Methods for manufacturing components that include casting a first melt to produce an ingot, remelting the ingot to form a second melt, forming a powder from the second melt using an atomization process, and fabricating a component utilizing the powder in an additive manufacturing process. The ingot and the powder include an aluminum matrix that contains dispersions of TiB2 particles and Al3Ti particles and the component is a metal matrix composite having an aluminum matrix that contains dispersions of TiB2 particles and Al3Ti particles. Optionally, the metal matrix composite may include particles of an intermetallic compound of aluminum and at least one alloying element.