Constellium Reports First Quarter 2022 Results
Paris, April 27, 2022 – Constellium SE (NYSE: CSTM) today reported results for the first quarter ended March 31, 2022.
First quarter 2022 highlights:
Shipments of 401 thousand metric tons, up 4% compared to Q1 2021
- Revenue of €2.0 billion, up 48% compared to Q1 2021
- Value-Added Revenue (VAR) of €652 million, up 21% compared to Q1 2021
- Net income of €179 million compared to €48 million in Q1 2021
- Adjusted EBITDA of €167 million, up 38% compared to Q1 2021
- Cash from Operations of €58 million and Free Cash Flow of €26 million
- Net debt / LTM Adjusted EBITDA of 3.2x at March 31, 2022
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Our team delivered very strong first quarter results on strong demand across most end markets and solid execution despite significant inflationary pressures. Adjusted EBITDA of €167 million was a first quarter record and a 38% improvement over last year’s first quarter. P&ARP reported record first quarter Adjusted EBITDA as continued strength in packaging demand more than offset lower shipments in automotive caused by the semiconductor shortage. A&T also reported strong first quarter Adjusted EBITDA supported by a greater than 20% increase in aerospace shipments compared to the same quarter last year and continued strength in transportation, industry and defense (TID). AS&I also performed very well, falling just short of 2021's record first quarter performance despite lower automotive shipments. Lastly, we generated solid Free Cash Flow of €26 million and reduced our leverage to 3.2x.”
Mr. Germain concluded, "While there are uncertainties today on the macroeconomic and geopolitical fronts, I am optimistic about our prospects for the remainder of this year and beyond. Based on our current outlook, we are raising our guidance and now expect Adjusted EBITDA of €640 million to €660 million and Free Cash Flow in excess of €170 million in 2022. Our focus is on executing our strategy, achieving our ESG objectives, delivering our recently announced long-term guidance of greater than €800 million of Adjusted EBITDA by 2025 and increasing shareholder value.”
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