Constellium Reports Third Quarter 2021 Results
Paris, October 27, 2021 – Constellium SE (NYSE: CSTM) today reported results for the third quarter ended September 30, 2021.
Third quarter 2021 highlights:
- Shipments of 395 thousand metric tons, up 12% compared to Q3 2020
- Revenue of €1.6 billion, up 35% compared to Q3 2020
- Net income of €99 million compared to a net income of €20 million in Q3 2020
- Adjusted EBITDA of €143 million, up 14% compared to Q3 2020
- Cash from Operations of €91 million and Free Cash Flow of €40 million
- Investigating an increase in total planned European recycling center capacity to ~130kt
- Redeeming $200 million of 5.875% Senior Notes due 2026 in November
Nine months ended September 30, 2021 highlights:
- Shipments of 1.2 million metric tons, up 12% compared to YTD 2020
- Revenue of €4.4 billion, up 22% compared to YTD 2020
- Net income of €255 million compared to a net loss of €43 million in YTD 2020
- Adjusted EBITDA of €434 million, up 23% compared to YTD 2020
- Cash from Operations of €239 million and Free Cash Flow of €121 million
- Net debt / LTM Adjusted EBITDA of 3.6x at September 30, 2021
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered solid results in the third quarter. Demand remained strong across our packaging and industrial end markets, while automotive demand continued to be hindered by the semiconductor shortage and aerospace demand remained subdued as expected. P&ARP matched the record Adjusted EBITDA of the second quarter supported by strong operational performance. A&T benefited from robust TID shipments and continued to demonstrate good cost control. AS&I also performed well with strong Industry shipments and solid cost control, which mitigated much of the weakness in automotive demand. Importantly, we continued to generate Free Cash Flow and further reduced our leverage in the third quarter."
"I want to commend the entire Constellium team for maintaining its focus especially in the face of continuing supply chain challenges and increasing inflationary pressures. This focus on execution leaves us well positioned to deliver long-term Adjusted EBITDA growth and meet our balance sheet leverage target. I remain confident in our trajectory and the substantial shareholder value creation opportunity in front of us," Mr. Germain continued.
Mr. Germain concluded, "We expect recent demand trends in our markets to continue through the remainder of 2021. Based on our current outlook, we now expect Adjusted EBITDA of €550 million to €560 million and Free Cash Flow in excess of €125 million in 2021.”
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Forward Looking Statement
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