Constellium Hits 52-Week Low as Weak Markets Hurt 3Q

Dow Jones10-24

By Josh Beckerman

Constellium shares touched a 52-week low as the aluminum products said weak end markets hurt third quarter results.

The stock was recently down 27% to $10.92 Wednesday, with an intraday low of $10.90. Shares are down about 45% this year.

Revenue declined 5% to 1.64 billion euros ($1.77 billion), while net income fell to 3 million euros from 64 million euros. The company also noted the ongoing impact from a flood in late June at facilities in Switzerland.

The company said North America automotive demand during the quarter started to soften, while weakness accelerated in automotive markets in Europe. Constellium said there was a sharp decline in demand in most North American industrial markets. It said packaging demand remained healthy.

"Given the softness we are experiencing today across most of our end markets with no signs of recovery in the near-term, we are also more cautious as we head into 2025," Constellium said.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

October 23, 2024 13:07 ET (17:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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