Ireland-based packaging company Ardagh Group has posted a revenue of $1.77bn for the first quarter of the year, a 9% increase from a year ago.
The company attributed this growth to increased shipments in metal packaging and glass packaging among other segments.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Metal packaging shipments increased by 8% in the first three months of the year, while glass packaging shipments increased by 2%.
Ardagh Group’s adjusted EBITDA for the quarter came to $300m, recording a 10% increase at actual exchange rates and by 5% on a constant currency basis.
The company’s first-quarter profit fell from $83m to $3m on a year-on-year basis. Last month, its cash and available liquidity stood at $1.6bn.
Ardagh Group chairman and CEO Paul Coulson said: “We have made an excellent start to the year, with strong earnings growth in Metal Packaging and robust performance in Glass Packaging Europe.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Our $2.1bn investment programme is fully on track and we are well-placed to deliver further growth over the course of the year.”
The company expects an adjusted EBITDA of $325m to $330m in the second quarter of the year.
In February, Ardagh signed a definitive business combination agreement with US-based special purpose acquisition company Gores Holdings V.
Under the agreement, Gores Holdings V will merge with Ardagh’s metal packaging business to form an independent public company, Ardagh Metal Packaging (AMP).
Ardagh Group will hold a stake of around 80% in AMP, which will operate as a pure-play beverage can producer.
