Irish packaging company Ardagh Group saw its revenue grow by 5% on a constant-currency basis in the first quarter of 2018, despite a revenue dip in its Glass Packaging North America division.
Its adjusted EBITDA increased by 1%, and its adjusted earnings per share saw a jump of 6% to $0.33.
The glass manufacturer's reported revenue grew by 13% to $2.2 billion, with an adjusted EBITDA growth of 9% to $348 million.
Chairman and chief executive, Paul Coulson, commented on the results, "Our first quarter results again highlight the benefit of Ardagh’s scale and diversity across our two substrates and multiple geographies."
"A strong performance in both Metal Packaging divisions and in Glass Packaging Europe more than offset a decline in Glass Packaging North America, where we remain focused on the implementation of our profit improvement initiatives."
Division Results
Its Metal Packaging Division in Europe posted a revenue increase of 21%, to $885 million, while the segment's American division saw revenue grow by 23% to $529 million.
Its European Glass Packaging Division logged a revenue boost of 17% to $397 million. Conversely, its American counterpart saw revenue dip by 10% to $413 million, as a result of higher operating costs, including freight.
Ardagh Group's second quarter outlook remained unchanged, forecasting an EBITDA of approximately $415 million.
It posted a revenue of €7.6 billion in its full-year results, representing growth of 1% on a constant-currency basis.
Ardagh said that its beverage can business, created with the $3.42 billion acquisition of Ball and Rexam in April 2016, led to an increase in turnover of €1.3 billion, compared to the previous year.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: European Supermarket Magazine.
