LUXEMBOURG, April 26, 2019 /PRNewswire/ -- Ardagh Group S.A. (NYSE: ARD) today announced its results for the first quarter ended March 31, 2019.
Paul Coulson, Chairman and Chief Executive, said "Our first quarter performance was good, with growth in volumes, earnings and cash generation. Demand for our sustainable packaging solutions is generally strong and we grew volume in both our Americas and European metal packaging divisions notably in beverage cans, as well as in glass packaging in Europe."
- Revenue of $2,220 million increased by 4% on a constant currency basis;
- Adjusted EBITDA of $363 million, increased by 9% at constant currency and by 4% at actual exchange rates;
- Adjusted earnings per share growth of 6% to $0.35 (2018: $0.33);
- Earnings per share of $0.06 (2018: loss per share: $0.06);
- Group volume/mix growth of 2% for the quarter;
- Metal Packaging growth led by global beverage can volume growth of 6%, with food & specialty modestly ahead in Europe;
- Glass Packaging Europe delivered further growth, with a moderating decline in Glass Packaging North America;
- Capital expenditure of $194 million, enhanced by spending on short payback projects;
- Full year 2019 outlook unchanged, with second quarter 2019 Adjusted EBITDA of $390-$400 million.
Summary Financial Information
Revenue of $2,220 million in the three-month period ended March 31, 2019 was broadly in line with the prior year. On a constant currency basis, revenue increased by 4%, or $77 million, mainly due to increased volume/mix effects of 2% and the pass through of increased input costs.
First quarter Adjusted EBITDA of $363 million increased by 4% at actual exchange rates, compared with the same period last year. On a constant currency basis, Adjusted EBITDA increased by 9%, reflecting the impact of IFRS 16 of $23 million and a pension credit in Metal Packaging Europe.
Metal Packaging Europe
Revenue of $873 million decreased by 1% in the three-month period ended March 31, 2019, compared with the same period last year. On a constant currency basis, revenue increased by 5%, due mainly to volume/mix growth and the pass through of higher input costs. Adjusted EBITDA for the quarter of $141 million increased by 13% at constant currency, compared with the same period last year. Growth principally reflected favorable volume/mix effects, a pension credit of approximately $15 million and the impact of IFRS 16 of $9 million, partly offset by higher input costs.
Metal Packaging Americas
Revenue increased by 2% to $539 million in the first quarter of 2019, compared with the same period last year, principally due to the pass through of higher input costs. Adjusted EBITDA of $66 million increased by 5% compared with the prior year, reflecting the pass through of higher input and other operating costs and the favorable impact of IFRS 16 of $2 million, partly offset by unfavorable volume/mix effects.
Glass Packaging Europe
Revenue of $392 million decreased by 1% at actual exchange rates and increased by 6% at constant exchange rates, in the three-month period ended March 31, 2019, compared with the same period last year. Revenue growth principally reflected the pass through of higher input costs and favorable volume/mix effects. Adjusted EBITDA for the quarter of $85 million increased by 13% at constant exchange rates, compared with the same period last year, mainly due to favorable volume/mix effects, higher selling prices and the impact of IFRS 16 of $4 million, partly offset by higher input costs.
Glass Packaging North America
Revenue increased by 1% to $416 million in the first quarter, compared with the same period last year, principally reflecting the pass through of higher input costs, partly offset by unfavorable volume/mix effects. Adjusted EBITDA of $71 million in the first quarter was in line with the same period in 2018, as the impact of IFRS 16 of $8 million and higher selling prices were offset by higher input and other operating costs.
Earnings Webcast and Conference Call Details
Ardagh Group S.A. (NYSE: ARD) will hold its first quarter 2019 earnings webcast and conference call for investors at 3 p.m. BST (10 a.m. ET) on April 26, 2019. Please use the following webcast link to register for this call:
Webcast registration and access:
Conference call dial in:
United States: +1855 85 70686
International: +44 33 3300 0804
Participant pin code: 24379409#
Slides and quarterly report
Supplemental slides to accompany this release are available 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 Group is a global supplier of infinitely recyclable, metal and glass packaging for the world's leading brands. Ardagh operates more than 100 metal and glass production facilities in 22 countries across five continents, employing over 23,000 people with sales of $9bn.
This press release includes "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act and Section 21E of the U.S. 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, LTM Pro Forma EBITDA, working capital, operating cash flow, Adjusted free cash flow, 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.
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SOURCE Ardagh Group S.A.