Ardagh Metal Beverage reports Q3 adjusted EPS 6c, consensus 5c

Reports Q3 revenue $1.29B, consensus $1.24B. Adjusted EBITDA of $171M represented a 22% increase versus the prior year quarter. CEO Oliver Graham said: “We delivered a robust performance in the quarter to achieve our guidance despite a softening of demand conditions in Europe. Americas performance was slightly ahead of our expectation with North America benefitting from strong shipment growth, while Brazil was broadly in line. The deterioration in demand during the quarter negatively impacted European performance against our expectations, which we anticipate will persist into Q4. Our Adjusted operating cashflow generation is significantly improved versus the prior year and underpins our conviction in a strong full year liquidity outturn. Our actions to prudently balance our capacity and optimize our network will also drive future earnings improvement.”