Q2 2024 Constellium SE Earnings Call Transcript
Key Points
- Constellium SE (CSTM) reported a strong free cash flow of EUR75 million in the second quarter.
- The company increased its share buyback activities, repurchasing nearly 1.6 million shares for around USD33 million.
- Net income for the quarter was EUR71 million, up from EUR32 million in the same quarter last year.
- The company secured a USD23 million grant from the US Department of Defense to increase internal casting capacity at its Muscle Shoals facility.
- Constellium SE (CSTM) signed a long-term agreement with Lotte Infracell to supply high-quality foilstock for electric vehicle battery applications, with an investment of around EUR30 million.
- Shipments were down 5% compared to the second quarter of 2023, primarily due to lower shipments in P&ARP and AS&I segments.
- Revenue decreased by 8% compared to last year, mainly due to lower shipments and unfavorable price and mix.
- Adjusted EBITDA, excluding the positive non-cash impact from metal price lag, was EUR172 million, down from EUR209 million last year.
- The company experienced significant operational challenges at its Muscle Shoals facility, impacting performance.
- Constellium SE (CSTM) faced unprecedented flooding at its operations in the Valais region of Switzerland, causing significant damage and operational disruptions.
Good morning, everyone, and welcome to the Constellium second quarter 2024 results call. My name is Angela, and I'll be coordinating your call today. (Operator Instructions) I would now like to hand you over to your host, Jason Hershiser, Director, Investor Relations for Constellium to begin. Please go ahead.
Thank you, Angela. I would like to welcome everyone to our second quarter 2024 earnings call. On the call today, we have our Chief Executive Officer, Jean-Marc Germain; and our Chief Financial Officer, Jack Guo. After the presentation, we will have a Q&A session.
A copy of the slide presentation for today's call is available on our website at constellium.com, and today's call is being recorded.
Before we begin, I'd like to encourage everyone to visit the company's website and take a look at our recent filings. Today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding
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