Ardagh Group S.A. – Third Quarter 2019 Results
Ardagh Group S.A. (NYSE: ARD) today announced its results for the third quarter ended September 30, 2019.
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 favorable 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”.
- Revenue of $2,377 million increased by 2% on a constant currency basis;
- Adjusted EBITDA of $424 million increased by 9% at constant exchange rates, led by gains in Glass Packaging Europe and Metal Beverage Packaging Americas;
- Adjusted earnings per share up 15% to $0.60 (2018: $0.52); Group volume/mix growth of 2% led by Global beverage can volume3 growth of 7%; Refinanced $1,650 million 2024 Senior Notes, yielding $45 million annualized interest savings;
- Metal Food & Specialty business is treated as a Discontinued Operation, following the announced combination with Exal Corporation to form Trivium Packaging. Completion of the transaction took place today, with Ardagh receiving an approximate 43% stake in Trivium Packaging and cash consideration of $2.5 billion;
- 2019 full year outlook:
- Adjusted EBITDA of $1.16 - $1.18 billion, pro forma for the divestment of Food & Specialty (the equivalent previous guidance was at least $1.15 billion);
- Adjusted earnings per share of $1.65 - $1.75, including Food & Specialty until divestment on October 31;
- Net leverage of approximately 4.5x Adjusted EBITDA at December 31, 2019, pro forma for the divestment of Food & Specialty.
1. 2. 3.
1 For a reconciliation to the most comparable GAAP measures, see page 3, 12 and 13.
2 Payable on November 29, 2019 to shareholders of record on November 15, 2019.
3 References to data on volumes represents units shipped in the period.
31 October 2019