Ardagh’s EBITDA up by 6 YoY to $424 million in Q3 2019

Ardagh Group announced its results for the third quarter ended September 30, 2019. The company reported revenue of $2,377 million in the three-month period ended September 30, 2019, down 1% year-on-year. On a constant currency basis, revenue rose by 2% on higher volumes in Metal Beverage Packaging Europe and Metal Beverage Packaging Americas and the pass through of increased input costs.

Paul Coulson, Chairman and Chief Executive, said, “The Group reported a strong performance in the third quarter, with notable growth in Glass Europe and Metal Americas. We took advantage of favourable markets during the quarter to further improve our debt maturity profile and obtain material interest savings. We completed the Trivium transaction today, with cash proceeds of $2.5 billion to be used for debt reduction”.

Adjusted EBITDA stood at $424 million in the third quarter, an increase of 6% YoY at actual exchange rates. Adjusted EBITDA increased by 9% on a constant currency basis. The increase was due to higher selling prices, including for the pass through of higher input costs, the impact of IFRS 16 of $25 million, and favourable volume/mix effects, partly offset by higher operating costs.

Adjusted earnings per share were $0.60, an increase of 15%.