NEW YORK Constellium NVs financial results improved in its second quarter as a public company, posting net income of 24 million ($31.8 million) for the three months ended June 30 vs. a 19-million net loss in the same period last year.
Revenue totaled 916 million ($1.21 billion), down 6.1 percent from 976 million in the same comparison, as shipments slipped 0.9 percent to 274,000 tonnes from 277,000 tonnes.
But chief financial officer Didier Fontaine cautioned against comparing Constelliums second-quarter results with its performance last year, when poor weather hurt auto sales and production numbers were inflated ahead of a third-quarter strike at its Ravenswood, W.Va., plant. The latest results also were impacted by a planned maintenance shutdown at Ravenswood, Fontaine said in a conference call Aug. 29.
The company saw solid growth in its automotive and aerospace segments, while the packaging segment remained solid despite softness in can stock product, Constellium chief executive officer Pierre Vareille said during the conference call. He said he feels confident about continuing strong performances in each segment.
The company saw record production in aerospace and double-digit growth in auto body sheet and automotive structures, Vareille said, noting that the companys automotive products and sales continue to be boosted by rising demand for aluminum.
Constellium anticipates a typically weaker third quarter, Vareille said, but expects the companys performance to be stronger than in the third quarter of last year, which was adversely impacted by the Ravenswood strike.
The company is ramping up its expansion in the hot-rolled sheet market, although Vareille said he could not go into detail about it other than to say "so far so good." Constellium recently completed two projects totaling 23 million ($30.5 million) at its rolling and recycling complex in Neuf-Brisach, France (amm.com, July 26).