LUXEMBOURG, April 26, 2018 /PRNewswire/ -- Ardagh Group S.A. (NYSE: ARD) today announced its financial results for the first quarter ended March 31, 2018.
Paul Coulson, Chairman and Chief Executive, said "Our first quarter results again highlight the benefit of Ardagh's scale and diversity across our two substrates and multiple geographies. The Group delivered Adjusted EBITDA growth of 9% to $348 million on a reported basis and 1% at constant currency. A strong performance in both Metal Packaging divisions and in Glass Packaging Europe more than offset a decline in Glass Packaging North America, where we remain focused on the implementation of our profit improvement initiatives."
- Revenue and Adjusted EBITDA growth of 13% and 9% to $2,224 million and $348 million respectively;
- Constant currency Revenue and Adjusted EBITDA growth of 5% and 1% respectively;
- Group volume/mix growth of 3%, led by Metal Packaging Americas;
- Loss per share $0.06 (2017: loss per share $0.31);
- Adjusted earnings per share growth of 6% to $0.33;
- Quarterly cash dividend of $0.14 per common share, payable on May 31, 2018;
- Adoption of US dollar reporting from January 1, 2018;
- 2018 outlook: Full year guidance remains unchanged. Second quarter Adjusted EBITDA of approximately US$415 million (2017: US$415 million).
Revenue of $2,224 million for the quarter ended March 31, 2018 represented an increase of 13% at actual exchange rates and, at constant currency, increased by 5% compared with the same period last year. The increase in revenue was attributable to $154 million favorable currency translation effects, 3% volume/mix growth and the pass through of increased input costs. First quarter Adjusted EBITDA of $348 million increased by 9% at actual exchange rates, compared with the same period last year. On a constant currency basis, Adjusted EBITDA increased by 1%, with growth in three of our four divisions partly offset by a decline in Glass Packaging North America.
Metal Packaging Europe
Revenue increased by 21%, to $885 million in the three-month period ended March 31, 2018, compared with the same period last year. Growth reflected favorable currency translation effects of $106 million and 6% organic growth, principally from favorable volume/mix effects and the pass through of higher input costs. Adjusted EBITDA for the quarter of $134 million increased by 6% at constant currency compared with the same period last year, reflecting cost savings and synergy delivery partly offset by higher input costs.
Metal Packaging Americas
Revenue increased by 23% to $529 million in the first quarter of 2018, compared with the same period last year. The increase was due mainly to favorable volume/mix effects and the pass through of higher input costs. Adjusted EBITDA increased by $15 million, or 31% to $63 million, compared with the same period last year. Growth primarily reflected higher volume/mix effects, synergy realization and cost reductions, partly offset by higher input costs.
Glass Packaging Europe
Revenue increased by 17% to $397 million in the three-month period ended March 31, 2018, compared with the same period last year, benefitting from higher volume/mix effects and favorable currency translation effects of $48 million. Adjusted EBITDA for the quarter increased by 18% to $80 million, compared with the same period last year, as a result of cost savings and favorable currency translation effects of $9 million.
Glass Packaging North America
Revenue decreased by 10% to $413 million in the first quarter, compared with the same period last year principally reflecting lower volumes. Adjusted EBITDA decreased by 22% to $71 million in the first quarter, compared with the same period in 2017 as a result of lower volumes and higher freight and other operating costs compared with the same period last year.
Earnings Webcast and Conference Call Details
Ardagh Group S.A. (NYSE: ARD) will hold its first quarter 2018 earnings webcast and conference call for investors at 3 p.m. BST (10 a.m. ET) on April 26, 2018. Please use the following webcast link to register for this call:
Webcast registration and access:
Conference call dial in:
United States callers: 1866 928 7517
International callers: +44 20 3139 4830
Participant pin code: 43871149#
Slides and annual report
Supplemental slides to accompany this release are available on our website at http://www.ardaghgroup.com/investors .
First quarter results for ARD Finance S.A., issuer of the Senior Secured Toggle Notes due 2023, are available at http://www.ardholdings-sa.com/ .
About Ardagh Group
Ardagh is a global leader in metal and glass packaging solutions, producing packaging for most of the world's leading food, beverage and consumer brands. It operates 108 facilities in 22 countries, employing approximately 23,300 people and has global sales of approximately $8.6 billion.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Non-GAAP Financial Measures
This press release may contain certain consolidated financial measures such as Adjusted EBITDA, working capital, net debt, Adjusted profit/(loss), Adjusted earnings/(loss) per share, and ratios relating thereto that are not calculated in accordance with IFRS or US GAAP. Non-GAAP financial measures may be considered in addition to GAAP financial information, but should not be used as substitutes for the corresponding GAAP measures. The non-GAAP financial measures used by Ardagh may differ from, and not be comparable to, similarly titled measures used by other companies.
Financial assets and liabilities
At March 31, 2018, the Group's net debt and available liquidity was as follows:
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SOURCE Ardagh Group S.A.