Constellium Reports Fourth Quarter and Full Year 2024 Results
Constellium SE, a global leader in the development of innovative, value-added aluminum products, has released its financial results for the fourth quarter and full year ending December 31, 2024. The company has also announced new long-term targets and significant changes in its reporting standards.
Financial Highlights
For the fourth quarter of 2024, Constellium reported a net loss of $47 million, a significant decline from the net income of $5 million in the same period of 2023. Revenue for the quarter was $1.721 billion, down 1% from $1.732 billion in Q4 2023. Adjusted EBITDA for the quarter was $125 million, a decrease from $164 million in the previous year.
For the full year 2024, the company reported a net income of $60 million, down from $157 million in 2023. Revenue for the year was $7.3 billion, a 6% decrease from $7.826 billion in 2023. Adjusted EBITDA for the year was $623 million, down from $662 million in the previous year.
Business and Operational Highlights
Constellium's shipments for Q4 2024 were 328 thousand metric tons, a 2% decrease compared to Q4 2023. For the full year, shipments were 1.4 million metric tons, down 4% from 2023. The company faced significant operational challenges, including extreme weather conditions and severe flooding at its Valais facilities, which impacted its financial performance.
Despite these challenges, Constellium successfully started up its new recycling and casting center in Neuf-Brisach ahead of schedule and below budget. The company also repurchased approximately 4.6 million shares of its stock for $79 million during the year.
Strategic Initiatives and Corporate Developments
Constellium announced its intention to voluntarily file its SEC reports on U.S. domestic issuer forms starting in 2025. The company will also provide its financial statements in U.S. dollars and in accordance with U.S. GAAP. Additionally, Constellium has revised its definition of consolidated Adjusted EBITDA to no longer exclude the non-cash impact of metal price lag.
Management's Perspective
Jean-Marc Germain, Constellium’s Chief Executive Officer, acknowledged the challenging year due to extreme weather, flooding, and market-driven headwinds. He expressed gratitude to the company's 12,000 employees for their commitment and resilience. Germain highlighted the successful start-up of the new recycling and casting center and the shift to U.S. GAAP reporting as positive developments.
Future Outlook
Looking ahead to 2025, Constellium expects Adjusted EBITDA to be in the range of $600 million to $630 million, excluding the non-cash impact of metal price lag, and Free Cash Flow in excess of $120 million. For 2028, the company targets Adjusted EBITDA of $900 million and Free Cash Flow of $300 million. The outlook assumes no impact from tariffs and a generally stable macroeconomic and geopolitical environment.
SEC Filing: CONSTELLIUM SE [ CSTM ] - 8-K - Feb. 20, 2025