Constellium Q4 Earnings Fall; To Buy Back $300 Mln Of Shares

(RTTNews) - Constellium SE (CSTM), an aluminum company, Wednesday reported lower earnings and revenues for the fourth quarter. The company also provided its outlook for fiscal 2024.

Further, Constellium announced plans to buy back up to $300 million of its outstanding common stock that expire on December 31, 2026.

Quarterly earnings decreased to 11 million euros or 0.07 euro per share from 30 million euros or 0.20 euro per share in the last year, on gains on OPEB and pension plan amendments recorded in 2022 and higher tax expense this year.

On average, six analysts polled by Thomson Reuters expect earnings of 0.32 euros per share for the quarter. Analysts' estimates typically exclude special items.

Revenues declined 13 percent to 1.6 billion euros from 1.84 billion euros in the prior year, due to lower shipments and lower metal prices.

The Street view for revenue is 1.73 billion euros.

Looking forward to the full year, the company expects Adjusted EBITDA to be in the range of 740 million euros to 770 million euros.

On Tuesday, Constellium shares closed at $18.57, down 2.93% on the New York Stock Exchange.