Constellium Announces Transition to Reporting in U.S. Dollars and U.S. GAAP

Constellium SE, a renowned global aluminum products developer, disclosed in a recent press release its decision to initiate a voluntary shift towards reporting its financial results in U.S. Dollars and under U.S. Generally Accepted Accounting Principles (GAAP). The company stated that starting from the 2024 fiscal year reports, Constellium will employ U.S. domestic issuer forms for its SEC filings, including annual reports on Form 10-K and other pertinent filings.

Under the leadership of Jean-Marc Germain, Constellium’s Chief Executive Officer, the company expressed enthusiasm about this strategic move, emphasizing the enhanced comparability of financial metrics with other U.S. domestic filers. Moreover, this transition is expected to expand Constellium’s strategic flexibility, potentially improve eligibility for specific stock indices, and contribute to future shareholder value.

As part of the transition, Constellium will begin furnishing its financial statements in U.S. Dollars and in accordance with U.S. GAAP, moving away from previously reported figures in Euros under International Financial Reporting Standards (IFRS). The company intends to provide recalculated historical data in line with the new reporting standards.

The financial community will witness significant changes during this transition. With the shift from IFRS to U.S. GAAP, various adjustments are anticipated in published results. Some of the notable adjustments include foreign exchange translations, revised classifications of lease expenses, changes in factoring treatments, among others. These adjustments are aimed at aligning Constellium’s financial reporting with U.S. regulatory standards.

Moreover, the transition will encompass forward-looking disclosures complying with the regulatory requirements, providing a holistic view of Constellium’s financial health and positioning in the market. Constellium’s adherence to U.S. reporting standards and its commitment to increased transparency are expected to strengthen investor confidence and foster positive outcomes for the company’s stakeholders.

Constellium, with operations spanning aerospace, automotive, and packaging industries, reported revenues of $7.8 billion in 2023. This strategic shift is anticipated to streamline Constellium’s financial reporting process while enhancing its standing within the competitive market landscape.

Please note that the financial data and statements mentioned above are preliminary and subject to change, reflecting the dynamic nature of the business environment and regulatory compliance requirements.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations.

About Constellium
Constellium (NYSE: CSTM) is a globally recognized leader in the aluminum sector, offering innovative aluminum products across various industries. For more information on Constellium, visit www.constellium.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Constellium’s 8K filing here.

Constellium Company Profile

Constellium SE, together with its subsidiaries, engages in the design, manufacture, and sale of rolled and extruded aluminum products for the packaging, aerospace, automotive, defense, and other transportation and industry end-markets. The company operates through three segments: Packaging & Automotive Rolled Products, Aerospace & Transportation, and Automotive Structures & Industry.