Constellium(CSTM) - 2024 Q4 - Annual Results

Financial Performance - Shipments for Q4 2024 were 328 thousand metric tons, down 2% from Q4 2023, and full year shipments totaled 1.4 million metric tons, down 4% compared to 2023[10]. - Revenue for Q4 2024 was $1,721 million, a decrease of 1% from Q4 2023, while full year revenue was $7.3 billion, down 6% compared to 2023[10]. - The net loss for Q4 2024 was $47 million, compared to a net income of $5 million in Q4 2023, with full year net income at $60 million, down 62% from $157 million in 2023[10]. - Adjusted EBITDA for Q4 2024 was $125 million, down from $164 million in Q4 2023, and full year Adjusted EBITDA was $623 million, a decrease of 6% from 2023[10]. - Revenue for 2024 was $1.4 billion, a decrease of 19% compared to the previous year, mainly due to lower shipments and unfavorable price and mix, partially offset by higher metal prices[18]. - The net loss for Q4 2024 was $47 million, compared to a net income of $5 million in Q4 2023, attributed to lower gross profit and higher expenses[21]. - Net income for the year ended December 31, 2024, was $60 million, down from $157 million in 2023, representing a decrease of 61.1%[37]. - Total revenue for the year ended December 31, 2024, was $7,335 million, a decrease of 6.3% compared to $7,826 million in 2023[39]. - The adjusted EBITDA for the year ended December 31, 2024, was $623 million, down 5.9% from $662 million in 2023[41]. Segment Performance - Segment Adjusted EBITDA for Aerospace & Transportation (A&T) was $56 million in Q4 2024, down 33% year-over-year, while full year A&T Adjusted EBITDA was $285 million, down 19% from 2023[12]. - Segment Adjusted EBITDA for Packaging & Automotive Rolled Products (P&ARP) was $56 million in Q4 2024, a decrease of 34% compared to Q4 2023, with full year P&ARP Adjusted EBITDA at $242 million, down 21% from 2023[14]. - Segment Adjusted EBITDA for Automotive Structures & Industry (AS&I) was $4 million in Q4 2024, down 83% year-over-year, and full year AS&I Adjusted EBITDA was $74 million, a decrease of 43% from 2023[17]. - For the full year of 2024, Segment Adjusted EBITDA was $74 million, a decrease of 43% compared to 2023, primarily due to lower shipments and a $20 million impact from flooding at Valais[18]. - The adjusted EBITDA for the Aerospace and Transportation segment decreased from $351 million in 2023 to $285 million in 2024, a decline of 18.8%[38]. Cash Flow and Liquidity - Cash from Operations for Q4 2024 was $61 million, while Free Cash Flow was $(85) million, and for the full year, Cash from Operations was $301 million with Free Cash Flow at $(100) million[10]. - Free Cash Flow for 2024 was $(100) million, a decline from $67 million in 2023, primarily due to lower Segment Adjusted EBITDA and higher capital expenditures[23]. - Cash flows from operating activities were $301 million in 2024, down from $432 million in the prior year[24]. - Liquidity at December 31, 2024, was $727 million, consisting of $141 million in cash and cash equivalents and $586 million available under committed lending facilities[26]. - The company reported a net cash flow from operating activities of $301 million for the year ended December 31, 2024, compared to $432 million in 2023, a decrease of 30.3%[37]. - The company reported a net cash flow from operating activities of $61 million for the three months ended December 31, 2024, down from $173 million in the same period of 2023[43]. Debt and Equity - Net debt increased to $1,776 million at December 31, 2024, compared to $1,704 million at the end of 2023[27]. - The long-term debt remained relatively stable, decreasing slightly from $1,888 million in 2023 to $1,879 million in 2024[35]. - The company’s equity attributable to equity holders decreased from $718 million in 2023 to $706 million in 2024, a decline of 1.7%[35]. - Net debt as of December 31, 2024, was $1,776 million, an increase of 4.2% from $1,704 million in 2023[44]. Future Outlook - For 2025, the company expects Adjusted EBITDA in the range of $600 million to $630 million and Free Cash Flow in excess of $120 million[9]. - Long-term targets for 2028 include an expected Adjusted EBITDA of $900 million and Free Cash Flow of $300 million[9]. - The company expects Adjusted EBITDA for 2025 to be in the range of $600 million to $630 million and Free Cash Flow to exceed $120 million[29]. Other Financial Metrics - Total assets decreased from $4,933 million in 2023 to $4,734 million in 2024, a decline of approximately 4.0%[35]. - Cash and cash equivalents at the end of 2024 were $141 million, down from $223 million at the end of 2023, a decrease of 36.8%[37]. - The company incurred restructuring costs of $11 million in 2024 related to cost reduction programs in the United States and Europe[42]. - The financial impact of the Valais flood in 2024 was $33 million of Adjusted EBITDA and $45 million of Free Cash Flow[28]. - The metal price lag adjustment for the year ended December 31, 2024, negatively impacted earnings by $55 million, compared to a positive impact of $92 million in 2023[45]. - Total invested capital as of December 31, 2024, was $3,202 million, slightly up from $3,173 million in 2023[45]. - The Adjusted Return on Invested Capital (ROIC) for 2024 was 5.5%, a decrease from 10.5% in 2023[45]. - The company repurchased ordinary shares worth $79 million during the year ended December 31, 2024[37].