Constellium N.V. (NYSE: CSTM) today reported results for the first quarter ended March 31, 2018.
First quarter 2018 highlights:
Shipments of 388 thousand metric tons increased 4% compared to Q1 2017; Automotive shipments up 24% compared to Q1 2017
Revenue of €1.4 billion, up 4% compared to Q1 2017
Net loss of €24 million compared to net income of €13 million in Q1 2017
Adjusted EBITDA of €117 million, up 26% from Q1 2017
Project 2019 run rate savings of €25 million as of March 31, 2018
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered strong results in the first quarter of 2018. Steady end market demand and solid operational performance, including the benefit of Project 2019 savings, drove improvement across each of our segments. I’m pleased that our team was able to continue the momentum built last year.”
Mr. Germain continued, “Despite uncertainties around global trade, our focus remains on executing our strategy and on increasing value for our shareholders. We reiterate our Adjusted EBITDA guidance of high single digit growth annually through 2020, leading to over €500 million in 2020, and our guidance to be Free Cash Flow positive in 2019.”
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. Others are more specific to our business and operations. These risks and uncertainties include, but are not limited to, 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 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.