Ardagh Metal Beverage reports Q2 adjusted EPS 4c, consensus 5c

Reports Q2 revenue $1.26B, consensus $1.32B. “We experienced a challenging quarter against a global backdrop of sustained inflationary and household financial pressures, impacting on consumer demand. This was particularly the case in Brazil, where we expect market pressures to persist in the near-term. Our performance in Europe proved resilient, supported by improved input cost recovery, and was modestly ahead of expectations. In North America we recorded strong shipment growth and forward momentum, driven by the ramp-up of our contracted new capacity. However, our North America profitability was negatively impacted by action to right-size our inventory position that helped underpin a strong cashflow performance. We continue to prudently manage our capacity ahead of a demand recovery and look forward to strong second half 2023 earnings growth resumption. With our growth investment program completing in 2023, we are strongly positioned to capture future growth and to demonstrate the long-term earnings power and cash-generation of our business”.