Constellium reports decrease in shipments and revenue for Q2 and first half of 2024

From Globe Newswire: 2024-07-23 06:00:00

Constellium SE reported second quarter results, with shipments of 378 thousand metric tons, down 5% compared to Q2 2023. Revenue was €1.8 billion, down 8% compared to Q2 2023. Net income was €71 million, and Adjusted EBITDA was €214 million, including a non-cash metal price lag impact of €42 million. Cash from Operations was €152 million, with Free Cash Flow of €75 million. The Company repurchased 1.56 million shares for $32.5 million. For the first half of 2024, shipments were 758 thousand metric tons, down 4% compared to H1 2023. Revenue was €3.5 billion, down 10%, with net income of €88 million. Adjusted EBITDA was €351 million, including a non-cash metal price lag impact of €29 million. Cash from Operations was €206 million, and Free Cash Flow was €67 million. The Company repurchased 1.89 million shares for $39.4 million, with leverage at 2.5x as of June 30, 2024. CEO Jean-Marc Germain stated that despite a challenging market environment and a flood event in Switzerland, the Company delivered solid results. Aerospace demand was strong, while automotive and industrial markets remained weak. The Company is more cautious for the second half of the year and paused its 2024 guidance due to uncertainties related to the flooding impact. Adjusted EBITDA target for 2025 is over €800 million. Segment details for Packaging & Automotive Rolled Products (P&ARP) show shipments of 262 thousand metric tons, down 4% compared to Q2 2023. Revenue was €1.0 billion, down 5%, with Segment Adjusted EBITDA of €64 million, a decrease of 19%. For Aerospace & Transportation (A&T), shipments were 60 thousand metric tons, the same as Q2 2023. Revenue was €452 million, down 3%, with Segment Adjusted EBITDA of €83 million, a decrease of 14%.



Read more at Globe Newswire:: Constellium Reports Second Quarter and First Half 2024