Constellium Reports Second Quarter 2021 Results
Paris, July 28, 2021 – Constellium SE (NYSE: CSTM) today reported results for the second quarter ended June 30, 2021.
Second quarter 2021 highlights:
- Shipments of 406 thousand metric tons, up 31% compared to Q2 2020
- Revenue of €1.5 billion, up 47% compared to Q2 2020
- Net income of €108 million compared to a net loss of €32 million in Q2 2020
- Adjusted EBITDA of €170 million, up 110% compared to Q2 2020
- Cash from Operations of €73 million and Free Cash Flow of €35 million
First half 2021 highlights:
- Shipments of 791 thousand metric tons, up 12% compared to H1 2020
- Revenue of €2.9 billion, up 16% compared to H1 2020
- Net income of €156 million compared to a net loss of €63 million in H1 2020
- Adjusted EBITDA of €291 million, up 27% compared to H1 2020
- Cash from Operations of €148 million and Free Cash Flow of €81 million
- Net debt / LTM Adjusted EBITDA of 3.7x at June 30, 2021
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered record Adjusted EBITDA and solid Free Cash Flow generation in the second quarter. Each of our segments contributed to this success with record Adjusted EBITDA in P&ARP and AS&I. P&ARP delivered strong all-around performance amid very strong can sheet demand. A&T benefited from a robust TID market and maintained its focus on cost control. In AS&I, strong industry demand and solid cost control more than offset the impact from the semiconductor shortage on automotive demand. I am exceptionally proud of our second quarter performance, with Adjusted EBITDA exceeding 2019 levels and leverage falling nearly a full turn from the recent peak to 3.7x."
Mr. Germain concluded, "I look to the second half of the year with confidence. Demand from our major end markets, with the exception of aerospace, is at or above pre-pandemic levels. We expect these favorable conditions to continue at least through the remainder of 2021. Based on our current outlook, we are raising our guidance and now expect Adjusted EBITDA of €545 million to €560 million and Free Cash Flow in excess of €125 million in 2021.”
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