
Constellium, a leading manufacturer of high-quality aluminium products and solutions in the world has reported results for Q3 2016 on Thursday, November 10. Overall, the company reported an adjusted EBITDA of €97 million in Q3, up 23% YOY.
The Automotive Structures & Industry segment achieved an adjusted EBITDA of €25 million in Q3 2016; representing a 13% increase from the Q3 2015 as a result of continued operational improvements. Total revenue dropped by 8% to €242 million due to product mix changes which was partially offset by 4% growth in total shipments.
For the first three quarters from January to September 2016, adjusted EBITDA was €81 million, up 32% from the same period of 2015, as a result of positive impact from North American automotive structures market. Shipments remained stable though revenues dropped 5%.
In the Aerospace & Transportation division both the adjusted EBITDA of €20 million and 59 thousand tons of shipment were flat in comparison to Q3 2015. Though the quarter saw higher shipments of transportation, industry, and other rolled products it was offset by lower shipments of aerospace rolled products. Revenue dropped 5% to €313 million as a result. The company expects to enhance their aerospace capabilities in the Issoire, France and Ravenswood, West Virginia facilities in order to meet the growing demand.
For the first three quarters from January to September 2016, Adjusted EBITDA was €81 million up 5% from the same period of 2015. Shipments remained flat and revenues dropped 5% from the first three quarters of 2015.
For Packaging & Automotive Rolled Products division, adjusted EBITDA was up 49% to €60 million for Q3. This improvement in earnings was primarily due to cost reduction initiatives at Muscle Shoals. Shipments and revenue were up 1% and down 2%, respectively in the third quarter of 2016.
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For the first three quarters from January to September, 2016, adjusted EBITDA increased 8% to €158 million from €146 million in Q3 2015. Shipments remained flat for the period, while revenues dropped 13% to €1.9 billion, primarily as an effect of lower metal prices.
Net income in Q3 2016 increased to €15 million from a net loss of €45 million in Q3 2015. This change of €60 million in net income is attributed to an €18 million improvement in Adjusted EBITDA and improved metal price, partially offset by a €15 million increase in income tax expense.
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