Ardagh Metal Packaging (AMP), a subsidiary of packaging company Ardagh Group, has generated total revenue of $1.29bn in the third quarter (Q3) of financial year 2023 (FY23), increasing 10% from $1.17bn in the same period in FY22.
In the Americas, revenue rose by 8% to $732m in Q3 FY23 while in Europe, it increased by 14% to $562m in the quarter.
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AMP’s profit for the period was $17m against $68m in the same period a year ago.
During the quarter ending 30 September 2023, adjusted earnings before interest, taxes, depreciation, and amortisation stood at $171m, up by 22% from $140m in Q3 FY22.
The company posted earnings per share of $0.02 in Q3 FY23, compared with $0.10 in the prior year’s quarter.
During the three reported months, global beverage can shipments grew by 8%, driven by a growth of 18% in the Americas.
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By GlobalDataIn the first nine months of FY23, AMP delivered total revenue of $3.68bn and gross profit before exceptional items of $433m.
AMP CEO Oliver Graham said: “We delivered a robust performance in the quarter to achieve our guidance despite a softening of demand conditions in Europe. Americas performance was slightly ahead of our expectation with North America benefitting from strong shipment growth, while Brazil was broadly in line.
“The deterioration in demand during the quarter negatively impacted European performance against our expectations, which we anticipate will persist into Q4.
“Our adjusted operating cashflow generation is significantly improved versus the prior year and underpins our conviction in a strong full-year liquidity outturn. Our actions to prudently balance our capacity and optimise our network will also drive future earnings improvement.”
