Amsterdam’s Constellium N.V. released financials for the first quarter of 2016 yesterday. As with much of the rest of the market, shipments were down slightly for the quarter, and profits for the quarter were thinner due to lower overall aluminium prices.
In Q1, the firm shipped 362,000 metric tons, which is down 5% from 381,000 metric tons in Q1 2015. Revenue for the quarter was €1.2 billion (US$1.37 billion), also down 5% from last year’s Q1, which was €1.4 billion (US$1.21 billion). Adjusted EBITDA for the quarter was €92 million (US$104.66 million), off 3% from €95 million in Q1 2015 (US$102 million).
Constellium’s quarter was highlighted by an increase in automotive rolled product shipments by 30% over the first quarter of 2015. This helped offset losses experienced by the Packaging & Automotive Rolled Products (P&ARP) segment of the firm, as volumes were down from last year’s Q1 by 8% (244,000 metric tons in Q1 2016, down from 266,000 metric tons in Q1 2015).
The first test coils rolled off the new Body-in-White finishing lines at Bowling Green, Kentucky (owned by partner UACJ) and Neuf-Brisach in France ahead of schedule in Q1. Constellium expects to have the lines’ initial qualification process finished this year, and to ramp up production at some point next year.
Also in the quarter the firm announced that Jean-Marc Germain will be nominated as Executive Director during Annual General Meeting in June, replacing the retiring Pierre Vareille. The firm expects to appoint him as Chief Executive Officer this summer as well.
“First quarter results were solid with record performance in AS&I, further recovery and improvement in A&T and within our expectations for P&ARP,” said Pierre Vareille, Constellium’s Chief Executive Officer. “Overall, Constellium has a clear strategy and the means to execute its growth initiatives. I remain very optimistic about the mid and long-term future of our company.”