Constellium Reports Third Quarter 2013 Financial Results
Amsterdam, November 14, 2013 – Constellium N.V. (NYSE and NYSE Euronext:CSTM) today reported the following results for the third quarter ended September 30, 2013.
Third Quarter Highlights:
Adjusted EBITDA of €64 million, 64% higher than Q3 2012
Results from all business units ahead of prior year
Market conditions good in aerospace and automotive, canstock market remained stable and packaging segment performed in line with expectations
Cash flow from operations of €80 million and Adjusted Free Cash Flow of €41 million reflected strong operating results and continued control and reduction in working capital
Constellium’s Adjusted EBITDA for Q3 2013 (a seasonally low quarter) was €64 million, which represented an increase of 64% from Q3 2012. Our Q3 2013 performance was supported by favorable demand and improving market share in the automotive sector and also in the aerospace sector in which we have low exposure to spot market and prices.
Our Aerospace & Transportation reporting segment benefitted this quarter from shipments that were deferred during Q2 2013 following annual maintenance work carried out at our Ravenswood facility which was partially offset by brief outages at our Issoire plant (due to exceptional weather conditions) and a less favorable product mix. Our Automotive Structures & Industry reporting segment continued to perform well with higher volumes from automotive, reflecting stronger demand particularly from the European and Chinese markets, being partially offset by lower soft alloys volumes. In our Packaging & Automotive Rolled Products reporting segment, the canstock market remained stable and our foilstock business performed well in Q3 2013.
The year-over-year comparison in Constellium’s Adjusted EBITDA in Q3 2013 also reflects in part a weaker performance in Q3 2012 by our Ravenswood facility in West Virginia, USA, resulting from a halt in production due to an employee strike during negotiations of a new collective bargaining agreement. Adjusted Free Cash Flow for the quarter was €41 million, which represented an increase of €29 million from Q2 2013 but a decrease of €18 million from Q3 2012, mainly reflecting higher capital expenditures in 2013. (...)
Earnings Webcast and Conference Call
Constellium will host a conference call to present the results.
Time: 11:00 a.m. (Eastern Standard Time)
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