Finance
Constellium N.V. (NYSE: CSTM) today reported results for the fourth quarter and full year ended December 31, 2017.
Fourth quarter 2017 highlights:
Shipments of 350 thousand metric tons, up 2% compared to Q4 2016; Automotive shipments increased 35%
Revenue of €1.2 billion, up 8% compared to Q4 2016
Net loss of €80 million compared to a net loss of €20 million in Q4 2016
Adjusted EBITDA of €100 million, up 22% from Q4 2016
Successfully completed debt and equity offerings
Full year 2017 highlights:
Shipments of 1.5 million metric tons, up 1% compared to 2016
Revenue of €5.2 billion, up 10% compared to 2016
Net loss of €31 million compared to a net loss of €4 million in 2016
Adjusted EBITDA of €431 million, up 14% from 2016
Significant improvement in Cash flow from operating activities and Free Cash Flow compared to 2016
Net debt / LTM Adj. EBITDA down to 4.4x compared to 5.4x at December 31, 2016
Project 2019 run-rate cost savings of €22 million achieved as of December 31, 2017
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered very strong results in 2017. Our A&T and AS&I business units reported record annual Adjusted EBITDA, while P&ARP was comparable to the prior year. I am pleased with these results and the significant progress we have made in executing on our strategy. We reiterate our Adjusted EBITDA guidance of high single digit growth annually through 2020, leading to over €500 million in 2020.”
Mr. Germain continued, “Our commitment to increasing our financial flexibility and deleveraging is clear and evidenced by the successful refinancing in the fourth quarter and the binding agreement to sell the Sierre North Building Assets announced earlier this month. These actions position us well for the future. Our focus remains on delivering on our strategy and on increasing value for our shareholders.”
Forward Looking Statement
Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward-looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. These risks and uncertainties include, but are not limited to, economic downturn, the loss of key customers, suppliers or other business relationships; disruption to business operations; the inability to meet customer quality requirements; delayed readiness for the North American Auto Body Sheet market, the capacity and effectiveness of our hedging policy activities, failure to retain key employees, and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and our registration statement on Form F-3 filed on October 30, 2017, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.