Glass and metal containers maker Ardagh Group, led by Irish financier Paul Coulson, said on Thursday it is pulling its full-year financial forecasts amid economic uncertainty posed by Covid-19, even though demand for its products have remained strong to date.
Group sales dipped 1 per cent in the first quarter to $1.62 billion (€1.5 billion), it said in a trading statement. Earnings before interest, tax, depreciation and amortisation (ebitda) declined at the same pace to $273 million, which was slightly better than predictions made by the company at the end of February, before the spread of coronavirus triggered widespread lockdowns across western economies.
“First-quarter results were in line with our expectations, with no material impact from Covid-19. The commitment and dedication of our teams during this challenging period has been outstanding, enabling all our production facilities to continue to serve the beverage and food supply chain,” said Mr Coulson, the group’s chairman, chief executive and main shareholder.
“It is too early to assess the macroeconomic impact of the pandemic and, accordingly, we are withdrawing our 2020 financial guidance. However, our defensive end markets, proven operating model and $1.5 billion in liquidity position us to successfully manage this uncertain environment.”
Previous forecast
The company had previously forecast that its ebitda for the full year would come to $1.2 billion and that its adjusted free cash flow would amount to between $375 million and $400 million, before business growth investments of about $250 million were deducted.
Trading in the first quarter saw volumes of beverage cans rise 3 per cent, offset by a 2 per cent fall in demand for glass bottles and jars.
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April 23, 2020 at 07:02PM
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Ardagh pulls forecasts even though demand for products still strong - The Irish Times
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