(RTTNews) - Shares of aluminium products maker Constellium SE (CSTM) are trading higher by more than 20% Wednesday morning after reporting its first-quarter results.
The company reported a net loss in the first quarter of €31 million or €0.22 per share compared with net income of €24 million or €0.17 per share a year ago. The company had an unfavorable change in unrealized gains and losses on derivatives related to commodity hedging positions of €68 million in this year quarter.
Adjusted EBITDA increased 9% to a record €147 million, driven by strong performance at both P&ARP and A&T and much improved performance in AS&I. Free Cash Flow also was very strong at €87 million.
Revenue, however, decreased 6% year-over-year to €1.437 billion on lower shipments.
The company also withdrew its outlook until improved visibility.
"Constellium took swift actions in response to the COVID-19 pandemic. We are aggressively reducing costs, optimizing our working capital, further reducing our capital spending, and significantly augmenting our liquidity position. I am confident that we are well-positioned to weather this storm and emerge as a stronger company," Jean-Marc Germain, Constellium's Chief Executive Officer commented.
CSTM is currently trading at $8.13. It has traded in the range of $3.90- $15.10 in the last one year.