27 October 2020

Constellium Reports Third Quarter 2020 Results

Paris, October 27, 2020 – Constellium SE (NYSE: CSTM) today reported results for the third quarter ended September 30, 2020.

For the third quarter of 2020:

  • Shipments of 354 thousand metric tons, down 11% compared to Q3 2019
  • Revenue of €1.2 billion, down 20% compared to Q3 2019
  • Net income of €20 million compared to net income of €1 million in Q3 2019
  • Adjusted EBITDA of €126 million, down 9% compared to Q3 2019
  • Cash from Operations of €111 million and Free Cash Flow of €75 million 

For the first nine months of 2020:

  • Shipments of 1.1 million metric tons, down 14% compared to YTD 2019
  • Revenue of €3.6 billion, down 20% compared to YTD 2019
  • Net loss of €43 million compared to net income of €42 million in YTD 2019
  • Adjusted EBITDA of €354 million, down 20% compared to YTD 2019
  • Cash from Operations of €263 million and Free Cash Flow of €129 million
  • Net debt / LTM Adjusted EBITDA of 4.3x as of September 30, 2020

Jean-Marc Germain, Constellium’s Chief Executive Officer said, “I am very proud of our third quarter results, including our Free Cash Flow performance of €75 million in the quarter. Packaging & Automotive Rolled Products reported record quarterly Adjusted EBITDA. Aerospace & Transportation maintained a strong focus on costs in the face of difficult market conditions. Automotive Structures & Industry benefited from better-than-expected market conditions and improved operational performance in Automotive Structures. These results further demonstrate the benefits of our end market diversification and our intense focus on costs."

Mr. Germain continued, "Based on our current outlook, we expect Adjusted EBITDA of €450 million to €460 million and Free Cash Flow generation of €100 million to €150 million in 2020."

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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 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, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn; disruption to business operations, including the length and magnitude of disruption resulting from the global COVID-19 pandemic; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; 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.