Ardagh Group S.A. - Fourth Quarter and Full Year 2019 Results
Ardagh Group S.A. (NYSE: ARD) today announced its results for the fourth quarter and year ended December 31, 2019.
Paul Coulson, Chairman and Chief Executive, said “2019 was a year of significant progress for the Group. Metal Packaging demand was strong, notably in the Americas, and global beverage can shipmentsincreased by 5%. Glass Packaging Europe delivered anotherexcellent year of growth, while Glass Packaging North America successfully stabilized earnings. The sustainability-driven demand backdrop for our infinitely-recyclable products remains favorable and we look to further progress in 2020.”
- Revenue from Continuing Operations increased by 2% at constant currency, to $6.7 billion forthe year;
- Adjusted EBITDA from Continuing Operations increased by 8% at constant currency, to $1,173 million;
- Adjusted earnings per share increased by 10%at constant currencyto $1.82 (2018: $1.69);
- Earningsper share of $6.17for the year(2018: Loss per share of $0.40);
- Fourth quarter revenue and Adjusted EBITDA growth of 1% and 6% respectively at constant currency;
- Global beverage can shipmentsgrowth of 4% for the quarter and 5% for the year, with full year specialty can growth of 6%;
- Glass Packaging revenue and Adjusted EBITDA growth of 2% and 20% respectively at constant currencyin the quarter, reflecting continued strong delivery in Europe andstabilization in North America;
- Food & Specialty Packaging divestment completed in October 2019, with proceeds used to repay debt;
- Leverage reduced to 4.5x at year end, with further maturity and interest rate savings achieved during the year;
- 2020 outlook: Adjusted EBITDA of approximately$1.2 billion; Adjusted free cash flow of $375 -$400 million,before Business Growth Investments of approximately $250 million; Adjusted earnings per share of $1.48 -$1.64(3); First quarter Adjusted EBITDA of approximately $270 million.
1 Continuing Operations results unless stated otherwise. For a reconciliation to the most comparable GAAP measures, see page 3, 11 and 12.
2 Payable on April 1, 2020 to shareholders of record on March 18, 2020.
3 2020 Adjusted EPS outlook excludes contribution from joint venture.
20 February 2020