 PARIS, July 22, 2020 GLOBE NEWSWIRE -- Constellium SE NYSE: CSTM today reported results for the second quarter ended June 30, 2020.For the second quarter of 2020: Shipments of 310 thousand metric tons, down 25 compared to Q2 2019 Revenue of 1.0 billion, down 33 compared to Q2 2019 Net loss of 32 million compared to net income of 17 million in Q2 2019 Adjusted EBITDA of 81 million, down 51 compared to Q2 2019 Cash from Operations of 8 million and Free Cash Flow of 33 millionFor the first half of 2020: Shipments of 703 thousand metric tons, down 15 compared to H1 2019 Revenue of 2.5 billion, down 20 compared to H1 2019 Net loss of 63 million compared to net income of 41 million in H1 2019 Adjusted EBITDA of 228 million, down 24 compared to H1 2019 Cash from Operations of 152 million and Free Cash Flow of 54 million Net debt LTM Adjusted EBITDA of 4.4x as of June 30, 2020Jean-Marc Germain, Constelliums Chief Executive Officer said, The COVID-19 pandemic has challenged our employees and our business. Protecting the health and safety of our employees and their families remains our top priority. Despite difficult market conditions, our business delivered solid operating results in the quarter, particularly Muscle Shoals in meeting strong packaging demand. We generated Free Cash Flow of 54 million in the first half of 2020. We also strengthened our financial profile by increasing our liquidity to 949 million. I am very proud of the way our team responded swiftly to the crisis by reducing our costs and cash expenditures and demonstrated the flexibility and resilience of our business model.Mr. Germain continued, There remains significant uncertainty around the extent and duration of the effects of the pandemic. With the significant actions we have taken and the diversity of our markets and customers, I am very confident in our ability to navigate through this crisis. Based on our current view of market conditions, we expect to generate positive Free Cash Flow in 2020. Group Summary Q2 2020 Q2 2019 Var. H1 2020 H1 2019 Var. Shipments k metric tons310 413 25703 826 15 Revenue millions1,031 1,538 332,468 3,074 20 Net income loss millions3217 n.m. 6341 n.m. Adjusted EBITDA millions81 167 51228 302 24 Adjusted EBITDA per metric ton 261 403 35325 366 11 The difference between the sum of reported segment revenue and total group revenue includes revenue from certain non-core activities and inter-segment eliminations. The difference between the sum of reported segment Adjusted EBITDA and the Group Adjusted EBITDA is related to Holdings and Corporate.For the second quarter of 2020, shipments of 310 thousand metric tons decreased 25 compared to the second quarter of 2019 due to lower shipments in all three segments. Revenue of 1.0 billion decreased 33 compared to the second quarter of 2019 due to lower shipments and lower metal prices. Net loss of 32 million compared to a net income of 17 million in the second quarter of 2019. Adjusted EBITDA of 81 million decreased 51 compared to the second quarter of 2019 due to weaker results in all three segments.For the first half of 2020, shipments of 703 thousand metric tons decreased 15 compared to the first half of 2019 due to lower shipments in all three segments. Revenue of 2.5 billion decreased 20 compared to the first half of 2019 primarily due to lower shipments and lower metal prices. Net loss of 63 million compared to a net income of 41 million in the first half of 2019. Adjusted EBITDA of 228 million decreased 24 compared to the first half of 2019 due to weaker results in all three segments.Results by SegmentPackaging and Automotive Rolled Products PARP Q2 2020 Q2 2019 Var. H1 2020 H1 2019 Var. Shipments k metric tons221 284 23490 565 13 Revenue millions565 821 311,317 1,649 20 Adjusted EBITDA millions58 79 27124 138 11 Adjusted EBITDA per metric ton 262 279 6252 245 3 For the second quarter of 2020, Adjusted EBITDA decreased 27 compared to the second quarter of 2019 primarily due to lower shipments, partially offset by strong cost control. Shipments of 221 thousand metric tons decreased 23 compared to the second quarter of 2019 due to lower shipments across automotive, packaging and specialty products. Revenue of 565 million decreased 31 compared to the second quarter of 2019, primarily due to lower shipments and lower metal prices.For the first half of 2020, Adjusted EBITDA decreased 11 compared to the first half of 2019 primarily due to lower shipments, partially offset by strong cost control. Shipments of 490 thousand metric tons decreased 13 compared to the first half of 2019 due to lower shipments across automotive, packaging and specialty products. Revenue of 1.3 billion decreased 20 compared to the first half of 2019, primarily due to lower shipments and lower metal prices.Aerospace and Transportation AT Q2 2020 Q2 2019 Var. H1 2020 H1 2019 Var. Shipments k metric tons45 63 28104 129 19 Revenue millions250 383 35609 761 20 Adjusted EBITDA millions31 64 5183 116 28 Adjusted EBITDA per metric ton 691 1,018 32802 905 11 For the second quarter of 2020, Adjusted EBITDA decreased 51 compared to the second quarter of 2019 primarily due to lower shipments, partially offset by strong cost control. Shipments of 45 thousand metric tons decreased 28 compared to the second quarter of 2019 on lower shipments of aerospace and TID products. Revenue of 250 million decreased 35 compared to the second quarter of 2019 on lower shipments and lower metal prices.For the first half of 2020, Adjusted EBITDA decreased 28 compared to the first half of 2019 primarily due to lower shipments, partially offset by strong cost control and improved price and mix. Shipments of 104 thousand metric tons decreased 19 compared to the first half of 2019 on lower shipments of aerospace and TID products. Revenue of 609 million decreased 20 compared to the first half of 2019 on lower shipments and lower metal prices.Automotive Structures and Industry ASI Q2 2020 Q2 2019 Var. H1 2020 H1 2019 Var. Shipments k metric tons44 66 33109 132 17 Revenue millions222 347 36564 691 18 Adjusted EBITDA millions130 n.m.33 59 44 Adjusted EBITDA per metric ton 31440 n.m.301 444 32 For the second quarter of 2020, Adjusted EBITDA decreased compared to the second quarter of 2019 due to lower shipments and weaker price and mix, partially offset by strong cost control. Shipments of 44 thousand metric tons decreased 33 compared to the second quarter of 2019 on lower shipments of automotive and Industry products. Revenue of 222 million decreased 36 compared to the second quarter of 2019 on lower shipments and lower metal prices.For the first half of 2020, Adjusted EBITDA decreased 44 compared to the first half of 2019 primarily due to lower shipments, partially offset by strong cost control. Shipments of 109 thousand metric tons decreased 17 compared to the first half of 2019 on lower shipments of automotive and industry products. Revenue of 564 million decreased 18 compared to the first half of 2019 on lower shipments and lower metal prices.Net IncomeFor the second quarter of 2020, net loss of 32 million compared to a net income of 17 million in the second quarter of last year. The change in net income is primarily related to lower gross profit, partially offset by a favorable change in gains and losses on derivatives related to our commodity hedging positions and a favorable change in income taxes.For the first half of 2020, net loss of 63 million compared to a net income of 41 million in the first half of last year. The change in net income is primarily related to lower gross profit and an unfavorable change in gains and losses on derivatives related to our commodity hedging positions, partially offset by a favorable change in income taxes.Cash FlowFree Cash Flow was 54 million for the first half of 2020 compared to 126 million in the same period of the prior year. The change was primarily due to weaker Adjusted EBITDA and less of a benefit from trade working capital, partially offset by lower capital expenditures.Cash flows from operating activities were 152 million for the first half of 2020 compared to cash flows from operating activities of 260 million in the same period of the prior year. Constellium decreased factored receivables by 73 million for the first half compared to an increase of 25 million in the same period of the prior year.Cash flows used in investing activities were 97 million for the first half of 2020 compared to cash flows used in investing activities of 216 million in the same period of the prior year. The first half of 2019 included a net 83 million outflow related to the acquisition of our partners 49 interest in the Bowling Green joint venture.Cash flows from financing activities were 140 million for the first half of 2020 compared to cash flows from financing activities of 4 million in the same period of the prior year. In the first half of 2020, Constellium raised 325 million of 5.625 Senior Notes due 2028, using a portion of the proceeds to redeem the remaining balance of the 4.625 Senior Notes due 2021, and entered into a 180 million loan partially guaranteed by the French State and a CHF 20 million facility partially guaranteed by the Swiss Government. The first half of 2019 included a 54 million lease redemption associated with the acquisition of Bowling Green. 