Ardagh Metal Packaging S.A. - First Quarter 2023 Results
Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the first quarter ended March 31, 2023.
Highlights
Oliver Graham, CEO of Ardagh Metal Packaging, said:
“We delivered a solid performance in the first quarter meeting our market guidance, due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. Our performance in North America, with good volume growth, and Europe with improved cost passthroughs were both ahead of expectations. This offset softer performance in Brazil where industry demand is slowly recovering. Global demand remains restrained by retail price inflation, but we are encouraged by signs of a return of promotional activity, and the easing of customer inflationary pressures. This supports our expectation for a stronger second half demand outlook. We remain disciplined in our capacity management and with our growth investments completing in 2023, the business is well positioned both to capture the positive secular growth opportunity for the sustainable beverage can and drive a meaningful uplift in cash generation. Our resilient start to the year allows us to reaffirm our full year guidance.”
