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October 29, 2021

Ardagh Metal Packaging reports Q3 results and raises 2021 earnings outlook

AMP raised its full-year adjusted EBITDA to at least $660m through a focus on new initiatives.

Ardagh Metal Packaging (AMP) has reported a 14% increase in revenue to $1.03bn at constant current rates for the third quarter ending 30 September 2021.

The sustainable beverage can manufacturer attributed the growth to positive volume/mix and foreign currency translation effects, including the impact of the group’s growth investment programme and higher metal costs that pass through to customers.

The company’s Americas and Europe revenues were up 16% and 11%, respectively.

AMP reported a 15% increase in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to $176m at a constant currency rate.

LTM adjusted EBITDA for the quarter also increased to $637m in September from $545m on 31 December 2020.

Ardagh Metal Packaging CEO Oliver Graham said: “We delivered strong earnings growth in the quarter, with Adjusted EBITDA increasing by 17% to $176m. AMP’s diversified customer base and end markets, as well as our operational agility, served us well in the quarter and enabled us to manage softness in the hard seltzer end market.”

Beverage can shipments globally declined 6% in the quarter.

AMP raised earnings outlook for fiscal 2021 despite making a loss of $178m in the quarter.

The company raised its full-year adjusted EBITDA from $654m to at least $660m.

Graham added: “We are modestly raising our full-year 2021 earnings outlook, despite a highly inflationary environment for costs. We are committing to strategic new growth initiatives in the UK and the south-western US as we respond to strong demand for sustainable metal packaging. Both projects involve multi-line beverage can production facilities, with production commencing in 2023 and 2024.”

In August, AMP completed its previously announced merger with US-based special purpose acquisition firm Gores Holdings V.

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