Constellium reports record adjusted EBITDA during Q2 2017; revenue up 12%

<p>Constellium, a leader in the manufacturing of high-quality aluminium products and solutions, yesterday reported results for second quarter ended June 30, 2017. The company reported <strong>revenue </strong>of &euro;1.4 billion in Q2, up 12% from Q2 2016 due to higher aluminium prices.</p> <p>The company reported <strong>net income </strong>of &euro;15 million improved from &euro;9 million in the second quarter of 2016. The company posted an <strong>adjusted EBITDA</strong> of &euro;127 million for the second quarter of 2017, up 19% from Q2 2016.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/constellium%20Q2%202017.png" alt="news" width="658" height="233" /></p> <p>Constellium reported <strong>total shipments</strong> of 383k metric tons, down 1% compared to the second quarter of 2016 on lower shipments of packaging and automotive rolled products.</p> <p>For <strong>Packaging &amp; Automotive Rolled Products division, </strong>Q1 adjusted EBITDA of &euro;57 million, a slight increase from Q2 2016. &nbsp;In Q2, shipments of 258k metric tons declined 3% from Q2 2016 as a 31% increase in Automotive rolled product shipments was offset by lower Packaging rolled product shipments. Revenue of &euro;736 million was up 14% from Q2 2016 due to higher aluminium prices. The company reported an adjusted EBITDA of &euro;98 million in the first half of 2017.</p> <p>In the <strong>Aerospace &amp; Transportation</strong> division, Q2 adjusted EBITDA of &euro;41 million, a significant increase from Q2 2016 due to better price and mix, strong operating cost performance and continued success in developing TID end markets. Shipments of 63k metric tons increased 2% from Q2 2016 and revenue of &euro;366 million increased by 10% from Q2 2016 on higher aluminium prices. The company reported an adjusted EBITDA of &euro;69 million in the first half of 2017.</p> <p>{googleAdsense}</p> <p><strong>The Automotive Structures &amp; Industry segment</strong> achieved a record level adjusted EBITDA of &euro;33 million in Q2 2017 as a result of higher shipments of both Automotive and Other extruded products on strong market demand and cost control. Shipments increased 5% to 62kt and revenue increased by 8% to &euro;288 million as a result of higher aluminium prices. The company reported an adjusted EBITDA of &euro;64 million in the first half of 2017.</p> <p><strong>Other highlights from the press release are:</strong></p> <p>&bull;Significant improvement in H1 2017 Cash Flows from Operations and Free Cash Flow compared to H1 2016</p> <p>&bull;Completed a $300 million pan U.S. ABL and a new &euro;100 million inventory based revolving credit facility</p> <p>&bull;&ldquo;Project 2019&rdquo; initiatives underway and already showing benefits</p> <p>&bull;Intend to move corporate domicile to France and delist from Euronext to simplify corporate structure and reduce costs</p>