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Ardagh Metal Packaging S.A. - Third Quarter 2024 Results

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Ardagh Metal Packaging (NYSE: AMBP) reported strong Q3 2024 results with revenue increasing 1% to $1,313 million and Adjusted EBITDA growing 15% to $196 million. Global beverage can shipments grew 2%, with 1% growth in Americas and 2% in Europe. The company improved its full-year 2024 Adjusted EBITDA guidance to $650-660 million, supported by favorable volume/mix, higher input cost recovery, and lower operating costs. The company maintains a strong liquidity position of $0.7 billion and expects total liquidity of approximately $1 billion by end of 2024.

Ardagh Metal Packaging (NYSE: AMBP) ha riportato risultati solidi per il terzo trimestre del 2024, con un aumento delle entrate del 1%, arrivando a 1.313 milioni di dollari, e un EBITDA rettificato in crescita del 15%, raggiungendo 196 milioni di dollari. Le spedizioni globali di lattine per bevande sono aumentate del 2%, con una crescita dell'1% nelle Americhe e del 2% in Europa. L'azienda ha migliorato la sua previsione di EBITDA rettificato per l'intero anno 2024 a 650-660 milioni di dollari, supportata da un mix di volume favorevole, un recupero dei costi più elevato e costi operativi inferiori. L'azienda mantiene una solida posizione di liquidità di 0,7 miliardi di dollari e prevede una liquidità totale di circa 1 miliardo di dollari entro la fine del 2024.

Ardagh Metal Packaging (NYSE: AMBP) informó resultados sólidos para el tercer trimestre de 2024, con un aumento del 1% en los ingresos, alcanzando 1.313 millones de dólares, y un EBITDA ajustado en crecimiento del 15%, llegando a 196 millones de dólares. Los envíos globales de latas de bebida crecieron un 2%, con un crecimiento del 1% en las Américas y del 2% en Europa. La empresa mejoró su orientación de EBITDA ajustado para todo el año 2024 a 650-660 millones de dólares, respaldada por un mix de volumen favorable, una mayor recuperación de costos y menores costos operativos. La empresa mantiene una sólida posición de liquidez de 0,7 mil millones de dólares y espera una liquidez total de aproximadamente 1 mil millones de dólares para finales de 2024.

Ardagh Metal Packaging (NYSE: AMBP)는 2024년 3분기 강력한 실적을 보고하며, 매출이 1% 증가하여 13억 1,300만 달러에 이르렀고, 조정된 EBITDA가 15% 증가하여 1억 9,600만 달러에 도달했습니다. 전세계 음료 캔 출하량은 2% 증가했으며, 미주에서 1%, 유럽에서 2% 성장했습니다. 이 회사는 2024년 전체 연도에 대한 조정 EBITDA 가이던스를 6억 5천만~6억 6천만 달러로 상향 조정했으며, 이는 유리한 볼륨/믹스, 높은 원가 회수율 및 낮은 운영 비용에 의해 뒷받침됩니다. 이 회사는 7억 달러의 강력한 유동성을 유지하고 있으며, 2024년 말까지 총 약 10억 달러의 유동성을 예상하고 있습니다.

Ardagh Metal Packaging (NYSE: AMBP) a annoncé de bons résultats pour le troisième trimestre 2024, avec une augmentation des revenus de 1 % pour atteindre 1 313 millions de dollars et un EBITDA ajusté en hausse de 15 % à 196 millions de dollars. Les expéditions mondiales de canettes de boissons ont augmenté de 2 %, avec une croissance de 1 % en Amérique et de 2 % en Europe. L'entreprise a révisé à la hausse ses prévisions d'EBITDA ajusté pour l'ensemble de l'année 2024, qui s'établissent désormais entre 650 et 660 millions de dollars, soutenues par un mix de volume favorable, une meilleure récupération des coûts et des coûts d'exploitation inférieurs. L'entreprise maintient une solide position de liquidité de 0,7 milliard de dollars et prévoit une liquidité totale d'environ 1 milliard de dollars d'ici la fin de 2024.

Ardagh Metal Packaging (NYSE: AMBP) berichtete über starke Ergebnisse im 3. Quartal 2024, mit einem Umsatzanstieg von 1% auf 1.313 Millionen Dollar und einem Anstieg des bereinigten EBITDA um 15% auf 196 Millionen Dollar. Die globalen Auslieferungen von Getränkedosen stiegen um 2%, mit einem Anstieg von 1% in den Amerikas und 2% in Europa. Das Unternehmen hat seine Umsatzprognose für das bereinigte EBITDA für das Gesamtjahr 2024 auf 650-660 Millionen Dollar angehoben, gestützt durch ein günstiges Volumen-Mix, eine höhere Kostenerstattung und niedrigere Betriebskosten. Zudem hält das Unternehmen eine solide Liquiditätsposition von 0,7 Milliarden Dollar und erwartet bis Ende 2024 eine Gesamtl liquidität von etwa 1 Milliarde Dollar.

Positive
  • Adjusted EBITDA increased 15% to $196 million in Q3 2024
  • Global beverage can shipments grew 2% in Q3
  • Improved full-year EBITDA guidance to $650-660 million
  • Strong liquidity position of $0.7 billion
  • Adjusted EBITDA margins improved from 13.2% to 14.9% year-over-year
Negative
  • Energy drinks category growth softened in North America
  • Brazil volumes lagging market due to customer and filling location mix effects
  • Higher operating costs in Europe segment

Insights

The Q3 2024 results demonstrate solid operational performance with notable improvements. Adjusted EBITDA increased by 15% to $196 million, surpassing guidance. Global beverage can shipments grew 2%, with both Americas and Europe showing positive momentum.

Key positives include improved margins (Group EBITDA margin up to 14.9% from 13.2%), strong liquidity position of $0.7 billion and upgraded full-year EBITDA guidance to $650-660 million. The company's debt profile looks manageable with no bonds maturing before June 2027.

However, growth has moderated in key markets - North America showing just 1% growth against a strong prior year, while Brazil faces challenges due to mix effects. The reduction in growth capex to below $100 million in 2024 suggests a more conservative expansion strategy ahead.

The beverage can market shows resilience despite economic headwinds. The company's performance indicates sustained demand for aluminum packaging, supported by sustainability trends and consumer preferences. The energy drinks category softening in North America warrants attention as it's been a key growth driver.

Strategic positioning remains strong with focus on circularity and decarbonization aligning well with global sustainability initiatives. The improved cost recovery and operational efficiency gains demonstrate effective management of inflationary pressures. The maintained quarterly dividend of $0.10 per share signals confidence in cash flow generation.

LUXEMBOURG, Oct. 24, 2024 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2024.



Three months ended







September 30, 2024


September 30, 2023


Change


Constant Currency



($'m except per share data)





Revenue


1,313


1,294


1 %


1 %

Profit for the period


18


17





Adjusted EBITDA (1)


196


171


15 %


15 %

Earnings per share


0.02


0.02





Adjusted earnings per share (1)


0.08


0.06





Dividend per ordinary share


0.10


0.10





Oliver Graham, CEO of Ardagh Metal Packaging (AMP), said:

"Our strong business performance in the quarter delivered double-digit Adjusted EBITDA growth, ahead of guidance. Growth in the quarter was driven by favorable volume/mix, higher input cost recovery and lower operating costs. We are encouraged by the resilience in beverage consumption trends across our markets during the quarter and we expect that the beverage can will continue to outperform other packaging types - supported by customer innovation and the can's positive credentials regarding circularity and decarbonisation. Our outperformance through the year versus initial expectations, particularly in Europe, gives us the confidence to further improve our full year guidance for Adjusted EBITDA to $650-660 million."

  • Global beverage can shipments grew by 2% in the quarter with growth of 1% in the Americas and 2% in Europe. North America grew by 1%, versus a strong prior year comparable (+20%) - which benefited from the ramp-up of new capacity and strong growth in the energy drinks category, which softened in the current year. Brazil volumes also grew by 1% in the quarter, showing sequential improvement, but lagging a strong market due to customer and filling location mix effects.

  • Adjusted EBITDA of $196 million for the quarter was ahead of guidance and represents a 15% increase versus the prior year quarter, with a strong performance in both segments.

  • In the Americas Adjusted EBITDA for the quarter increased by 13% to $117 million driven by favorable volume/mix and lower operating costs.

  • In Europe Adjusted EBITDA for the quarter increased by 18% to $79 million, principally due to stronger input cost recovery and favorable volume/mix, partly offset by higher operating costs.

  • Strong liquidity position of $0.7 billion at September 30, 2024. This reflects a solid cash performance in the quarter as well as the completion and subsequent drawdown of the $300 million senior secured term loan facility, which is neutral to net leverage.

  • Net cash inflows in the fourth quarter are expected to drive further deleveraging and are expected to result in total liquidity at end 2024 of approximately $1 billion. Supportive debt maturity profile with no bonds maturing before June 2027.

  • Growth capex to reduce to below $100 million in 2024, with a further reduction anticipated in 2025.

  • Regular quarterly ordinary dividend of 10c announced. No change to capital allocation priorities.

  • 2024 Adjusted EBITDA guidance improved: Full year shipments growth of 2-3% and Adjusted EBITDA in the range of $650-660 million (compared to previous Adjusted EBITDA guidance of $640-660 million).

  • Fourth quarter Adjusted EBITDA in the range of $142-152 million. This compares with Q4 2023 Adjusted EBITDA of $148 million ($151 million at constant currency), which included a strong double-digit shipments performance in the Americas.

Financial Performance Review
Bridge of 2023 to 2024 Revenue and Adjusted EBITDA


Three months ended September 30, 2024








Revenue


Europe


Americas


Group



$'m


$'m


$'m

Revenue 2023


562


732


1,294

Organic


8


9


17

FX translation


2



2

Revenue 2024


572


741


1,313








Adjusted EBITDA


Europe


Americas


Group



$'m


$'m


$'m

Adjusted EBITDA 2023


67


104


171

Organic


11


13


24

FX translation


1



1

Adjusted EBITDA 2024


79


117


196








2024 margin %


13.8 %


15.8 %


14.9 %

2023 margin %


11.9 %


14.2 %


13.2 %








Nine months ended September 30, 2024








Revenue


Europe


Americas


Group



$'m


$'m


$'m

Revenue 2023


1,603


2,077


3,680

Organic


(8)


17


9

FX translation


24



24

Revenue 2024


1,619


2,094


3,713








Adjusted EBITDA


Europe


Americas


Group



$'m


$'m


$'m

Adjusted EBITDA 2023


180


272


452

Organic


18


35


53

FX translation


3



3

Adjusted EBITDA 2024


201


307


508








2024 margin %


12.4 %


14.7 %


13.7 %

2023 margin %


11.2 %


13.1 %


12.3 %

Group Performance

Group

Revenue increased by $19 million, or 1%, on a reported and constant currency basis, to $1,313 million in the three months ended September 30, 2024, compared with $1,294 million in the three months ended September 30, 2023, principally due to the pass through of higher input costs to customers, partly offset by unfavorable volume/mix effects (impact of IFRS 15 contract asset).

Adjusted EBITDA increased by $25 million, or 15%, on a reported and constant currency basis, to $196 million in the three months ended September 30, 2024, compared with $171 million in the three months ended September 30, 2023, principally due to higher input cost recovery, favorable volume/mix effects and lower operating costs.

Americas

Revenue increased by $9 million, or 1% to $741 million in the three months ended September 30, 2024, compared with $732 million in the three months ended September 30, 2023. The increase in revenue principally due to favorable volume/mix effects and the pass through of higher input costs to customers.

Adjusted EBITDA increased by $13 million, or 13% to $117 million in the three months ended September 30, 2024, compared with $104 million in the three months ended September 30, 2023. The increase was primarily driven by favorable volume/mix effects and lower operating costs.

Europe

Revenue increased by $10 million, or 2%, on a reported and constant currency basis, to $572 million in the three months ended September 30, 2024, compared with $562 million in the three months ended September 30, 2023. The increase is principally due to the pass through of higher input costs to customers, partly offset by unfavorable volume/mix effects (impact of IFRS 15 contract asset).

Adjusted EBITDA increased by $12 million, or 18%, to $79 million in the three months ended September 30, 2024, compared with $67 million in the three months ended September 30, 2023. On a constant currency basis, Adjusted EBITDA increased by 16%, principally due to higher input cost recovery and favorable volume/mix effects, partly offset by higher operating costs.

Earnings Webcast and Conference Call Details

Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its third quarter 2024 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on Thursday October 24, 2024. Please use the following webcast link to register for this call:

Webcast registration and access:

https://event.webcasts.com/starthere.jsp?ei=1689344&tp_key=6f24950617

Conference call dial in:

United States/Canada: +1 800 289 0438
International: +44 330 165 4027
Participant pin code: 3134944

An investor earnings presentation to accompany this release is available at https://ir.ardaghmetalpackaging.com/

About Ardagh Metal Packaging
Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. AMP operates 23 production facilities in nine countries, employing approximately 6,300 employees and had sales of $4.8 billion in 2023.

For more information, visit https://ir.ardaghmetalpackaging.com/

Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts and are inherently subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this release. Certain factors that could cause actual events to differ materially from those discussed in any forward-looking statements include the risk factors described in Ardagh Metal Packaging S.A.'s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC") and any other public filings made by Ardagh Metal Packaging S.A. with the SEC. In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking information presented herein is made only as of the date of this release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. The person responsible for the release of this information on behalf of Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC is Stephen Lyons, Investor Relations Director.

Non-IFRS Financial Measures
This release may contain certain financial measures such as Adjusted EBITDA, Adjusted operating cash flow, Adjusted free cash flow, net debt and ratios relating thereto that are not calculated in accordance with IFRS® Accounting Standards. Non-IFRS financial measures may be considered in addition to IFRS financial information, but should not be used as substitutes for the corresponding IFRS measures. The non-IFRS financial measures used by Ardagh Metal Packaging S.A. may differ from, and not be comparable to, similarly titled measures used by other companies.

 

Unaudited Consolidated Condensed Income Statement for the three months ended September 30, 2024 and 2023
















Three months ended September 30, 2024


Three months ended September 30, 2023



Before
exceptional
items


Exceptional
items


Total


Before
exceptional
items


Exceptional
items


Total



$'m


$'m


$'m


$'m


$'m


$'m

Revenue


1,313



1,313


1,294



1,294

Cost of sales


(1,124)


(2)


(1,126)


(1,130)


(5)


(1,135)

Gross profit


189


(2)


187


164


(5)


159

Sales, general and administration expenses


(70)


(1)


(71)


(59)


(2)


(61)

Intangible amortization


(33)



(33)


(37)



(37)

Operating profit


86


(3)


83


68


(7)


61

Net finance expense


(50)


(4)


(54)


(49)


5


(44)

Profit before tax


36


(7)


29


19


(2)


17

Income tax charge


(11)



(11)


(6)


6


Profit for the period


25


(7)


18


13


4


17














Earnings per share













Basic and diluted earnings per share






0.02






0.02

 

Unaudited Consolidated Condensed Income Statement for the nine months ended September 30, 2024 and 2023
















Nine months ended September 30, 2024


Nine months ended September 30, 2023



Before
exceptional
items


Exceptional
items


Total


Before
exceptional
items


Exceptional
items


Total



$'m


$'m


$'m


$'m


$'m


$'m

Revenue


3,713



3,713


3,680



3,680

Cost of sales


(3,215)


(19)


(3,234)


(3,247)


(52)


(3,299)

Gross profit


498


(19)


479


433


(52)


381

Sales, general and administration expenses


(216)


(5)


(221)


(175)


(14)


(189)

Intangible amortization


(106)



(106)


(107)



(107)

Operating profit


176


(24)


152


151


(66)


85

Net finance expense


(153)


13


(140)


(148)


58


(90)

Profit/(loss) before tax


23


(11)


12


3


(8)


(5)

Income tax (charge)/credit


(7)


3


(4)


(1)


12


11

Profit for the period


16


(8)


8


2


4


6














Loss per share:













Basic and diluted loss per share






(0.02)






(0.02)

 

Unaudited Consolidated Condensed Statement of Financial Position






At September 30, 2024


At December 31, 2023


$'m


$'m

Non-current assets




Intangible assets

1,300


1,382

Property, plant and equipment

2,568


2,628

Other non-current assets

143


154


4,011


4,164

Current assets




Inventories

380


469

Trade and other receivables

499


278

Contract assets

218


259

Income tax receivable

35


44

Derivative financial instruments

7


12

Cash, cash equivalents and restricted cash

393


443


1,532


1,505

TOTAL ASSETS

5,543


5,669





TOTAL EQUITY

(88)


106





Non-current liabilities




Borrowings including lease obligations

3,920


3,640

Other non-current liabilities*

404


401


4,324


4,041

Current liabilities




Borrowings including lease obligations

104


94

Payables and other current liabilities

1,203


1,428


1,307


1,522

TOTAL LIABILITIES

5,631


5,563

TOTAL EQUITY and LIABILITIES

5,543


5,669


* Other non-current liabilities include liabilities for earnout shares of $11 million at September 30, 2024 (December 31, 2023: $23 million) and warrants of $1 million at September 30, 2024 (December 31, 2023: $2 million).

 

Unaudited Consolidated Condensed Statement of Cash Flows












Three months ended


Nine months ended



September 30,


September 30,



2024


2023


2024


2023



$'m


$'m


$'m


$'m

Cash flows from operating activities









Cash generated from operations (2)


200


215


199


289

Net interest paid


(18)


(14)


(111)


(96)

Settlement of foreign currency derivative financial instruments


(5)


2


(4)


(9)

Income tax (paid)/received


(8)


9


(19)


(6)

Cash flows from operating activities


169


212


65


178










Cash flows used in investing activities









Net capital expenditure


(34)


(82)


(132)


(304)

Cash flows used in investing activities


(34)


(82)


(132)


(304)










Cash flows received from/(used in) financing activities









Changes in borrowings


112


(65)


293


(7)

Deferred debt issue costs paid


(6)



(6)


(2)

Lease payments


(25)


(17)


(69)


(55)

Dividends paid


(66)


(66)


(198)


(197)

Cash flows received from/(used in) financing activities


15


(148)


20


(261)










Net increase/(decrease) in cash, cash equivalents and restricted cash


150


(18)


(47)


(387)










Cash, cash equivalents and restricted cash at beginning of period


236


182


443


555

Foreign exchange losses on cash, cash equivalents and restricted cash


7


(10)


(3)


(14)

Cash, cash equivalents and restricted cash at end of period


393


154


393


154

 

Financial assets and liabilities
At September 30, 2024, the Group's net debt and available liquidity was as follows:








Drawn amount


Available liquidity



$'m


$'m

Senior Facilities*


3,616


Global Asset Based Loan Facility



314

Lease obligations


396


Other borrowings


48


Total borrowings / undrawn facilities


4,060


314

Deferred debt issue costs


(36)


Net borrowings / undrawn facilities


4,024


314

Cash, cash equivalents and restricted cash


(393)


393

Derivative financial instruments used to hedge foreign currency and interest rate risk


33


Net debt / available liquidity


3,664


707


* Includes Senior Secured Green Notes, Senior Green Notes and Senior Secured Term Loan.

 

Reconciliation of profit for the period to Adjusted profit






Three months ended September 30,


2024


2023


$'m


$'m

Profit for the period as presented in the income statement

18


17

Less: Dividend on preferred shares

(6)


(6)

Profit for the period used in calculating earnings per share

12


11

Exceptional items, net of tax

7


(4)

Intangible amortization, net of tax

26


29

Adjusted profit for the period

45


36





Weighted average number of ordinary shares

597.7


597.6





Earnings per share

0.02


0.02





Adjusted earnings per share

0.08


0.06

 

Reconciliation of profit for the period to Adjusted EBITDA










Three months ended


Nine months ended


September 30,


September 30,


2024


2023


2024


2023


$'m


$'m


$'m


$'m

Profit for the period

18


17


8


6

Income tax charge/(credit)

11



4


(11)

Net finance expense

54


44


140


90

Depreciation and amortization

110


103


332


301

Exceptional operating items

3


7


24


66

Adjusted EBITDA

196


171


508


452

 

Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free
cash flow










Three months ended


Nine months ended


September 30,


September 30,


2024


2023


2024


2023


$'m


$'m


$'m


$'m

Adjusted EBITDA

196


171


508


452

Movement in working capital

10


53


(261)


(122)

Maintenance capital expenditure

(18)


(28)


(68)


(90)

Lease payments

(25)


(17)


(69)


(55)

Exceptional restructuring costs

(1)



(21)


Adjusted operating cash flow

162


179


89


185

Interest paid

(18)


(14)


(111)


(96)

Settlement of foreign currency derivative financial instruments

(5)


2


(4)


(9)

Income tax (paid)/received

(8)


9


(19)


(6)

Adjusted free cash flow - pre Growth Investment capital
expenditure

131


176


(45)


74

Growth investment capital expenditure

(16)


(54)


(64)


(214)

Adjusted free cash flow - post Growth Investment capital
expenditure

115


122


(109)


(140)

 

___________________

Related Footnotes

(1) For a reconciliation to the most comparable IFRS measures, see Page 9.

(2) Cash from operations for the three months ended September 30, 2024 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital inflows of $10 million (2023: inflows of $53 million) and other exceptional cash outflows of $6 million (2023: $9 million). Cash used in operations for the nine months ended September 30, 2024 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $261 million (2023: outflows of $122 million) and other exceptional cash outflows of $48 million (2023: $41 million).

 

 

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SOURCE Ardagh Metal Packaging S.A.

FAQ

What was AMBP's revenue growth in Q3 2024?

Ardagh Metal Packaging's revenue grew 1% to $1,313 million in Q3 2024 compared to $1,294 million in Q3 2023.

How much did AMBP's beverage can shipments grow in Q3 2024?

Global beverage can shipments grew by 2% in Q3 2024, with 1% growth in the Americas and 2% growth in Europe.

What is AMBP's updated Adjusted EBITDA guidance for 2024?

AMBP improved its full-year 2024 Adjusted EBITDA guidance to $650-660 million, up from the previous guidance of $640-660 million.

What was AMBP's Q3 2024 Adjusted EBITDA?

AMBP reported Adjusted EBITDA of $196 million in Q3 2024, representing a 15% increase from Q3 2023.

Ardagh Metal Packaging S.A.

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19.04%
0.38%
Packaging & Containers
Consumer Cyclical
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