Ardagh’s adjusted EBITDA stands at $273 million in Q1 2020

Ardagh Group, a global supplier of infinitely recyclable, metal and glass packaging for the world’s leading brands, announced its results for the first quarter ended March 31, 2020. The Group reported revenue of $1,622 million in the three-month period, unchanged on the prior year at constant currency.

Paul Coulson, Chairman and Chief Executive, said “First quarter results were in line with our expectations, with no material impact from COVID-19. The commitment and dedication of our teams during this challenging period has been outstanding, enabling all our production facilities to continue to serve the beverage and food supply chain. It is too early to assess the macroeconomic impact of the pandemic and, accordingly, we are withdrawing our 2020 financial guidance. However, our defensive end markets, proven operating model and $1.5 billion in liquidity position us to successfully manage this uncertain environment.”

Adjusted EBITDA for the quarter stood at $273 million. Adjusted EBITDA was in line with the prior year and ahead of the guided $270 million.

Metal Beverage Packaging shipments increased by 1% in the mentioned quarter. Shipments of specialty can rose by 6% and accounted for 42% of total volumes.

“Metal Beverage Packaging Adjusted EBITDA decreased by 3% at constant currency, with growth of 20% in Metal Beverage Packaging Americas. Metal Beverage Packaging Europe Adjusted EBITDA declined by 19%, due to a pension credit in the prior year,” the Group said.