LUXEMBOURG – Ardagh Metal Packaging (AMP), a subsidiary of packaging company Ardagh Group, has reported total revenue of US$1.29 billion in the third quarter (Q3) of the financial year 2023 (FY23).
The company says this is a 10% increase from US$1.17 billion in the same period in FY22.
In the Americas, revenue rose by 8% to US$732 million in Q3 FY23, while in Europe, it increased by 14% to US$562 million in the quarter.
AMP’s profit for the period was US$17 million compared to US$68 million in the same period last year.
During the quarter ending September 30, 2023, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at US$171 million, representing a 22% increase from US$140 million in Q3 FY22.
The company reported earnings per share of US$0.02 in Q3 FY23, compared to US$0.10 in the same quarter of the previous year.
During the three reported months, global beverage can shipments grew by 8%, fueled by a growth of 18% in the Americas.
In the first nine months of FY23, AMP delivered total revenue of US$3.68 billion and gross profit before exceptional items of US$433 million.
AMP CEO Oliver Graham said, “We delivered a robust performance in the quarter to achieve our guidance despite a softening of demand conditions in Europe.
“America’s performance was slightly ahead of our expectations with North America benefitting from strong shipment growth, while Brazil was broadly in line.”
International Paper reports net earnings of US$165m in Q3 2023
Meanwhile, American pulp and paper company, International Paper, reported net earnings of US$165 million in the third quarter (Q3) of 2023, compared to net earnings of US$951 million in Q3 of last year.
Basic and diluted earnings per common share for the quarter ending September 30, 2023, stood at US$0.47.
Adjusted operating earnings for the quarter were reported as US$224 million or US$0.64 per diluted share.
The company’s net sales for the reported quarter totaled US$4.61 billion, representing a decline of 14.6% from US$5.40 billion in Q3 2022.
In its Industrial Packaging segment, the company’s net sales decreased by 13.6% from US$4.38 billion in Q3 2022 to US$3.78 billion in Q3 2023.
The net sales in International Packaging’s Global Cellulose Fibres business declined to US$725 million from US$887 million in the prior year’s Q3.
IP’s total operating profit in the business segment for Q3 2023 was US$352 million, compared to US$464 million in the same period last year.
Operating profit in the Industrial Packaging segment was US$325 million, compared to US$369 million in the previous year’s Q3.
Meanwhile, the Global Cellulose Fibres business reported an operating profit of US$27 million in the latest quarter, compared to US$95 million in Q3 2022.
Cash from operations during the reported quarter amounted to US$468 million, while the company distributed approximately US$160 million to its shareholders as dividends.
IP’s Chairman and CEO, Mark Sutton, stated, “Our third-quarter results came in as expected, and we are encouraged by continuing demand recovery across our portfolio.
“We exceeded our full-year target for ‘Building a Better IP’ through commercial and process improvement initiatives.”
