Ardagh Group Sees Revenue Down 5% In Second Quarter
Announcing its results today for the second quarter ended 30 June, 2020, Ardagh Group posted revenue of €1.3 million ($1,606 million) for the quarter, which was 5% lower than the prior year at constant currency.
The packaging firm reported a 3% growth in Metal Beverage Packaging, which was offset by a 7% reduction in its Glass Packaging division.
Volume/mix for the Group declined by 3%, as growth of 1% in Metal Beverage Packaging was offset by an 8% reduction in Glass Packaging.
“The Group performed well in the quarter, reflecting strong execution and the defensive end markets we serve. Earnings grew in Metal Beverage Packaging, while Glass Packaging’s performance was very resilient," said Paul Coulson, chairman and chief executive, Ardagh Group.
The company reported an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $271 million for the quarter, a reduction of 11% at constant currency on the prior year.
Coulson noted that demand for sustainable packaging remains strong and that the company will continue to progress its growth investment projects.
Global beverage can shipments increased by 3% in the quarter, led by strength in Europe, the company said.
Total beverage can shipments increased by 2% in the year to date, with specialty can shipment growth of 7%.
"Overall trading trends in June were positive and we are well-positioned to benefit from further improvements in market demand,” Coulson added.
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.