
Constellium announced results for the third quarter ended September 30, 2020. The company reported shipments of 354 thousand tons in Q3, a decrease of 11% year-on-year on lower shipments in all three segments. Revenue stood at €1.2 billion, down 20% YoY due to lower shipments and lower metal prices.
Net income came in at €20 million compared to net income of €1 million in Q3 2019. Adjusted EBITDA was €126 million, a decrease of 9% due to weaker results in the Aerospace and Transportation segment.
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “I am very proud of our third quarter results, including our Free Cash Flow performance of €75 million in the quarter. Packaging & Automotive Rolled Products reported record quarterly Adjusted EBITDA. Aerospace & Transportation maintained a strong focus on costs in the face of difficult market conditions. Automotive Structures & Industry benefited from better-than-expected market conditions and improved operational performance in Automotive Structures. These results further demonstrate the benefits of our end market diversification and our intense focus on costs."
For the first nine months of 2020, shipments decreased by 14% to 1.1 million tons. Revenue was €3.6 billion, down 20%. Net loss came in at €43 million compared to a net income of €42 million. Adjusted EBITDA was €354 million, a decrease of 20%.
In Packaging and Automotive Rolled Products (P&ARP) segment, in Q3, adjusted EBITDA increased 20%. Shipments were 258 thousand tons, a decrease of 7%. Revenue dropped to €672 million. In nine months, shipments decreased to 748 thousand tons. Revenue decreased 18% to €2.0 billion.
In Aerospace and Transportation (A&T) segment, in Q3, adjusted EBITDA decreased 77%. Shipments decreased 37% to 36 thousand tons. Revenue came in at €202 million, a drop of 43%. In nine months, shipments were 140 thousand tons. Revenue reduced to €811 million.
In Automotive Structures and Industry (AS&I) segment, for the third quarter of 2020, adjusted EBITDA increased 25%. Shipments were 60 thousand tons, a decrease of 3%. Revenue stood at €304 million.
For the first nine months of 2020, shipments stood at 169 thousand tons, 13% lower. Revenue was €868 million, a decrease of 15% due to lower shipments and lower metal prices.
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