How did CSTM's Q4 2023 earnings surprise analysts?

Constellium's Q4 2023 earnings fell short of analysts' expectations in several key metrics, reflecting broader challenges within the aluminum industry and specific regional headwinds:

1. **Revenue and Net Income**: Constellium reported a total revenue of €1.78 billion ($1.72 billion) for Q4 2023, which missed the consensus estimate of $1.81 billion. The net income for the quarter was $12.17 million, significantly lower than the expected figure.

|code|Ticker|Name|Date|Total Revenue|Net Income|Diluted EPS|market_code|
|---|---|---|---|---|---|---|---|
|CSTM|CSTM.N|Constellium|2023 Q1|2.1265632E9|2.39184E7|0.152208|169|
|CSTM|CSTM.N|Constellium|2023 Q2|2.1294E9|3.4944E7|0.22932|169|
|CSTM|CSTM.N|Constellium|2023 Q3|1.820448E9|6.77376E7|0.455112|169|
|CSTM|CSTM.N|Constellium|2023 Q4|1.7843006E9|1.21682E7|0.077434|169|

2. **Diluted EPS**: The reported diluted EPS for the quarter was $0.08, which did not match analysts’ expectations.
3. **Market Reaction and Outlook**: Despite the earnings miss, Constellium's stock remained under pressure, with shares falling as much as 13% early Wednesday after the company announced weaker-than-expected quarterly results. The company's CEO attributed the strong quarter despite demand headwinds to inflationary pressure and decelerated growth from the automotive sector and lower packaging shipments.
4. **Growth Rates**: The company's revenue growth rate for the quarter was negative, reflecting a 15% year-over-year decline in revenue. This was accompanied by a 4.99% decrease in diluted EPS compared to the previous year.

|code|Ticker|Name|Date|Net Income YoY|Total Revenue YoY|Diluted EPS YoY|market_code|
|---|---|---|---|---|---|---|---|
|CSTM|CSTM.N|Constellium|2023 Q1|-87.95435442452762|-3.131296534827261|-88.56576219237355|169|
|CSTM|CSTM.N|Constellium|2023 Q2|204.30795682491163|-10.593179864361447|191.2694622217977|169|
|CSTM|CSTM.N|Constellium|2023 Q3|-47.14495389650063|-7.970921519222316|-47.13556912268964|169|
|CSTM|CSTM.N|Constellium|2023 Q4|-62.08574811491244|-9.550845557119562|-63.809123200598236|169|

In summary, Constellium's Q4 2023 earnings fell below analyst expectations due to lower-than-expected revenue and net income, primarily driven by demand headwinds and inflationary pressures in several end markets.