French aluminum manufacturer Constellium expects its adjusted EBITDA for 2021 at around €510-530mn ($616-640mn). Shipments from all its division fell during the first quarter of this year compared with the same period in 2020.
The company shipped out 385,000mt of downstream aluminum products in Q1 2020, down by 2pc from a year ago. The decline was driven by an 18pc drop in deliveries by its Aerospace & Transportation sector, which was offset by an 8pc increase in its Automotive Structures segment.
Its Packaging & Automotive Rolled Products department saw flat sales from last year’s quarter. Demand from the auto sector and for extruded products made up for a large chunk of the Q1 revenue.
Still, the company’s revenue grew by 2pc in the quarter on an annual basis to €350mn while its Q1 2021 adjusted EBITDA accounted for €38mn, up 10pc from an EBITDA of €34mn in the same quarter last year. The company indicated that the growth was largely due to better metal prices through the quarter, slightly offset by weak downstream prices.
(€1 = $1.21)