Constellium Reports Second Quarter Earnings

Constellium Reports Second Quarter Earnings

Amsterdam aluminium semi producer Constellium reported second quarter results yesterday. Numbers were down due to seasonal factors, but strong otherwise.

The firm’s Q2 shipments this year totaled 387 thousand metric tons, down slightly year-on-year by one thousand metric tons. Revenues for the quarter were €1,233 million, also off slightly from last year’s second quarter, which was €1,375 million. However, net income in the quarter, which was €9 million, improved significantly year-on-year, up from a net loss of €47 million.

Adjusted EBITDA for the quarter was €107 million, up by 15% from last year’s Q2 of €93 million. Adjusted EBIDTDA per metric ton of aluminium semis was €275, good for a 15% improvement year-on-year as well, besting last year’s Q2 of €241. The firm chalks up the improved numbers for the quarter on lower metals prices.

For the first half of the year, Constellium shipped 749 thousand metric tons, off by 2% from H2 2015’s total of 767 thousand tons. Revenues were down 14% year-on-year for the half, from €2,768 million last year to €2,383 million this year. Net income for the half was €1 million, better by far than last year’s first-half net loss of €78 million.

Adjusted EBITDA in the first half of this year was slightly better, totaling €199 million, up 6% from last year’s first half total of €188 million. Adjusted EBITDA for the half was also up, coming in at €265 per metric ton, better by 8% than last year’s first half of €245 per metric ton.

“I am honored to be part of Constellium and to lead the continuing development of our global automotive and aerospace platforms to the next level, while maintaining our focus on operational execution in our packaging business,” said the firm’s new CEO Jean-Marc Germain. “Constellium’s second quarter results demonstrated continued strong performance in AS&I and improvement in both our A&T and P&ARP segments.”