NORWAY – Elopak, a global supplier of carton packaging and filling equipment has reported a total revenue of €283.5 million (US$300.96m) in the third quarter (Q3) of financial year 2023 (FY23), a 4% year-on-year (YoY) growth compared to the same period in FY22.
During the quarter, the company delivered organic revenue growth of 5%, or €13.2 million (US$ 14.15m).
In its Europe, the Middle East and Africa segment, Elopak posted 6% YoY organic revenue growth to €14 million (US$15.01m) in Q3 FY23, and in the Americas, the company’s organic growth was 7% YoY.
Elopak reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of €48.3 million (US$51.77m) in Q3 FY23, an increase of 51% from €32 million (US$34.30m) in the corresponding period a year ago.
The company had a net debt of €348 million (US$373.03m) as of the end of the third quarter.
Elopak CEO Thomas Körmendi said: “I am happy to report yet another quarter of strong and profitable growth. Our improved cash flow and solid balance sheet enable us to respond to the continued interest from multiple segments across the world in sustainable, fiber-based packaging solutions.
“We expect to achieve full-year revenue of above €1.1 billion (US$1.18bn), well above our mid-term organic growth target of 2-3%. Based on our estimated full-year revenue, we expect to deliver full-year adjusted EBITDA above €170 million (US$182.23m).”
In April this year, Elopak reported a 20% reduction in its scope 1 and 2 greenhouse gas emissions since 2020.
Ball’s net earnings decline
Aluminum packaging producer, Ball has reported net earnings of US$204 million in the third quarter (Q3) of 2023, a decline of 48.2% from US$394 million in Q3 2022.
On a US generally accepted accounting principles (GAAP) basis, net earnings attributable to Ball were US$203 million, as against US$392 million a year ago.
For the quarter ending on 30 September 2023, basic and diluted earnings per share (EPS) was US$0.64 while the basic and diluted EPS in Q3 2022 was US$1.25 and S$1.24, respectively.
Comparable net earnings for the reported quarter were up by 10.5% to US$263 million from US$238 million in the prior year’s third quarter.
Net sales in the third quarter of 2023 declined by 9.6% to US$3.57 billion from US$3.95 billion reported last year during the same quarter.
The company operates its Beverage Packaging segment in different regions, including Africa, Europe, the Middle East (EMEA), and North/Central America.
In Q3 2023, Ball recorded net sales of US$1.54 billion in its North and Central America segment, down by 14.3% from US$1.80 billion in the previous year’s Q3.
Net sales in the EMEA region decreased to US$902 million in Q3 2023 from US$1.03 billion reported in the same quarter last year.
Pactiv Evergreen’s net income dips to US$30m in Q3 2023
Finally, packaging company Pactiv Evergreen has reported a net income of US$30 million in the third quarter (Q3) of 2023, a decline of 82.9% from US$176 million in Q3 2022.
For the quarter ending on 30 September 2023, net income attributable to the company’s common shareholders was US$29 million, as against US$176 million a year ago.
Net income from continuing operations was US$28 million while the same was US$175 million in Q3 last year.
Basic and diluted earnings per share attributable to Pactiv’s common shareholders from continuing operations stood at $0.15 versus $0.98 in the previous year’s Q3.
The US-based company’s net revenues for Q3 2023 totaled US$1.37 billion, representing a 14% decline from US$1.60 billion in the prior year’s same period.
This decline in revenue, according to Pactiv, was mainly driven by the closure of its North Carolina-based mill in Q2 2023.
Other reasons for this decrease include lower sales volumes and unfavorable pricing due to the contractual pass-through of lower material costs.
Gross profit in the third quarter of 2023 was listed at US$281 million, compared to US$232 million in the same quarter last year.
Operating income from continuing operations for the reported quarter was US$113 million, as against US$269 million in Q3 2022.
Adjusted earnings before interest, taxes, depreciation, and amortization, classed as non-generally accepted accounting principles (GAAP), was up by 21.3% to US$227 million from US$187 million in Q3 2022.
