Ardagh Group (ARD) Tops Q1 EPS by 3c, Revenues Beat; Affirms FY19 Adj. EBITDA Outlook

Ardagh Group (NYSE: ARD) reported Q1 EPS of $0.35, $0.03 better than the analyst estimate of $0.32. Revenue for the quarter came in at $2.22 billion versus the consensus estimate of $2.17 billion.

• Revenue of $2,220 million increased by 4% on a constant currency basis;
• Adjusted EBITDA of $363 million, increased by 9% at constant currency and by 4% at actual exchange rates;
• Adjusted earnings per share growth of 6% to $0.35 (2018: $0.33);
• Earnings per share of $0.06 (2018: loss per share: $0.06);
• Group volume/mix growth of 2% for the quarter;
• Metal Packaging growth led by global beverage can volume growth of 6%, with food & specialty modestly ahead in Europe;
• Glass Packaging Europe delivered further growth, with a moderating decline in Glass Packaging North America;
• Capital expenditure of $194 million, enhanced by spending on short payback projects;
• Full year 2019 outlook unchanged, with second quarter 2019 Adjusted EBITDA of $390-$400 million.

Paul Coulson, Chairman and Chief Executive, said "Our first quarter performance was good, with growth in volumes, earnings and cash generation. Demand for our sustainable packaging solutions is generally strong and we grew volume in both our Americas and European metal packaging divisions notably in beverage cans, as well as in glass packaging in Europe."

For earnings history and earnings-related data on Ardagh Group (ARD) click here.

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