The following is a summary of the Constellium SE (CSTM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Constellium reported Q1 2024 shipments of 380,000 tons, down 2% compared to Q1 2023 due to lower shipments in AS&I, partially offset by P&ARP.

• Revenue had a decline of 12% to €1.7 billion, majorly due to lower metal prices and shipment volumes.

• The firm reported net income of €17 million in Q1 2024, down from €22 million from the same quarter last year.

• Adjusted EBITDA was €137m for the quarter; however, excluding the negative non-cash impact from metal price lag, it was approximately €150 million.

• Operating performance led to a deficit of €8 million in free cash flow, but the company still expects a positive cash flow exceeding €130 million for the year.

• Net debt rose slightly to €1.7 billion due to unfavorable U.S. dollar translation impact.

Business Progress:

• The company initiated its share repurchase program, and thus far, 330,000 shares have been bought back for $7 million.

• With support from U.S. Dept. of Energy, Constellium is making investments in low- or zero-carbon technology.

• A major investment, the FD6, is expected to conclude by the fourth quarter of this year.

• The firm expects strong H2 2024 performance, driven by a recovery in packaging and strong automotive performance.

• Constellium's hedge costs continue to offer tailwinds as they operate at levels better compared to 2023.

• The firm aims to increase recycling and autonomy from primary producers, with recent investments in France and Ravenswood.

• While focusing on share buybacks and maintaining financial discipline, the company is also open to selective M&A opportunities.

More details: Constellium IR

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