Constellium reported results for the first quarter ended March 31, 2020. Revenue stood at €1.4 billion, down 6% year-on-year due to lower shipments and lower metal prices, partially offset by improved price and mix across all three segments.
Shipments were 393 thousand tons, a decrease of 5% due to lower shipments in all three segments. Net loss stood at €31 million. Adjusted EBITDA increased by 9% YoY to €147 million on improved results in the Packaging and Automotive Rolled Products and the Automotive Structures and Industry segments.
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Jean-Marc Germain, Constellium’s Chief Executive Officer said, “The Covid-19 pandemic has introduced a new set of challenges for Constellium, but we remain confident in our ability to navigate through the crisis. Our first priority is the health and safety of our employees and their families. To this end, we have implemented a number of initiatives at our manufacturing sites to protect our employees. We also remain highly focused on meeting the demand of our customers in critical industries such as beverage, food, healthcare, national defense, and transportation."
"I want to commend our team on an excellent first quarter performance and for continuing to deliver great service to our customers, in spite of the challenges.”
Mr. Germain continued, "Constellium took swift actions in response to the COVID-19 pandemic. We are aggressively reducing costs, optimizing our working capital, further reducing our capital spending, and significantly augmenting our liquidity position. I am confident that we are well-positioned to weather this storm and emerge as a stronger company. Given the uncertainty around the extent and duration of the effects of the pandemic, we are withdrawing our guidance until our visibility improves."
In Packaging and Automotive Rolled Products (P&ARP) segment, adjusted EBITDA increased by 12%. For the first quarter of 2020, shipments were 269 thousand tons, a decrease of 4%. Revenue decreased by 9% to €752 million.
In Aerospace and Transportation (A&T) segment, first quarter Adjusted EBITDA was comparable to the first quarter of 2019. Shipments decreased 10% to 59 thousand tons. Revenue came in at €359 million, a decrease of 5%.
In Automotive Structures and Industry (AS&I) segment, adjusted EBITDA increased by 17% on improved price and mix and solid cost control. For the first quarter of 2020, shipments were 65 thousand tons, slightly down YoY. Revenue stood at €342 million.
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