Ardagh Withdraws 2020 Financial Guidance
Metal and glass packaging firm Ardagh has withdrawn its 2020 financial guidance.
This is due to the fact that it is too early to assess the macroeconomic impact of the pandemic on its business, Paul Coulson, chairman and chief executive Ardagh said.
According to the company's results for the first quarter ended March 31, 2020 revenue for the period of $1,622 million was unchanged on the prior year at constant currency, with growth of 1% in metal beverage packaging offset by a 1% reduction in glass packaging.
Volume/mix for the group was in line with the prior year, as growth of 3% in metal beverage packaging was largely offset by a 2% reduction in glass packaging, the company said.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $273 million was in line with the prior year and ahead of the guided $270 million, it added.
Looking ahead, Coulson added, "our defensive end markets, proven operating model and $1.5 billion in liquidity position us to successfully manage this uncertain environment.”
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