Ardagh Metal Packaging (AMBP) Q3 2024 earnings summary

Executive summary

• Q3 2024 Adjusted EBITDA grew 15% year-over-year to $196 million, surpassing guidance, with both Europe and Americas contributing double-digit growth and global beverage can shipments up 2%.

• Revenue for Q3 2024 increased 1% year-over-year to $1,313 million, driven by higher input cost pass-through, favorable FX, and strong performance in both segments.

• Gross profit rose 18% to $187 million, with margin up 190 bps to 14.2% due to lower input costs.

• Full-year 2024 Adjusted EBITDA guidance raised to $650–660 million, reflecting confidence in continued performance, especially in Europe.

• Liquidity position strengthened to $707 million at quarter-end, expected to reach $1 billion by year-end.

Financial highlights

• Q3 2024 revenue was $1,313 million, up 1% year-over-year; Adjusted EBITDA was $196 million, up 15%; profit for the period was $18 million.

• Adjusted EBITDA margin improved to 14.9% from 13.2% in Q3 2023.

• Adjusted earnings per share rose to $0.08 from $0.06 year-over-year; basic and diluted EPS for Q3 was $0.02.

• Adjusted free cash flow for Q3 was $150 million, supported by EBITDA growth and tight cash management.

• Net leverage ratio reduced from 5.8x to 5.6x sequentially, with further reduction expected by year-end.

Outlook and guidance

• Full-year 2024 Adjusted EBITDA guidance increased to $650–660 million, underpinned by global shipment growth of 2–3%.

• Q4 2024 Adjusted EBITDA expected in the range of $142–152 million.

• Americas shipment growth for 2024 now expected to be low single digits, revised down due to energy category softness and specific customer issues in Brazil.

• European shipment growth guidance raised to 3–4% for the year.

• Further deleveraging and liquidity improvement anticipated into year-end.