
Constellium reported results for the fourth quarter and full year ended December 31, 2019. For the fourth quarter of 2019, the company reported revenue of €1.4 billion, down 2% year-on-year. The decrease was due to lower metal prices and lower shipments in the Aerospace and Transportation segment, partially offset by the consolidation of Bowling Green and improved price and mix.

Shipments were slightly down to 368,000 tonnes. Net income increased to €22 million. Adjusted EBITDA stood at €121 million, up 15% on improved results in the Packaging and Automotive Rolled Products and the Aerospace and Transportation segments.
For the full year of 2019, shipments increased by 4% YoY to 1.6 million tonnes on higher shipments in the Packaging and Automotive Rolled Products. Revenue came in at €5.9 billion, up 4% primarily due to the consolidation of Bowling Green and improved price and mix, partially offset by lower metal prices. Net income stood at €64 million, from €190 million in 2018. Adjusted EBITDA increased to €562 million.
In Packaging and Automotive Rolled Products (P&ARP) segment, adjusted EBITDA increased by 13% in the fourth quarter of 2019. Shipments were 255,000 tonnes. Revenue stood at €711 million, a decrease of 3%.
For the full year of 2019, adjusted EBITDA was €273 million, up 12% YoY. Shipments stood at 1.1 million tonnes, an increase of 6%. Revenue increased by 3% to €3.1 billion.
In Aerospace and Transportation (A&T) segment, for the fourth quarter of 2019, shipments decreased by 6% to 56, 000 tonnes. Revenue stood at €350 million. In 2019, adjusted EBITDA increased to €204 million. Revenue and shipments were €1.5 billion and 242,000 tonnes.
In Automotive Structures and Industry (AS&I) segment, revenue and shipments were€324 million and 57,000 tonnes for the fourth quarter of 2019.In 2019, Adjusted EBITDA decreased by 15% to €106 million. Shipments were 250, 000 tonnes. Revenue stood at €1.4 billion, an increase of 5%.
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “I am optimistic about 2020. Based on our current outlook, we expect Adjusted EBITDA growth of 6% to 9% and Free Cash Flow generation of €125 million to €175 million in 2020. We remain on track to deliver on our long-term targets of Adjusted EBITDA over €700 million and leverage of 2.5x in 2022.”
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