Constellium reports an adjusted EBITDA of €97 million in Q3, up 23% YOY

Constellium N.V. today reported results for the third quarter ended September 30, 2016. Highlights below are in comparison to the third quarter 2015.

• Shipments of 377 thousand metric tons, in line with prior year
• Revenue of €1.2 billion, down 5% on a product mix shift
• Net income of €15 million compared to a net loss of €45 million in the prior year
• Adjusted EBITDA of €97 million, up 23%
• P&ARP Adjusted EBITDA up 49% to €60 million, AS&I up 13% to €25 million, and A&T unchanged from prior year at €20 million

Third quarter 2016 Adjusted EBITDA of €97 million increased 23% over the prior period, reflecting strong operational improvements in our P&ARP segment, in particular at Muscle Shoals, solid execution in our AS&I segment and stable results in our A&T segment.

{googleAdsense}

Commenting on the third quarter 2016 results, Jean-Marc Germain, Constellium’s Chief Executive Officer said: “I am encouraged by the significant improvement at our Muscle Shoals facility and the steady progress we are making across our businesses. I am also pleased by the on-time completion and commissioning of our body-in-white finishing lines in both Europe and the U.S. Looking forward, we expect typical seasonal softness in the fourth quarter of 2016, followed by a stronger 2017, as we execute our plan and take advantage of attractive long-term fundamentals.

In addition, I am delighted to announce three new members of our Executive team: Peter Matt as Executive Vice President and Chief Financial Officer, Ryan Jurkovic as Senior Vice President and Chief Human Resources Officer, and Jack Clark as Senior Vice President Manufacturing Excellence and Chief Technology Officer. Their contributions will be critical as we focus our capital and human resources on the key financial and operational elements of our strategy, including reducing our leverage. Calling the Senior PIK Toggle Notes is a first step in this direction.”