CHICAGO Constellium NV drew red ink in its first quarter since going public.
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.
Meanwhile, adjusted 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.
Constelliums 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.
The companys 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 comparison.
Constelliums 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 added.