Constellium N.V (NYSE:CSTM) Q3 2019 Earnings Conference Call Transcript
Oct 23, 2019 • 12:00 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the Constellium Q3 2019 Results Conference Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Ryan Wentling, Director of Investor Relations. Please go ahead, sir.
Thank you, operator. I would like to welcome everyone to our third quarter 2019 earnings call.
On the call, today are our Chief Executive Officer, Jean-Marc Germain; and our Chief Financial Officer, Peter Matt. After the presentation, we will have a Q&A session. A copy of the slide presentation for today's call is available on our website at constellium.com, and today's call is being recorded. Before we begin, I'd like to encourage everyone to visit the Company's website and take a look at our recent filings.
Today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the Company's anticipated financial and operating performance, future events and expectations, and may involve known and unknown risks and uncertainties.
For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements, please refer to the factors presented under the heading Risk Factors in our annual report on Form 20-F. All information in this presentation is as of the date of the presentation. We undertake no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by law.
In addition, today's presentation includes information regarding certain non-GAAP financial measures. Please see the reconciliations of non-GAAP financial measures attached in today's slide presentation, which supplement our IFRS disclosures.
I would now like to hand the call over to Jean-Marc.
Thank you, Ryan. Good morning, good afternoon, everyone, and thank you for your interest in Constellium. On Slide 5, you will see some of the highlights from our third quarter performance. Shipments were 395,000 metric tons, that's 4% compared to the third quarter of 2018. Our revenue increased 2% to EUR1.5 billion, this was primarily due to the consolidation of Bowling Green, partially offset by lower metal prices. I want to remind you that we substantially pass through metal prices.
Our net income of EUR1 million declined compared to a net income of EUR217 million in the third quarter of last year. You will recall, our net income in the third quarter of last year including gains on the sale of the North Building at Sierre, and an OPEB plan amendment. Adjusted EBITDA was EUR139 million. That is an 18% increase compared to the third quarter of last year.
PARP had an excellent quarter with solid operational performance and the benefit of favorable metal costs. A&T delivered another strong quarter, thanks to good aerospace demand and solid operational performance. AS&I results were weaker than expected as we continue to experience higher costs related to our footprint expansion and operational challenges on some of our newer automotive programs.
In the first nine