
Constellium reported results for the second quarter ended June 30, 2020. For the second quarter of 2020, shipments stood at 310 thousand tons, a decrease of 25% compared to the second quarter of 2019 due to lower shipments in all three segments. Revenue stood at €1.0 billion, down 33% year on year due to lower shipments and lower metal prices.
Net loss of €32 million compared to a net income of €17 million in the second quarter of 2019. Adjusted EBITDA decreased by 51% to €81 million.
{alcircleadd}Jean-Marc Germain, Constellium’s Chief Executive Officer said, “The COVID-19 pandemic has challenged our employees and our business. Protecting the health and safety of our employees and their families remains our top priority. Despite difficult market conditions, our business delivered solid operating results in the quarter, particularly Muscle Shoals in meeting strong packaging demand.
Mr. Germain continued, "There remains significant uncertainty around the extent and duration of the effects of the pandemic. With the significant actions we have taken and the diversity of our markets and customers, I am very confident in our ability to navigate through this crisis. Based on our current view of market conditions, we expect to generate positive Free Cash Flow in 2020."
For the first half of 2020, shipments stood at 703 thousand tons, decreased 15%. Revenue came in at €2.5 billion, down 20%. Net loss of €63 million compared to a net income of €41 million in the first half of 2019. Adjusted EBITDA decreased to stand at €228 million.
In Packaging and Automotive Rolled Products (P&ARP) segment, in Q2, adjusted EBITDA decreased 27% due to lower shipments, partially offset by strong cost control. Shipments stood at 221 thousand tons, a decrease of 23% due to lower shipments across automotive, packaging and specialty products. Revenue stood at €565 million.
In Aerospace and Transportation (A&T) segment, in Q2, adjusted EBITDA decreased 51% primarily due to lower shipments, partially offset by strong cost control. Shipments stood at 45 thousand metric, a decrease of 28% on lower shipments of aerospace and TID products. Revenue stood at €250 million, a decrease of 35%.
In Automotive Structures and Industry (AS&I) segment, in Q2, adjusted EBITDA decreased due to lower shipments and weaker price and mix, partially offset by strong cost control. Shipments stood at 44 thousand tons, a decrease of 33%. Revenue stood at €222 million, down 36%.
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