,” stated CEO John Plant.

Consolidated revenue dipped 5% to $1.2 billion, down only 5% year over year, with income from continuing operations down 11.9% to $74 million. Operating income, however jumped 180% to $207 million due to growth in the commercial transportation and industrial markets, variable and fixed cost reductions, and favorable product pricing. Web: Howmet.com