Constellium’s 2020 revenue drops by 17% on lower shipments due to COVID-19 crisis; shipments stand at 1.4 million tons

Constellium reported results for the full year ended December 31, 2020. In 2020, shipments were 1.4 million tons, a decrease of 10% compared to last year on lower shipments across each of our segments. Revenue stood at €4.9 billion, down 17% due to lower shipments as a result of the COVID-19 crisis and lower metal prices.

Net loss came in at €17 million in 2020 compared to a net income of €64 million in 2019. Adjusted EBITDA of €465 million, down 17% on weaker results in the Aerospace & Transportation and Automotive Structures & Industry segments, partially offset by improved results in the Packaging and Automotive Rolled Products segment.

Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered resilient results in 2020 despite the significant challenges presented by the COVID-19 pandemic. We reacted quickly to the crisis, demonstrating strong cost control while retaining the ability to meet demand from recovering markets.”

 "We are seeing a sharp increase in the focus on sustainability and the related mega-trends, namely lightweighting in transportation, the electrification of the automotive fleet, and customer preference for infinitely recyclable aluminium cans. Constellium is well-positioned to be a significant beneficiary of each of these trends. Constellium recently demonstrated its commitment to sustainability by issuing a bond linked to our sustainability targets. We are proud to be a pioneer with this first sustainability-linked note issuance in the metals sector."

 Mr. Germain concluded, "I firmly believe that Constellium is a stronger company after the aggressive actions taken in response to the COVID-19 crisis. Looking forward to 2021, our top priority remains the health and safety of our employees. I am optimistic about Constellium's prospects in 2021 despite continued macroeconomic uncertainty. While this uncertainty leaves us unable to provide Adjusted EBITDA guidance beyond the first quarter, we remain firmly committed to consistent Free Cash Flow generation and expect it to be over €100 million in 2021.”

For Packaging & Automotive Rolled Products (P&ARP) segment, adjusted EBITDA stood at €291 million, an increase of 7%. Shipments were 1.0 million tons, down 7% on lower shipments of Packaging, Automotive, and Specialty rolled products as a result of the COVID-19 crisis. Revenue dropped to €2.7 billion due to lower shipments and lower metal prices.

In Aerospace & Transportation (A&T) segment, adjusted EBITDA stood at €106 million. Shipments were 183 thousand tons, a decrease of 24%. Revenue dropped to €1.0 billion.

In Automotive Structures & Industry (AS&I) segment, adjusted EBITDA stood at €88 million, a decrease of 18%. Shipments were 229 thousand tons on lower shipments of Automotive extruded products and Other extruded products as a result of the COVID-19 crisis. Revenue came in at €1.2 billion.