CONSTELLIUM - 2Q16 RESULTS
Constellium, a listed global designer and manufacturer of aluminium products, reported revenue down 10% yoy at €1.2bn penalized by 13% lower aluminium price. Packaging & Automotive Rolled Products (P&ARP - 53% of FY15 revenue) had flat shipment with adjusted EBITDA of €56m. Indeed, up €3m yoy and €13m qoq as 1Q16 saw the last drag of Wise’ metal procurement issues. Automotive Structures & Industry (AS&I) performed again strongly with EBITDA margin at 10.9% (vs. 7.8% last year). Aerospace & Transportation (A&T) confirmed its recovery. Overall, adjusted EBITDA increased by 15% yoy reaching for the first time a triple digit number at €107m with a margin up by 190bps to 8.7% driven by the lower revenue and the ramp up of higher margin products.
Constellium N.V. designs and manufactures a range of innovative specialty rolled and extruded aluminum products, serving primarily the aerospace, packaging and automotive end-markets. Co. has a strategic footprint of manufacturing facilities located in the United States, Europe and China. Co.'s product portfolio commands higher margins as compared to less differentiated, more commoditized fabricated aluminum products, such as common alloy coils, paintstock, foilstock and soft alloys for construction and distribution. Co. organizes its business around three operating segments: Aerospace & Transportation, Packaging & Automotive Rolled Products, and Automotive Structures & Industry.
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