Stock Track | Constellium Shares Plunge on Weak Q3 Results, Gloomy Outlook

Stock Track10-24

Shares of Constellium NV (CSTM) plummeted over 29% on October 23, 2024, after the aluminum products maker reported disappointing third-quarter results and slashed its full-year earnings outlook, citing a deteriorating demand environment across most of its end markets.

For the third quarter, Constellium's revenue declined 5% year-over-year to €1.64 billion, missing analysts' expectations of €1.94 billion. Adjusted EBITDA tumbled 22% to €110 million, dragged down by a €17 million impact from severe flooding at its facilities in Switzerland.

Notably, net income plunged to just €3 million from €64 million in the prior-year quarter. The company cited weakness spreading across aerospace, automotive, industrial and other key end markets that accelerated during the quarter, with no signs of recovery in the near-term.

In a sobering outlook, Constellium lowered its full-year 2024 Adjusted EBITDA guidance to a range of €580-600 million, excluding an estimated €30-40 million impact from the flood. The company also pushed back its previous target of over €800 million Adjusted EBITDA for 2025, delaying it pending an eventual market recovery.

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