Constellium reported revenue of €1.3 billion for the first quarter ended March 31, 2021, a decrease of 7% year-on-year due to weaker price and mix and lower aerospace shipments, partially offset by higher metal prices.
Shipments decreased by 2% to 385 thousand tons on lower shipments in the Aerospace & Transportation segment, partially offset by higher shipments in the Automotive Structures & Industry segment.
Net income increased to €48 million. Adjusted EBITDA was €121 million, a decrease of 18% due to weaker results in the Aerospace & Transportation segment, partially offset by improved results in the Automotive Structures & Industry and the Packaging & Automotive Rolled Products segments.
Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Our team delivered solid first quarter results. Better-than-expected market demand and excellent cost performance propelled us above the top end of our Adjusted EBITDA guidance range. P&ARP demonstrated strong cost control, which helped to offset the effects of several one-off events. A&T results continue to be negatively affected by weak aerospace demand; however, TID has been a bright spot, with improving demand in both the U.S. and Europe. AS&I reported record first quarter Adjusted EBITDA and returned to historical levels of profitability. Lastly, we continue to build on our track record of delivering consistent and significant Free Cash Flow with €46 million generated in the first quarter.
Mr. Germain concluded, "I am optimistic about our prospects for the remainder of 2021, despite some lingering uncertainties. Our end markets, with the exception of aerospace, remain strong. We expect Adjusted EBITDA of €510 million to €530 million and Free Cash Flow in excess of €100 million in 2021. As a result, we expect our leverage to fall well below 4.0x by the end of the year. We continue to be focused on executing our strategy, driving operational performance, and generating Free Cash Flow.”
In Packaging and Automotive Rolled Products (P&ARP) segment, adjusted EBITDA increased 3% due to strong cost control, partially offset by lower volumes and unfavorable foreign exchange translation. Shipments were 267 thousand tons, a decrease of 1% on lower shipments of packaging rolled products from Muscle Shoals resulting from the strike and adverse weather in February, largely offset by higher shipments of Automotive rolled products. Revenue increased to €766 million.
In Aerospace and Transportation (A&T) segment, adjusted EBITDA decreased by 62% due to lower shipments and weaker price and mix, both related to challenging aerospace market conditions resulting from the COVID-19 pandemic, partially offset by strong cost control. Shipments were 48 thousand tons, down 18%. Revenue stood at €245 million due to lower shipments and weaker price and mix.
In Automotive Structures and Industry (AS&I) segment, shipments stood at 70 thousand tons, an increase of 8% on higher shipments of both automotive and other extruded products. Revenue came in at €350 million, an increase of 2% due to higher shipments and higher metal prices, partially offset by weaker price and mix.
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