Ardagh Group S.A. - Fourth Quarter and Full Year 2018 Results
Published: February 21, 2019
Ardagh Group S.A. (NYSE: ARD) today announced its results for the fourth quarter and year ended December 31, 2018.
Highlights
Paul Coulson, Chairman and Chief Executive, said “Revenue and Adjusted EBITDA increased in the quarter, despite an adverse currency headwind, with volume growth in three of our four divisions. Metal packaging performed well in the quarter, with Adjusted EBITDA growth of 12% and notable strength in beverage can demand during both the quarter and full year. Glass packaging in Europe delivered another strong performance in 2018, with broad-based volume growth. Adjusted EBITDA for the quarter increased by 5% and market conditions are positive. In Glass North America, our ongoing initiatives to improve financial performance are proceeding as planned.”
- Revenue increased by 6% to $9.1 billion for the full year, with constant currency growth of 3%;
- Adjusted EBITDA for the full year of $1,478 million (2017: $1,508 million);
- Loss per share of $0.40 for the year, with Adjusted earnings per share of $1.69 (2017: $1.84);
- Revenue and Adjusted EBITDA growth of 4% for the fourth quarter at constant currency;
- Volume/mix growth of 1% for the full year and 2% for the fourth quarter;
- Global beverage can volume growth of 8% for the quarter and 5% for the year;
- Glass packaging volume/mix growth of 2% in Europe for the quarter, offset by a 3% decline in North America;
- Beverage can strategic projects completed on plan; short payback project spending of $65 million in 2018;
- Adjusted free cash flow of $441 million in 2018 3;
- Leverage reduced to 5.0x at December 2018, with no maturities before late-2022;
- 2019 outlook: Full year Adjusted EBITDA of at least $1.5 billion, with Adjusted free cash flow of approximately $450 million3 and Adjusted earnings per share of $1.60 – $1.75. First quarter Adjusted EBITDA of approximately $350 million.
1 For a reconciliation to the most comparable GAAP measures, see page 11.
2 Payable on March 13, 2019 to shareholders of record on February 27, 2019.
3 Before short payback projects.
