Ardagh Metal Packaging S.A. (NYSE:AMBP) Q3 2024 Earnings Conference Call October 24, 2024 9:00 AM ET

Company Participants

Stephen Lyons - IR
Oliver Graham - CEO
Stefan Schellinger - CFO

Conference Call Participants

Anthony Pettinari - Citi
Cashen Keeler - Bank of America
Josh Spector - UBS
Arun Viswanathan - RBC Capital Markets
Stefan Diaz - Morgan Stanley
Niccolo Piccini - Truist Securities
Roger Spitz - Bank of America

Operator

Welcome to the Ardagh Metal Packaging SA Third Quarter 2024 Results Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Steven Lyons, Investor Relations. Please go ahead.

Stephen Lyons

Thank you, operator, and welcome, everybody. Thank you for joining today for Ardagh Metal Packaging's Third Quarter 2024 Earnings Call, which follows the earlier publication of AMP's earnings release for the third quarter. I'm joined today by Oliver Graham, AMP's Chief Executive Officer; and Stefan Schellinger, 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 third quarter can be found on the AMP's website at ir.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

Thanks, Stephen. AMP recorded a strong business performance in the third quarter and delivered another set of results ahead of guidance with both segments performing strongly. Global beverage shipments grew by 2% in the quarter versus the prior year with revenue broadly unchanged, while adjusted EBITDA grew by 15% with strong double-digit growth across both segments. This strong growth in adjusted EBITDA reflects Europe's continued margin normalization post the continent's energy crisis and with strong input cost management, and in the Americas, improved manufacturing performance and a favorable volume mix impact. We're encouraged by the strength of beverage can demand in the context of resilient beverage consumption trends across each of our markets during the quarter.

We expect that the beverage can will continue to outperform other packaging types supported by customer innovation and the can's positive credentials regarding circularity and decarbonization. Our outperformance through the year versus initial expectations, particularly in Europe, gives us the confidence to further improve our full year guidance for adjusted EBITDA to $650 million to $660 million.