Finance
Constellium N.V. (NYSE: CSTM) today reported results for the second quarter ended June 30, 2018.
Second quarter 2018 highlights:
Shipments of 397 thousand metric tons, up 4% compared to Q2 2017; Automotive shipments increased 20%
Revenue of €1.5 billion, up 7% compared to Q2 2017
Net income of €55 million compared to net income of €15 million in Q2 2017
Adjusted EBITDA of €151 million, up 19% from Q2 2017
First half 2018 highlights:
Shipments of 785 thousand metric tons, up 4% compared to H1 2017
Revenue of €2.9 billion, up 6% compared to H1 2017
Net income of €31 million compared to net income of €28 million in H1 2017
Adjusted EBITDA of €268 million, up 22% from H1 2017
Net debt / LTM Adj. EBITDA of 4.3x compared to 5.1x at June 30, 2017
Project 2019 run-rate cost savings of €32 million achieved as of June 30, 2018
Completed the sale of the North Building Assets of the Sierre plant in Switzerland to Novelis for €200 million in July
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered strong results in the second quarter. Each business unit reported record quarterly Adjusted EBITDA. Healthy end market demand, solid operational performance, and a focus on reducing costs through Project 2019 contributed to our results. While global trade remains a source of uncertainty, we are optimistic about our prospects for the remainder of the year and are therefore increasing our Adjusted EBITDA growth guidance to a range of 11% to 13%.”
Mr. Germain continued, “Our positive momentum continues to build. Given our performance and current outlook, we now expect over €500 million of Adjusted EBITDA in 2019, which is one year ahead of our previous guidance of 2020. Our focus remains on executing on our strategy and increasing value for our shareholders.”
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.