Ardagh Group S.A. – Second Quarter 2019 Results
Ardagh Group S.A. (NYSE: ARD) today announced its results for the second quarter ended June 30, 2019.
Paul Coulson, Chairman and Chief Executive, said “Our second quarter performance was in line with our expectations, led by strong performances in our Metal Packaging Americas and Glass Packaging Europe divisions. The recently announced combination of our Metal Packaging Food & Specialty business with Exal to form Trivium Packaging, a new global leader in metal packaging owned by Ontario Teachers’ and Ardagh, is an important strategic step for the Group.”
- Revenue of $2,268 million increased by 1% on a constant currency basis;
- Adjusted EBITDA of $395 million, increased by 5% at constant exchange rates;
- Earnings per share for the quarter of $0.29 an increase of 16%;
- Adjusted earnings per share of $0.48 (2018: $0.51);
- Adjusted EBITDA growth in three of four segments, led by Metal Packaging Americas and Glass Packaging Europe. Cost reductions offsetlower volumes in Glass Packaging North America, while Metal Packaging Europe was impacted by increased input costs;
- Global beverage can volume growth of 1%with volume/mix growth of 6%;
- Metal Packaging Food & Specialty (“Food & Specialty”) to combine with Exal Corporation to form Trivium Packaging (“Trivium”), a new global leader in metal packaging jointly owned with Ontario Teachers’. Ardagh will hold a 43% stake in Trivium and will receive cash proceeds of $2,500 million, to be used for debt reduction at Ardagh Group S.A..The transaction is expected to close in the fourth quarter of 2019;
- Full year 2019 outlook3 re-iterated, with third quarter Adjusted EBITDA of $410-$420million;
1 For a reconciliation to the most comparable GAAP measures, see page 12.
2 Payable on August 30, 2019 to shareholders of record on Aug 16, 2019.
3 2019 Adjusted EBITDA of at least $1.5 billion, before divestment of Food and Specialty to Trivium. Pro Forma for divestment, Adjusted EBITDA of at least $1.15 billion.
25 July 2019