Constellium N.V. (NYSE and Euronext: CSTM) today reported results for the first quarter ended March 31, 2015. Highlights below are in comparison to the first quarter of 2014.
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Shipments of 381 thousand metric tons, up 41%
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Revenue of €1.4 billion, up 58%
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Adjusted EBITDA of €95 million, up 34%
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P&ARP revenue more than doubles due to the acquisition of Wise Metals
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Automotive rolled shipments up 19%; Automotive extruded shipments up 12%
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Positive foreign exchange impact on Adjusted EBITDA partially offset by negative effect of premiums
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Diluted EPS of (€0.30); EPS excluding unrealized losses on derivatives of (€0.02)
Constellium reported solid first quarter 2015 results, including Wise Metals, our newly acquirsed Muscle Shoals, Alabama packaging facility, which is reported in our P&ARP segment.
Revenues for the first quarter of 2015 were €1.4 billion, an increase of 58% or €510 million from the first quarter 2014, of which €359 million was contributed by Muscle Shoals. Adjusted EBITDA was €95 million, which represented an increase of 34% from the first quarter 2014 Adjusted EBITDA of €71 million.
First quarter 2015 shipments were 381k metric tons, an increase of 41% from Q1 2014, of which 120k metric tons were contributed by Muscle Shoals. Adjusted EBITDA per metric ton for the first quarter 2015 was €250, representing a slight decrease from €263 reported in Q1 2014.
Commenting on the first quarter 2015 results, Pierre Vareille, Constellium’s Chief Executive Officer said: “First quarter results reflect the inclusion of our newly acquired Muscle Shoals, Alabama facility into our P&ARP business and continued growth in our automotive rolled and extruded product businesses. We are experiencing strong demand across all of our targeted business segments and we continue to focus on improving our A&T operations. In addition, strong global demand for our broad range of innovative automotive products validates our ambitious expansion plans in this industry.”
