And that linked to their overall market weakness. One longer-term question, one sort of short-term financial question. john.sheehan@ardaghgroup.com, Media Q1 2023 Ardagh Metal Packaging SA Earnings Call. Adjusted EBITDA for the quarter was $81m, decreasing by 9% compared to $89m in the same period last year, primarily driven by input cost headwinds and higher operating costs, partly offset by favourable volume/mix effects. The contribution from volume mix was more than offset by an expected fixed cost absorption drag and unfavorable input cost recovery relative to some over recovery in the prior year period. Thank you. The projected financial information contained in this press release constitutes forward-looking information. Ardagh Building Beverage Can and End Facility in Huron Total beverage can shipments in the quarter were 3% higher than the prior year, with 5% growth in North America and 2% growth in Europe, offsetting a 1% decline in Brazil. So I think we'll again see some volatility in results across the can makers. We've got some still water filling that's moved back to the U.S. And then the high-level question, yourself and some of your peers are taking actions to kind of curtail volumes and balance the market out, but there are still some new entrants who are talking about adding some pretty meaningful capacity. In Europe, first quarter revenue increased by 3% on a constant currency basis to $486 million compared with the same period in 2022, mainly due to more favorable input cost recovery. I wanted to go back a little bit to the curtailment actions, but also to I think you mentioned in some still water over in Europe moving to the U.S., and I believe you have a key customer there that is relatively small but seen pretty strong growth rates. The cash proceeds from the transactions will be used to reduce net debt at Ardagh. These filings identify and address (or will identify and address) other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. We haven't guided to it. Ardagh Metal Packaging Usa in Brea, CA with Reviews - YP.com - Yellow Pages The Gores Group To the extent that you have sort of implemented what I'll call the pass-through model for energy and other inflationary components into your contracts for that geography, should we then think about, all else equal, if '23, there's deflation relative to '22 that you would be passing that on to your customers in '24? Under the Social pillar of our sustainability strategy, Ardagh committed to invest approximately $50 million from 2021-2032 in the local communities in which our U.S. facilities are located. To read more about our new targets, please click here for our 2021 Sustainability Report. Yes. Metal Packaging Supplier | Sustainable Packaging Solutions | Ardagh And as David just mentioned, we've got a very tough comparator coming in Q2 where post COVID, the market opened up very fast and very strong. They're very elastic categories, and demand does expand with promotional and with price. Regular quarterly ordinary dividend of 10c announced, in line with guidance for an annual dividend of 40c per share. Please go ahead. Those are linked to when the market was very tight, and customers were diversifying a bit. Visit our Privacy Policy for more information about our services, how GlobalData may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. But obviously, the main thing that's going on for our business at the moment is that the capital expenditure we have this year is just the wrap-up of the projects that we've essentially more or less completely finished. The European energy market continues to improve its resilience supported by public policy actions. Is it fair to assume now that given what you're seeing, maybe there's a little bit of optimism that Ardagh can also kind of start to approach into the mid-single digits? ARDAGH METAL BEVERAGE USA INCORPORATED EPA Registry Id: 110001360214 4001 MONTDALE PARK DRIVE VALPARAISO, IN 46383-0607 Query executed on: APR-14-2023 Additional information for CERCLIS or TRI sites: This information resource is not maintained, managed, or owned by the Environmental Protection Agency (EPA) or the Envirofacts Support Team. 2023-04-27 | NYSE:AMBP | Press Release | Ardagh Metal Packaging S.A. Please go ahead. So let's go region by region. Would you attribute that to the new entrants or just kind of the overall supply-demand balance in the North American market right now? Forward-looking statements speak only as of the date they are made. Looking at AMP's results by segment and at constant exchange rates. Sustainability at Ardagh is at the core of our operations. Just to summarize again, we met our Q1 guidance, and we reaffirmed our full year as we see a strengthening in the demand environment and improved EBITDA recovery through the year. The timing and terms of any such transaction, if effected at all, has not been determined. And Ollie, I'll take that at surface level, and that's great. But then there is also an acceleration of our inflation recovery. I'm joined today by Oliver Graham, AMP's Chief Executive Officer; and David Bourne, AMP's Chief Financial Officer. Performance was, however, ahead of expectations, reflecting our overall strong input cost recovery. The leading site for news and procurement in the packaging industry. Look, it's going to go very meaningfully lower. Got it. * Approximately 75% of aluminum . We are forecasting volumes to grow at a high single-digit percentage in 2023 in Brazil, which is underpinned by the recent start-up of new capacity in Alagoinhas, customer mix and the market recovery strengthening into the second half of the year supported by an easing of customers' input cost pressures. LUXEMBOURG, Nov. 19, 2021 /PRNewswire/ -- Ardagh Metal Packaging (AMP) announced today that it plans to build a new state-of-the-art $200 million beverage can plant in . On a long-term basis, to the extent that there is a transition from returnable glass to one-way packaging kind of both substrates can win in that environment from a number of units perspective. 2 min read New 19.2 oz. David? We're encouraged by the early signs of a return to promotional activity and the easing of customer input cost inflation, which supports our expectations of improved H2 volumes. I think that the existing players in the market is probably around flat. So if that's the case, how much lower can your CapEx go? Sure, Jay. In connection with the proposed transactions contemplated by the Business Combination Agreement (the Business Combination), (i) AMP is expected to file a registration statement on Form F-4 with the SEC that will constitute a prospectus of AMP and include a proxy statement of Gores Holdings V (the Registration Statement) and (ii) Gores Holdings V intends to file with the SEC a definitive proxy statement (the Definitive Proxy Statement) in connection with the proposed business combination contemplated by the Business Combination Agreement and will mail the proxy statement/prospectus and other relevant documents to its stockholders. But even within beer, we have some very high performers. Okay. And therefore, you'll see in our results and our peers' results probably some different results linked to customer mix and which customers you're in by region. The growth was driven by a 4% increase in the Americas and a 2% increase in Europe. Ardagh is at the forefront of aluminum beverage packaging, with 11 production facilities throughout the Americas. Sure. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. We also had softness with the beer customer. The contribution from shipment growth was more than offset by higher operating costs. Our expectation of the current year is unchanged, which includes growth investment of just under $400 million with a cash flow element under $300 million. We're confident our peers will monitor that in the same way. Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023. Global beverage can shipments grew by 3% in the quarter, driven by growth of 4% in Americas and 2% in Europe. Glass packaging protects its content and enhances a brands appeal. A metal beverage packaging leader in the Americas Ardagh is at the forefront of aluminum beverage packaging, with 11 production facilities throughout the Americas. We will continue to closely monitor demand conditions and balance our capacity in a disciplined manner. Ardagh Metal Packaging S.A. - First Quarter 2023 Results Luxembourg-based metal packaging supplier Ardagh Metal Packaging (Ardagh) has reported a solid performance in the first quarter (Q1), with global beverage can shipments growing by 3% during the period. Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for the world's leading brands. Yes. On a constant currency basis, revenue increased by 3%, primarily due to the pass-through of higher input costs, partly offset by negative volume/mix effects (including the seasonal rebalancing of the contract asset margin). Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people with sales of approximately $7 billion. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. The company will invest at least $195 million to expand its current beverage can metal manufacturing facility in Winston-Salem. Again, I guess the one thing we need to be mindful of is, obviously, to the extent you guys have hedged energy for this year, that may not necessarily be the case on a go-forward basis. And overall, in Europe, I think with the actions we're taking, we're pretty balanced there. Ardagh Metal Packaging Usa in Brea, CA. We delivered global shipment growth of 3%, including 5% growth in North America and 2% in Europe, and adjusted EBITDA of $130 million, in line with our guidance. Diaz v Ardagh Metal Beverage USA Inc - unicourt.com I think you said Europe looking just to mid-single digit. AMP will hold Ardaghs metal packaging business, which is a leading supplier of beverage cans globally, with a particular focus on The Americas and Europe. It serves the beverage, beauty, pharmaceuticals . read more 26. And then also, what does that mean for your European footprint in terms of now potentially having some excess slack over in the Austrian region? In terms of guidance for the second quarter, adjusted EBITDA is anticipated to be in the order of $170 million, which compares with the prior year adjusted EBITDA of $180 million on a constant currency basis. So that's how we see the 3 markets at the moment. By clicking Accept all cookies, you agree to the storing of cookies on your device and to the associated processing of personal data to enhance site navigation, analyse site usage, and assist in our marketing and performance efforts. Ardagh Metal Packaging Q1 2023 Results As a first step in the transaction, AMP will raise new debt of approximately $2.65 billion, (approximately $2.3 billion net), representing a multiple of 3.3x of 2021E pro forma Adjusted EBITDA. Ardagh Metal Packaging launches new can size to support beverage brands Ardagh Metal Packaging (NYSE: AMBP) is a leading supplier of sustainable and infinitely recyclable beverage cans globally. We are committed to conducting our activities with the highest standards of integrity and business practice in dealing with all of our stakeholders. Look, I think we've also evaluated that risk, and we regard it as very low. We continue to manage our capacity in a disciplined manner through curtailment actions that moderate our footprint ahead of growth in demand and that position the business for a period of investment-free growth. 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Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its first quarter 2023 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on April 27, 2023. Ardagh Metal Packaging to Combine With Gores Holdings V and List on We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Our metal cans are available in a range of sizes from 8 oz. You can update your preferences by clicking the "Cookie Policy" link at the bottom of any page on our website. The minimum refund value established for each type of eligible beverage container is 5 cents for each container under . The document includes detailed information on the manufacturers and suppliers and their products, along with contact details, to inform your purchasing decision. And just a question on North America. Ardagh Metal Packaging S.A. - First Quarter 2023 Results, Investors Look Right Past the First Republic Bank Closure, Markets Brief: 10th Straight Fed Rate Hike on Tap. I referred to it in the remarks, but there's some drag in Q1 from the timing of the recognition of those PPI mechanisms into EBITDA, and that drag has gone after Q1. Now potentially, the market is a little bit more balanced. And that's what we thought when we gave our full year guidance, and our opinion on that hasn't changed. So in the $300 million, it will drop by a lot. Ardagh produces distinctive and innovative glass packaging in all shapes and sizes for brand owners around the worldand offers a choice of almost 20 different colours. And right now, you need to be operating in economy or price competitive parts of the market or you need to be discounting into those parts of the market because the consumer is under pressure. And just so on that note then, does your European business take a step down from here? Yes. 1. I'd say you put those 3 components together, you're at or very close to covering the dividend mix. The impact to our business is offset by growth across other categories, including carbonated soft drinks, energy and wellness and in spirit-based ready-to-drinks. So regarding your CapEx guidance for '23, your guide is $300 million, and your cash flow generation alleviation depends a lot on CapEx cuts. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences, said Paul Coulson, Chairman and CEO of Ardagh.
