11.14.14
Coveris Holdings S.A. reported third quarter 2014 pro forma net sales of $693 million. Pro forma net sales for the third quarter of 2013 were $689 million. Adjusted pro forma EBITDA for the quarter was $77.5 million versus $71.2 million in the same period last year, up 9%. On a year-to-date basis, adjusted pro forma EBITDA is $249.6 million, up 20% from the prior year.
“We continue to experience margin expansion as we focus on implementation of the Coveris Business System, or CBS,” said Gary Masse, CEO. “I am pleased to see the results of our efforts, even in a slow sales growth environment. I see continued opportunity to drive synergies and cost reduction initiatives to the bottom line using the four cornerstones of CBS, which are Commercial Excellence, Operational Excellence, Talent & Leadership and Acquisition Integration.”
Coveris is divided into two reporting segments – Flexible and Rigid. The Flexible segment had pro forma net sales of $497.6 million for the quarter, which was up 2.8% on a like-for-like basis from $484.2 million from the same period last year. This increase was primarily the result of favorable currency impacts as well as favorable volumes in our North American salt and seasonal seed bag business.
The Rigid segment had pro forma net sales of $195.4 million for the quarter, which was down 4.4% on a like-for-like basis from $204.4 million from the same period last year. Economic challenges and intense competition continue in Europe for Rigid products, particularly in Southern Europe.
“We continue to experience margin expansion as we focus on implementation of the Coveris Business System, or CBS,” said Gary Masse, CEO. “I am pleased to see the results of our efforts, even in a slow sales growth environment. I see continued opportunity to drive synergies and cost reduction initiatives to the bottom line using the four cornerstones of CBS, which are Commercial Excellence, Operational Excellence, Talent & Leadership and Acquisition Integration.”
Coveris is divided into two reporting segments – Flexible and Rigid. The Flexible segment had pro forma net sales of $497.6 million for the quarter, which was up 2.8% on a like-for-like basis from $484.2 million from the same period last year. This increase was primarily the result of favorable currency impacts as well as favorable volumes in our North American salt and seasonal seed bag business.
The Rigid segment had pro forma net sales of $195.4 million for the quarter, which was down 4.4% on a like-for-like basis from $204.4 million from the same period last year. Economic challenges and intense competition continue in Europe for Rigid products, particularly in Southern Europe.