GRSV - Ardagh jumps on beverage-backed earnings beat in Q4
Ardagh Group S.A. (ARD) is up 7.57% after beating estimates in fourth-quarter results, with strong earnings growth in metal beverage packaging segment and volume growth in glass packaging.Revenue of $1.7B (+7.6% Y/Y) beats by $80M.Segment revenue: Metal Beverage Packaging Europe, $398M (+17% Y/Y); Metal Beverage Packaging Americas, $495M (+8% Y/Y); Glass Packaging Europe, $416M (flat); and Glass Packaging North America, $394M (+2% Y/Y).Adj. EBITDA increased by 5% to $281M.Non-GAAP EPS of $0.28 beats by $0.02; GAAP EPS of -$0.11.The company ended the quarter with $1.9B in cash and available liquidity.2021-2024 investment program increased to $2.1B from previous $1.8B, due to additional metal beverage packaging growth opportunities."These highly accretive investments underpin accelerated growth, including a projected doubling in Metal Beverage Packaging Adjusted EBITDA by 2024. We look forward to further strong progress in 2021," says Chairman and CEO Paul Coulson.2021 Guidance: The company expects adj. EBITDA of $1.28 - $1.30B, with end of year reported net leverage
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Ardagh jumps on beverage-backed earnings beat in Q4