Ardagh Metal Packaging S.A. (NYSE:AMBP) Q4 2023 Earnings Conference Call February 22, 2024 11:00 AM ET
Company Participants
Stephen Lyons - Investor Relations
Oliver Graham - Chief Executive Officer
David Bourne - Chief Financial Officer
Conference Call Participants
Bryan Burgmeier - Citi
Curt Woodworth - UBS
Richard Phelan - Deutsche Bank
Roger Spitz - Bank of America
Ning Yang - Jupiter Asset Management
Operator
Welcome to the Ardagh Metal Packaging S.A. Fourth Quarter 2023 Results 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 2023 earnings call, which follows the earlier publication of AMP's earnings release for the fourth quarter and the full year.
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 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.
I will now turn the call over to Oliver Graham.
Oliver Graham
Stephen. 2023 represents a year of transition for our business as the team navigated a challenging macro demand environment, and took decisive action on our footprint and inventories to position the business for growth in 2024 and beyond. Despite the market context in particular softer European demand, we achieved record global revenues and shipment volumes, which grew by 5% for the full year and 2% in the fourth quarter.
Our Americas segment grew at an almost mid-teens percentage, driven by strong growth in both regions. Our actions on energy pass-through to our customers in Europe resulted in stronger inflation recovery, but this was more than offset by unfavorable volume mix effects with a significant decline in production activity and shipments experienced in the second half of the year, which also impacted fixed cost absorption.
In Brazil, full year shipment growth was below initial expectations due to consumer weakness and customer mix, which included the customer restructuring that is now resolved, but with an encouraging sequential improvements in shipment trends during the second half and a strong Q4 against a weak prior year comparable.