Finance
Constellium N.V. (NYSE: CSTM) today reported results for the third quarter ended September 30, 2018.
Third quarter 2018 highlights:
Shipments of 379 thousand metric tons, up 1% compared to Q3 2017
Revenue of €1.4 billion, up 12% compared to Q3 2017
Net income of €217 million compared to net income of €21 million in Q3 2017
Adjusted EBITDA of €114 million, up 2% from Q3 2017
Completed the sale of the North Building Assets of the Sierre plant in Switzerland to Novelis for €200 million
First nine months of 2018 highlights:
Shipments of 1.2 million metric tons, up 3% compared to YTD 2017
Revenue of €4.3 billion, up 8% compared to YTD 2017
Net income of €248 million compared to net income of €49 million in YTD 2017
Adjusted EBITDA of €382 million, up 15% from YTD 2017
Net debt / LTM Adj. EBITDA of 3.8x compared to 4.8x at September 30, 2017
Project 2019 run-rate cost savings of €38 million achieved as of September 30, 2018
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered solid results in the third quarter. Our improvement compared to last year was driven by continued operational performance, steady end market demand and Project 2019 cost savings, which were partially offset by higher planned maintenance and other costs. We continue to expect Adjusted EBITDA growth of 11% to 13% in 2018.”
Mr. Germain continued, “I am pleased with the progress the team is making on executing our strategy, including delivering on our growth projects and on Project 2019. Our focus remains on delivering on our guidance of over €500 million of Adjusted EBITDA and positive Free Cash Flow in 2019. We are committed to driving increased shareholder value.”
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.