Ardagh Metal Packaging S.A. (NYSE:AMBP) Q2 2024 Earnings Conference Call July 25, 2024 9:00 AM ET

Company Participants

Stephen Lyons - IR
Oliver Graham - CEO
David Bourne - CFO

Conference Call Participants

Stefan Diaz - Morgan Stanley
Mike Roxland - Truist Securities
Josh Spector - UBS
Anthony Pettinari - Citi
Mike Leithead - Barclays
Richard Phelan - Deutsche Bank
George Staphos - Bank of America
Gabe Hajde - Wells Fargo
Arun Viswanathan - RBC Capital Markets

Operator

Welcome to the Ardagh Metal Packaging S.A. Second Quarter 2024 Results Call. Today's call is being recorded.

At this time, I'd like to turn the call 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 second quarter 2024 earnings call, which follows the earlier publication of AMP's earnings release for the second quarter.

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.

AMP's earnings release and related materials for the second 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 detail of AMP's forward-looking statement disclaimer and a 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

Thanks Stephen. AMP performed well in the second quarter and we were delighted to deliver a second successive outperformance versus our guidance. This is a testament to the resilience of our business, the strength of our customer and supplier relationships, and the commitment of our teams.

Global beverage shipments grew by 3% in the quarter versus the prior year, with revenue broadly unchanged as favorable volume mix was offset by the pass-through to customers of lower input costs.

Adjusted EBITDA grew by 18% with strong double-digit growth across both segments. Adjusted EBITDA growth, as anticipated, ahead of shipments growth for the quarter due to an improved operating cost performance and stronger-than-expected input cost recovery in Europe, which drove the outperformance versus our guidance. This increased our LTM adjusted EBITDA to $631 million, which we expect to increase further in Q3.