CSTM - Why Constellium SE Stock Fell Wednesday
2023-10-26 06:30:00 ET
Shares of Constellium (NYSE: CSTM) fell as much as 13% early Wednesday, then settled to close down around 7.8% after the aluminum products company announced weaker-than-expected quarterly results.
For its third quarter of 2023, Constellium's revenue declined 15% year over year to 1.72 billion euros (or around $1.82 billion), translating to net income of 64 million euros, or around $0.43 euros per diluted share. Analysts, on average, were modeling earnings of 0.45 euros per share on higher revenue of 1.8 billion euros.
Delving deeper into Constellium's results, shipments in the third quarter declined 5% year over year to 369,000 metric tons, more than offsetting a 5% increase in value-added products revenue to 704 million euros. Trending toward the bottom line, adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) climbed 5% year over year to 168 million euros.
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Why Constellium SE Stock Fell Wednesday