Finance
Constellium SE (NYSE: CSTM) today reported results for the fourth quarter and full year ended December 31, 2022.
Fourth quarter 2022 highlights:
- Shipments of 368 thousand metric tons, down 5% compared to Q4 2021
- Revenue of €1.8 billion, up 8% compared to Q4 2021
- Value-Added Revenue (VAR) of €696 million, up 18% compared to Q4 2021
- Net income of €30 million compared to net income of €7 million in Q4 2021
- Adjusted EBITDA of €148 million, up 1% compared to Q4 2021
- Cash from Operations of €128 million and Free Cash Flow of €22 million
Full year 2022 highlights:
- Shipments of 1.6 million metric tons, up 1% compared to 2021
- Revenue of €8.1 billion, up 32% compared to 2021
- VAR of €2.7 billion, up 21% compared to 2021
- Net income of €308 million compared to net income of €262 million in 2021
- Adjusted EBITDA of €673 million, up 16% compared to 2021
- Cash from Operations of €451 million and Free Cash Flow of €182 million
- Return on Invested Capital (ROIC) of 11.0%, up 120 bps compared to 2021
- Net debt / LTM Adjusted EBITDA of 2.8x at December 31, 2022
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered strong results in 2022, and I want to thank each of our 12,500 employees for their commitment and relentless focus on safety and serving our customers. 2022 was a year full of challenges including significant inflationary pressures and continuing supply chain disruptions. Despite these challenges, we achieved record Adjusted EBITDA of €673 million, including record results in both A&T and AS&I, generated record Free Cash Flow of €182 million and reduced our leverage to 2.8x.”