LUXEMBOURG – Ardagh Metal Packaging (AMP), a subsidiary of the Irish sustainable packaging business Ardagh Group, has reported revenue of US$1.17 billion in the third quarter (Q3) of fiscal 2022 (FY22).

The company’s revenue increased by US$135 million from the same period of the prior fiscal year (FY21), representing a 13% rise.

On a regional basis, AMP’s revenue in the Americas increased by 23% to US$680 million, while in Europe, its revenue rose by 2% to US$493 million compared with US$483 million in the prior-year quarter.

For the three months to 30 September, the company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) declined by 20% to US$140 million.

In the Americas, its adjusted EBITDA increased by 2%, while its European operations saw a 50% decrease in EBITDA to US$38 million.

During the quarter, AMP reported a gross profit of US$109 million, which is still below the US$161 million recorded in Q3 2021.

The company recorded an operating profit of US$28 million and a profit before tax of US$69 million over the three months.

Ardagh Metal Packaging CEO Oliver Graham said: “We experienced a challenging third quarter of 2022. While global shipments increased by 9% compared with the same period last year, demand was below our expectations and impacted earnings.

“We expect these conditions to persist through the fourth quarter and into the first half of 2023.

“In response, we are taking a disciplined approach to manage our costs and capacity, and further flexing our growth expenditure.

“Our well-advanced investment program puts us in a very strong position to serve the continuing secular demand growth for sustainable beverage can packaging.”

AMP’s revenue for the first nine months of FY22 was US$3.61 billion, compared to US$2.96 billion in the same quarter of FY21.

For the full year, the company expects a mid-single-digit shipment growth and adjusted EBITDA of between US$640 million and US$650 million.

Early last month, the company partnered with Crown holding to sponsor the first global aluminum can sustainability summit in collaboration with Can Manufacturers Institute and International Aluminium Institute.

The Summit brought together more than 100 leaders across the aluminum beverage can value chain with a focus on the decarbonization of aluminum production and global standardization of measuring recycled content.

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