Constellium reports 18% increase in adjusted EBITDA in Q3; shipments up 4% YoY

Constellium reported results for the third quarter ended September 30, 2019.

For the third quarter of 2019, the company reported shipments of 395,000 tonnes, up 4% year-on-year due to higher shipments in the Packaging and Automotive Rolled Products segment, partially due to the consolidation of Bowling Green.

Revenue increased by 2% to €1.5 billion, primarily due to the consolidation of Bowling Green and improved price and mix, partially offset by lower metal prices. Net income stood at €1 million, from €217 million last year. Adjusted EBITDA rose 18% to €139 million on improved results in the Packaging and Automotive Rolled Products and the Aerospace and Transportation segments.

For the first nine months of 2019, shipments were up 5% YoY to 1.2 million tonnes. Revenue came in at €4.5 billion, a 6% increase YoY. Net income decreased to €42 million. Adjusted EBITDA stood at €441 million, with a YoY increase of 12%.

In Packaging and Automotive Rolled Products (P&ARP) segment, shipments increased 7% YoY to 277,000 tonnes in Q3. Revenue stood at €789 million, up 1%. Adjusted EBITDA increased due to increased shipments and favourable metal costs, partially offset by incremental costs from the ramp up of our automotive programs.

For the first nine months of 2019, adjusted EBITDA increased to €210 million. Shipments rose to 842, 000 tonnes. Revenue was €2.4 billion, an increase of 5%.

In Aerospace and Transportation (A&T) segment, third quarter Adjusted EBITDA increased on improved price and mix, partially offset by higher costs. Shipments declined to 57,000 tonnes. Revenue stood at €351 million.

For the first nine months of 2019, Adjusted EBITDA was €159 million. Shipments were 186,000 tonnes. Revenue came in at €1.1 billion.

In Automotive Structures and Industry (AS&I) segment, third quarter Adjusted EBITDA decreased on higher costs related to the company’s footprint expansion and operational challenges on some of newer automotive programs. Shipments were 61,000 tonnes. Revenue increased 5% to €336 million.

For the first nine months of 2019, adjusted EBITDA stood at €85 million. Shipments were 193,000 tonnes. Revenue increased to €1.0 billion due to improved price and mix, partially offset by lower metal prices.

Constellium expects Adjusted EBITDA growth of 12% to 14% in 2019 and over €700 million of Adjusted EBITDA in 2022.

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