Constellium Reports Third Quarter 2019 Results
Amsterdam – October 23, 2019 – Constellium SE (NYSE: CSTM) today reported results for the third quarter ended September 30, 2019.
Third quarter 2019 highlights:
- Shipments of 395 thousand metric tons, up 4% compared to Q3 2018
- Revenue of €1.5 billion, up 2% compared to Q3 2018
- Net income of €1 million compared to net income of €217 million in Q3 2018
- Adjusted EBITDA of €139 million, up 18% compared to Q3 2018
First nine months of 2019 highlights:
- Shipments of 1.2 million metric tons, up 5% compared to YTD 2018
- Revenue of €4.5 billion, up 6% compared to YTD 2018
- Net income of €42 million compared to net income of €248 million in YTD 2018
- Adjusted EBITDA of €441 million, up 12% compared to YTD 2018
- Cash from Operations of €340 million and Free Cash Flow of €157 million in YTD 2019
- Net debt / LTM Adjusted EBITDA of 4.1x as of September 30, 2019
- Project 2019 run-rate cost savings of €73 million achieved as of September 30, 2019
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered solid third quarter results with strong Adjusted EBITDA growth and our third consecutive quarter of positive Free Cash Flow generation. Notably, our team was able to deliver these results despite more challenging than expected end market conditions during the third quarter and weaker than expected performance by Automotive Structures and Industry. I am pleased that both Packaging and Automotive Rolled Products and Aerospace and Transportation were able to maintain their strong momentum from the first half of the year.
Mr. Germain continued, “Based on our current outlook, we expect Adjusted EBITDA growth of 12% to 14% and expect Free Cash Flow of €125 million to €175 million. We remain focused on increasing shareholder value by delivering on our long-term Adjusted EBITDA and leverage targets.”
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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 the Redemption. 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, Constellium’s increased levels of indebtedness which could limit Constellium’s operating flexibility and opportunities, economic downturn, the loss of key customers, suppliers or other business relationships; disruption to business operations; the inability to meet customer quality requirements, delayed readiness for the North American Auto Body Sheet market, the capacity and effectiveness of our hedging policy activities, failure to retain key employees and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F and in our registration statement on Form F-4 filed with the U.S. Securities and Exchange Commission on June 3, 2019, 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.