- Constellium SE CSTM reported fourth-quarter revenue growth of 37% year-over-year to €1.71 billion, reflecting higher metal prices.
- Shipments increased 3% to 385 thousand metric tons.
- Sales by segments: Packaging & Automotive Rolled Products €1.04 billion (+39% Y/Y), Aerospace & Transportation €321 million (+50% Y/Y), and Automotive Structures & Industry €362 million (+21% Y/Y).
- The company reported EPS of €0.05 for Q4, compared to €0.17 a year ago.
- The gross margin contracted by 170 bps to 9.1%.
- Operating income reduced to €56 million, and the margin contracted to 2.9% from 4.5%.
- Adjusted EBITDA increased 33% Y/Y to €147 million, and margin contracted by 31 bps to 8.6%.
- Constellium generated cash from operating activities of €357 million in FY21, compared to €334 million a year ago. Free cash flow was €135 million.
- Net debt / LTM Adjusted EBITDA of 3.4x at December 31, 2021.
- As of December 31, 2021, liquidity was €773 million, comprised of €147 million of cash and equivalents and €626 million available under committed lending facilities and factoring arrangements. Net debt was €1.981 billion at December 31, 2021.
- FY22 Outlook: The company expects Adjusted EBITDA of €600 million - €620 million, and Free Cash Flow in excess of €150 million.
- "Looking ahead to 2022, we expect demand to remain strong in our packaging and industrial markets. We are starting to see the beginnings of a recovery in aerospace demand and expect year over year growth in shipments in the coming quarters," said CEO Jean-Marc Germain.
- Price Action: CSTM shares traded higher by 9.03% at $20.72 on the last check Wednesday.
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