Constellium NVs profits narrowed in the third quarter as
a weak U.S. dollar dented results despite gains in the
aerospace and automotive sectors.
aluminum company reported net income of 45 million ($60.5
million) for the three months ended Sept. 30, down 8.2 percent
from 49 million in the year-ago quarter on revenue that
dipped 2.6 percent to 862 million ($1.2 billion).
Net income of 67
million ($90 million) for the first nine months of this year
fell 21.2 percent from 85 million ($114.2 million) in the
same period last year as revenue dropped 3.8 percent to
slightly less than 2.7 billion ($3.6 billion). Net income
for the year was also dinged by 24 million ($32.2
million) in costs recorded in the second quarter as a result of
Constelliums initial public offering (
amm.com, May 23), the company said.
shipments totaled 257,000 tonnes, up 0.4 percent from 256,000
tonnes in the year-ago quarter, although shipments for the
first nine months of the year slipped 0.9 percent to 791,000
Ravenswood, W.Va., plant saw quarterly results improve year on
year due to the effects of a strike in the year-ago quarter,
the company said.
"We remain confident
based on our performance through (the third quarter) that we
will deliver a strong year-over-year performance in 2013,"
Constellium chief executive officer Pierre Vareille said in a
The aerospace and
automotive markets stood out as bright spots in the third
quarter, the company said, noting that both sectors also boast
less exposure to spot prices vs. other sectors.
Constellium said it was seeing market share gains thanks to a
multiyear contract with Toulouse, France-based aircraft maker
Airbus SAS, although sales were hit by high inventories at some
Auto body sheet
volumes were strong in the third quarter as Constellium
continued to win business at major European car manufacturers,
including being selected to supply a German automaker for a new
model slated to begin production in 2014, it said, without
naming the manufacturer or model.
Constellium also said
its foil stock business performed well, while the canstock
sector was stable. However, soft alloy volumes were down
sequentially during the quarter due to a sluggish building and
construction market, the company said.