Constellium reports second quarter 2015 financial results

Constellium N.V. reported results for the second quarter ended June 30, 2015. Highlights below are in comparison to the second quarter of 2014.

• Shipments of 386 thousand metric tons, up 38%
• Revenue of €1.375 billion, up 49%
• Adjusted EBITDA of €93 million, including €19 million from Muscle Shoals adjusted for Midwest premium impact
• Strong Adjusted Free Cash Flow of €72 million and liquidity of €690 million
• Automotive rolled shipments up 18%; Automotive extruded shipments up 16%
• Muscle Shoals operational integration progressing well, still working through metal management issues
• Q2 2015 Diluted EPS of (€0.45), EPS excluding unrealized gains on derivatives of (€0.61)

Constellium’s second quarter 2015 results include a record Adjusted EBITDA in our AS&I segment and better than anticipated results in our A&T business. We also achieved record shipments and Adjusted EBITDA in P&ARP due to the acquisition of Wise Metals in January 2015.

Revenues for the second quarter 2015 were €1.375 billion, an increase of 49% from the second quarter 2014, of which €308 million were contributed by Muscle Shoals. Adjusted EBITDA was €93 million, including €19 million from Muscle Shoals. This is an increase of 15% from the second quarter 2014 Adjusted EBITDA of €81 million. For the six months ended June 30, 2015, Constellium reported Adjusted EBITDA of €188 million, including €44 million from Muscle Shoals compared to €152 million for the same period in 2014. Second quarter 2015 shipments were 386k metric tons, an increase of 38% from second quarter 2014, of which 111k metric tons were contributed by Muscle Shoals. Adjusted EBITDA per metric ton for the second quarter 2015 was €241 compared to €291 for the second quarter 2014.

Commenting on the second quarter 2015 results, Pierre Vareille, Constellium’s Chief Executive Officer said: “Second quarter results reflect the overall strength of our segments and our historical business is doing well. However, P&ARP faces some headwinds in the U.S., which we expect to overcome by year-end. The operational integration of Muscle Shoals is progressing well and our Body-in-White initiative is advancing in line with our long-term strategy. We continue to see strong demand in our targeted markets.”