Ardagh Group’s adjusted EBITDA stands at $271 million in Q2 2020; Global beverage can shipments up 3%

Ardagh Group announced its results for the second quarter ended June 30, 2020. The company reported revenue of $1,606 million for the quarter, 5% lower than the prior year at constant currency, with growth of 3% in Metal Beverage Packaging.

Paul Coulson, Chairman and Chief Executive, said “The Group performed well in the quarter, reflecting strong execution and the defensive end markets we serve. Earnings grew in Metal Beverage Packaging, while Glass Packaging’s performance was very resilient. Demand for sustainable packaging remains strong and we continue to progress our growth investment projects. We also availed of favourable markets to improve our capital structure and ended the quarter with total liquidity of $1.6 billion. Overall trading trends in June were positive and we are well-positioned to benefit from further improvements in market demand.”

Adjusted EBITDA stood at $271 million for the quarter, a drop of 11% at constant currency on the prior year.

Global beverage can shipments increased by 3% in the quarter, led by strength in Europe. Shipments of beverage can rose by 2% in the year to date, with specialty can shipment growth of 7%.

“Metal Beverage Packaging performed strongly, reflecting continued strong demand and good operational execution. Adjusted EBITDA of $139 million, representing 51% of Group Adjusted EBITDA, increased by 2% at constant currency, with growth of 5% in the Americas and a stable outturn in Europe.”