Constellium Reports Fourth Quarter and Full Year 2024 Results; Establishes New Long-Term Targets

Core Viewpoint - Constellium SE reported challenging financial results for Q4 and full year 2024, with significant impacts from operational disruptions and market conditions, while outlining a strategic shift to U.S. GAAP reporting and future growth targets [2][7][29]. Financial Performance Fourth Quarter 2024 Highlights - Shipments decreased by 2% to 328 thousand metric tons compared to Q4 2023 - Revenue fell by 1% to $1,721 million compared to Q4 2023 - Net loss of $47 million compared to net income of $5 million in Q4 2023 - Adjusted EBITDA was $125 million, impacted by a $15 million loss due to flooding at Valais and a positive $27 million from non-cash metal price lag [6][8][21]. Full Year 2024 Highlights - Shipments totaled 1.4 million metric tons, down 4% from 2023 - Revenue decreased by 6% to $7.3 billion compared to 2023 - Net income of $60 million, down from $157 million in 2023 - Adjusted EBITDA was $623 million, affected by a $33 million impact from flooding at Valais [9][21][23]. Segment Performance Aerospace & Transportation (A&T) - Q4 shipments decreased by 7% to 44 thousand metric tons - Revenue fell by 2% to $430 million - Segment Adjusted EBITDA decreased by 33% to $56 million due to lower shipments and flooding impacts [10][12]. Packaging & Automotive Rolled Products (P&ARP) - Q4 shipments remained stable at 239 thousand metric tons - Revenue increased by 8% to $1,009 million - Segment Adjusted EBITDA decreased by 34% to $56 million, primarily due to unfavorable metal costs [13][14]. Automotive Structures & Industry (AS&I) - Q4 shipments decreased by 13% to 44 thousand metric tons - Revenue fell by 8% to $329 million - Segment Adjusted EBITDA decreased by 83% to $4 million, significantly impacted by flooding [15][17]. Cash Flow and Liquidity - Free Cash Flow was $(100) million for 2024, down from $67 million in 2023, primarily due to lower Segment Adjusted EBITDA and higher capital expenditures [23][24]. - Cash from operations was $301 million for 2024, compared to $432 million in the prior year [24]. - Liquidity at December 31, 2024, was $727 million, consisting of $141 million in cash and $586 million available under lending facilities [26]. Strategic Outlook - For 2025, the company expects Adjusted EBITDA in the range of $600 million to $630 million and Free Cash Flow exceeding $120 million [29]. - Long-term targets for 2028 include Adjusted EBITDA of $900 million and Free Cash Flow of $300 million, assuming stable macroeconomic conditions and no tariff impacts [29].