Ardagh’s metal packaging unit raises earnings outlook

Ardagh’s spun out metal packaging unit has raised its earnings outlook despite making a loss of $178 million for the three months to the end of September and despite what it described as the “highly inflationary environment for costs”.

Ardagh Metal Packaging (AMP), the drinks can unit of the Ardagh Group which floated on the US stock exchange in 2017, saw headline revenue rise 14 per cent to $1.04 billion for the period on foot of strong demand for sustainable metal packaging.

It said it expected adjusted earnings for the full-year to be at least $660 million compared with the previously-guided earnings of at least $654 million.

"AMP's diversified customer base and end markets, as well as our operational agility, served us well in the quarter and enabled us to manage softness in the hard seltzer end market," chief executive Oliver Graham said.

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“We are modestly raising our full year 2021 earnings outlook, despite a highly inflationary environment for costs,” he said.

"We are committing to strategic new growth initiatives in the United Kingdom and the southwestern United States as we respond to strong demand for sustainable metal packaging. Both projects involve multi-line beverage can production facilities, with production commencing in 2023 and 2024," he said.