Constellium N.V. (CSTM) Reports Q1 Loss of EUR0.22 on Revenues of EUR1.44 billion

Constellium N.V. (NYSE: CSTM) reported Q1 EPS of (EUR0.22), versus EUR0.17 reported last year. Revenue for the quarter came in at EUR1.44 billion versus the consensus estimate of EUR1.54 billion.

First quarter 2020 highlights:

• Shipments of 393 thousand metric tons, down 5% compared to Q1 2019
• Revenue of €1.4 billion, down 6% compared to Q1 2019
• Net loss of €31 million compared to net income of €24 million in Q1 2019
• Adjusted EBITDA of €147 million, up 9% compared to Q1 2019
• Cash from Operations of €144 million and Free Cash Flow of €87 million
• Net debt / LTM Adjusted EBITDA of 3.7x at March 31, 2020
• Liquidity of €616 million at March 31, 2020

Jean-Marc Germain, Constellium’s Chief Executive Officer said, “The Covid-19 pandemic has introduced a new set of challenges for Constellium, but we remain confident in our ability to navigate through the crisis. Our first priority is the health and safety of our employees and their families. To this end, we have implemented a number of initiatives at our manufacturing sites to protect our employees. We also remain highly focused on meeting the demand of our customers in critical industries such as beverage, food, healthcare, national defense, and transportation."

"I want to commend our team on an excellent first quarter performance and for continuing to deliver great service to our customers, in spite of the challenges. Our Adjusted EBITDA increased by 9% to a record €147 million, driven by strong performance at both P&ARP and A&T and much improved performance in AS&I. Our Free Cash Flow generation was very strong at €87 million. We were able to achieve this impressive performance despite headwinds from reduced economic activity late in the quarter," said Mr. Germain.

Mr. Germain continued, "Constellium took swift actions in response to the COVID-19 pandemic. We are aggressively reducing costs, optimizing our working capital, further reducing our capital spending, and significantly augmenting our liquidity position. I am confident that we are well-positioned to weather this storm and emerge as a stronger company. Given the uncertainty around the extent and duration of the effects of the pandemic, we are withdrawing our guidance until our visibility improves."

For earnings history and earnings-related data on Constellium N.V. (CSTM) click here.

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