Ardagh Metal Packaging S.A. (NYSE:AMBP) Q4 2022 Earnings Conference Call February 23, 2023 9:00 AM ET

Company Participants

Stephen Lyons - IR

Oliver Graham - CEO

David Bourne - CFO

Conference Call Participants

George Staphos - Bank of America

Curt Woodworth - Credit Suisse

Kyle White - Deutsche Bank

Angel Castillo - Morgan Stanley

Jay Mayers - Goldman Sachs

Gabe Hajde - Wells Fargo Securities

Operator

Welcome to the Ardagh Metal Packaging S.A. Fourth Quarter 2022 Update Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Stephen Lyons, Investor Relations.

Please go ahead.

Stephen Lyons

Thank you, operator, and welcome, everybody. Thank you for joining today for Ardagh Metal Packaging's fourth quarter 2022 earnings call which follows the earlier publication of AMP's earnings release for the fourth quarter. We have also added an earnings presentation on to our investor website for your reference.

I'm joined today by Oliver Graham, AMP's Chief Executive Officer; and David Bourne, AMP's Chief Financial Officer.

Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. AMP's earnings release and related materials for the fourth quarter can be found on AMP's website at www.ardaghmetalpackaging.com. Remarks today will include certain forward-looking statements and include use of non-IFRS financial measures. Actual results could vary materially from such statements.

Please review the details of AMP's forward-looking statements disclaimer and reconciliation of non-IFRS financial measures to IFRS financial measures in AMP's earnings release.

With that, I would like to turn the call over to Oliver Graham.

Oliver Graham

Thanks, Stephen. Our performance in the fourth quarter proved resilient as we navigated challenging market conditions. Despite softer-than-expected consumer demand in the Americas, we delivered global shipment growth of 1% and equivalent growth in adjusted EBITDA on a constant currency basis.

For the full year, we delivered shipment growth of 5%, including 3% growth in North America, supported by our well-advanced investment program. The contribution from higher volume was, however, broadly offset by input cost pressures, particularly in Europe as well as fixed cost under absorption and resulted in a 1% decline in adjusted EBITDA for the year on a constant currency basis.

We believe that we have weathered the multiple challenges of 2022 and taken appropriate corrective actions to stabilize and enhance performance. We look forward with increased confidence to delivering significant growth in earnings and cash flow and generating value for our shareholders in 2023.