Smurfit Kappa revenue and EBITDA grow YTD
By Iain Gilbert
Date: Wednesday 02 Nov 2022
(Sharecast News) - Product packaging company Smurfit Kappa said on Wednesday that both revenues and profits were up year-to-date, leading the group to now expect to see full-year underlying earnings of approximately €2.3bn.
Smurfit Kappa said revenues were up 33% year-on-year at €9.72bn, while pre-tax profits were 77% higher at €1.14bn and underlying earnings grew 43% to €1.76bn in the nine months ended 30 September. EBITDA margins also improved from 17.0% a year ago to 18.2%.
The FTSE 100-listed group, which reported a net debt to EBITDA ratio below 1.4x and a 5% improvement in return on capital employed to 20.6%, also said basic earnings per share surged 88% to 333.4 cents.
Chief executive Tony Smurfit said: "We continue to drive improvement across all areas of our business, consistent with the delivery of our strategy, providing the most innovative and sustainable packaging through our integrated business model, ensuring security of supply to our over 65,000 customers.
"Significant cost inflation is being recovered in corrugated box pricing as anticipated. Against strong comparisons, corrugated box volumes were flat for the first nine months."
Reporting by Iain Gilbert at Sharecast.com
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