Ardagh Metal Packaging supplies sustainable metal beverage cans. Credit: StockSnap / Pixabay.

Ardagh Metal Packaging (AMP) has reported a 14% increase in revenue to $1.03bn at constant current rates for the third quarter ending 30 September 2021.

The sustainable beverage can manufacturer attributed the growth to positive volume/mix and foreign currency translation effects, including the impact of the group’s growth investment programme and higher metal costs that pass through to customers.

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The company’s Americas and Europe revenues were up 16% and 11%, respectively.

AMP reported a 15% increase in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to $176m at a constant currency rate.

LTM adjusted EBITDA for the quarter also increased to $637m in September from $545m on 31 December 2020.

Ardagh Metal Packaging CEO Oliver Graham said: “We delivered strong earnings growth in the quarter, with Adjusted EBITDA increasing by 17% to $176m. AMP’s diversified customer base and end markets, as well as our operational agility, served us well in the quarter and enabled us to manage softness in the hard seltzer end market.”

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Beverage can shipments globally declined 6% in the quarter.

AMP raised earnings outlook for fiscal 2021 despite making a loss of $178m in the quarter.

The company raised its full-year adjusted EBITDA from $654m to at least $660m.

Graham added: “We are modestly raising our full-year 2021 earnings outlook, despite a highly inflationary environment for costs. We are committing to strategic new growth initiatives in the UK and the south-western US as we respond to strong demand for sustainable metal packaging. Both projects involve multi-line beverage can production facilities, with production commencing in 2023 and 2024.”

In August, AMP completed its previously announced merger with US-based special purpose acquisition firm Gores Holdings V.