Finance
Constellium SE today reported results for the third quarter ended September 30, 2023.
Third quarter 2023 highlights:
- Shipments of 369 thousand metric tons, down 5% compared to Q3 2022
- Revenue of €1.7 billion, down 15% compared to Q3 2022
- Value-Added Revenue (VAR) of €704 million, up 5% compared to Q3 2022
- Net income of €64 million compared to net income of €131 million in Q3 2022
- Adjusted EBITDA of €168 million, up 5% compared to Q3 2022
- Cash from Operations of €154 million and Free Cash Flow of €78 million
Nine months ended September 30, 2023 highlights:
- Shipments of 1.2 million metric tons, down 5% compared to YTD 2022
- Revenue of €5.6 billion, down 10% compared to YTD 2022
- VAR of €2.2 billion, up 11% compared to YTD 2022
- Net income of €118 million compared to net income of €278 million in YTD 2022
- Adjusted EBITDA of €542 million, up 3% compared to YTD 2022
- Cash from Operations of €321 million and Free Cash Flow of €112 million
- Net debt / LTM Adjusted EBITDA of 2.5x at September 30, 2023
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered strong results in the third quarter despite significant inflationary pressures and demand headwinds in several end markets. Adjusted EBITDA of €168 million is a third quarter record and includes record third quarter performance by A&T. Looking across our end markets, aerospace demand remains strong. Automotive demand decelerated slightly during the quarter but remains above prior year levels. Packaging shipments were down in the quarter though demand appears to have stabilized following the last several quarters of destocking. We continued to experience weakness in most industrial markets, especially in Europe. Free Cash Flow generation in the third quarter was strong at €78 million and we reduced our leverage to 2.5x.”