Finance
Constellium N.V. (NYSE and Euronext Paris: CSTM) today reported results for third quarter ended September 30, 2017.
- Shipments of 374 thousand metric tons, down 1% compared to Q3 2016; Automotive shipments up 32% compared to Q3 2016
- Revenue of €1.3 billion, up 7% compared to Q3 2016 on higher aluminium prices
- Net income of €21 million compared to €15 million in Q3 2016
- Adjusted EBITDA of €111 million, up 15% from Q3 2016; YTD 2017 Adjusted EBITDA up 12% from YTD 2016
- Significant improvement in Free Cash Flow compared to YTD 2016
- “Project 2019” initiatives progressing; YTD run-rate cost savings of €15 million achieved
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered another quarter of strong performance. Automotive Structures and Industry reported record third quarter Adjusted EBITDA on solid operational performance and continued strong demand. Aerospace and Transportation built on the momentum of the first half and delivered substantially improved results. Packaging and Automotive Rolled Products results were comparable to the prior year despite continued incremental costs from our automotive readiness program in the U.S. On ‘Project 2019’, I am pleased with the progress that we have made and believe that we have substantial opportunities remaining.”
Mr. Germain continued, “Given our year-to-date performance and our current outlook, we are increasing our guidance for Adjusted EBITDA growth in 2017 to around 13%. This performance is another meaningful step toward achieving our guidance of over €500 million of Adjusted EBITDA in 2020. Our focus remains on delivering on our strategy and increasing value for our shareholders.”
Forward Looking Statement
Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. These risks and uncertainties include, but are not limited to, the ability of Constellium and Wise Metals to achieve expected synergies and the timing thereof, Constellium’s increased levels of indebtedness which could limit Constellium’s operating flexibility and opportunities; the potential failure to retain key employees, the loss of customers, suppliers and other business relationships; disruptions to business operations; slower or lower than expected growth in the North American market for Body-in-White aluminium rolled products, and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.