Constellium NV drew red ink in its first quarter since going
Constellium posted a
net loss of 2 million ($2.7 million) in the three months
ended March 31, in contrast to restated net income of 55
million in the same period a year earlier, on revenue that fell
2.6 percent to 911 million ($1.22 billion) from 935
million. Shipments slipped to 260,000 tonnes in the first
quarter of 2013, down 1.9 percent from 265,000 tonnes in the
first quarter of 2012, the company said.
The slide in revenue
reflected lower prices on the London Metal Exchange being
passed on to customers, Constellium said.
earnings before interest, taxes, depreciation and amortization
(Ebitda) increased to 281 ($374.9) per tonne in the
quarter, up 22.2 percent from Ebitda of 230 per tonne in
the year-ago quarter, which reflected higher sales to aerospace
customers, the company said.
aerospace and transportation segment posted revenue of
306 million ($408.2 million) in the first quarter, up 2.3
percent from 299 million in the year-ago quarter, on
shipments that inched up 1.7 percent to 59,000 tonnes.
packaging and automotive rolled products division saw revenue
dip 2.5 percent to 390 million ($520.3 million) as
shipments slid 1.3 percent 151,000 tonnes in the same
automotive structures and industry segment recorded a 4.1
percent decline in revenue to $233 million ($310.8 million) in
the quarter as shipments slipped 3.6 percent to 53,000 tonnes
vs. the same period last year. A strong showing in the hard
alloy segment of the automotive sector was offset by tough
times in the soft alloy market, the company added.
The company completed
an initial public offering (IPO) on the New York Stock Exchange
on May 23 (
amm.com, May 23) and on the professional segment
of the Euronext Paris on May 27. Net proceeds of 141
million will be used to pay down debt and to fund working
capital, capital expenditures and possible acquisitions, it