Ardagh Metal Packaging S.A. (NYSE:AMBP) Q3 2022 Results Conference Call October 27, 2022 9:00 AM ET

Company Participants

Stephen Lyons - IR

Oliver Graham - CEO

David Bourne - CFO

Conference Call Participants

Angel Castillo - Morgan Stanley

Anthony Pettinari - Citibank

Kyle White - Deutsche Bank

George Staphos - Bank of America

Arun Viswanathan - RBC Capital Markets

Mark Wilde - Bank of Montreal

Jay Mayers - Goldman Sachs

Ed Brucker - Barclays

Roger Spitz - Bank of America

Rachel Fox - Guggenheim Partners

Eric Seeve - GoldenTree

Gabe Hajde - Wells Fargo

Operator

Welcome to the Ardagh Metal Packaging S.A. Third 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. Please go ahead, sir.

Stephen Lyons

Thank you, operator, and welcome, everybody. Thank you for joining today for Ardagh Metal Packaging’s Third Quarter 2020 Earnings Call, which follows the earlier publication of AMP’s earnings release for the third quarter. We have also added an earnings presentation on to our investor website for your reference.

I am 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. Remarks today will include certain forward-looking statements. These reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements.

Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors, including those set forth in AMP’s most recently filed Form 20-F with the SEC and any other public filings.

AMP’s earnings release and related materials for the third quarter can be found on AMP’s website at ardaghmetalpackaging.com. Information regarding the use of non-IFRS financial measures may also be found in the Notes section of the earnings release, which also includes a reconciliation to the most comparable IFRS measures of adjusted EBITDA, adjusted operating cash flow and adjusted free cash flow.

Details of AMP’s forward-looking statements disclaimer may be found in AMP’s earnings release. I will now turn the call over to Oliver Graham.

Oliver Graham

Thank you, Stephen. We experienced a challenging third quarter of 2022. While global shipments increased by 9% compared with the same period last year, earnings were below our expectations. Profits were impacted by a softening in demand conditions relative to our forecast in both Europe and the Americas, together with a reduction in fixed cost recovery. We expect these conditions to persist through the fourth quarter and into the first half of 2023.