Ardagh Group, a global supplier of infinitely recyclable, metal and glass packaging for the world’s leading brands, announced its results for the second quarter ended June 30, 2019. The Group’s revenue stood at $2,268 million in the three months period, down 3% year-on-year.
On a constant currency basis, revenue rose by 1%, mainly due to the pass through of increased input costs, partly offset by lower volumes in Glass Packaging North America.
Paul Coulson, Chairman and Chief Executive, said: “Our second quarter performance was in line with our expectations, led by strong performances in our Metal Packaging Americas and Glass Packaging Europe divisions. The recently announced combination of our Metal Packaging Food & Specialty business with Exal to form Trivium Packaging, a new global leader in metal packaging owned by Ontario Teachers’ and Ardagh, is an important strategic step for the Group.”
Adjusted EBITDA came in at $395 million for the quarter, increased by 1% at actual exchange rates. Adjusted EBITDA increased by 5% on a constant currency basis. This was due to increased selling prices, including for the pass through of higher input costs, the impact of IFRS 16 of $24 million, and favourable volume/mix effects, partly offset by higher other operating costs.
Earnings per share were $0.29 in the second quarter, an increase of 16%.
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