Finance
Constellium SE today reported results for the second quarter ended June 30, 2023.
Second quarter 2023 highlights:
- Shipments of 398 thousand metric tons, down 6% compared to Q2 2022
- Revenue of €2.0 billion, down 14% compared to Q2 2022
- Value-Added Revenue (VAR) of €785 million, up 11% compared to Q2 2022
- Net income of €32 million compared to a net loss of €32 million in Q22022
- Adjusted EBITDA of €209 million, up 5% compared to Q2 2022
- Cash from Operations of €133 million and Free Cash Flow of €68 million
First half 2023 highlights:
- Shipments of 787 thousand metric tons, down 5% compared to H1 2022
- Revenue of €3.9 billion, down 8% compared to H1 2022
- VAR of €1.5 billion, up 13% compared to H1 2022
- Net income of €54 million compared to net income of €147 million in H12022
- Adjusted EBITDA of €374 million, up 2% compared to H1 2022
- Cash from Operations of €167 million and Free Cash Flow of €34 million
- Net debt / LTM Adjusted EBITDA of 2.7x at June 30, 2023
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “I am very pleased with the results our team delivered in the second quarter, including record VAR and record Adjusted EBITDA. Demand remained strong across several end markets during the quarter, and our team continued to execute very well despite significant inflationary pressures. A&T reported record quarterly Adjusted EBITDA supported by continued strength in aerospace demand. The recovery in automotive continued with higher shipments in both rolled and extruded products. Packaging shipments were down in the quarter as demand remained below prior year levels, and we continued to experience weakness in most industrial markets, especially in Europe. Free Cash Flow generation in the second quarter was strong at €68 million and we reduced our leverage to 2.7x.”