05.20.15
Coveris Holdings S.A. reported first quarter 2015 net sales of $634 million. Combined net sales for the first quarter of 2014 were $705 million. Excluding the impact of foreign exchange and lower resin prices, net sales for the first quarter of 2015 would have been $717 million, an increase of 1.7% from the combined net sales for the first quarter of 2014.
Combined Adjusted EBITDA for the first quarter was $73.7 million, down from $77.1 million in the prior year. On a constant currency basis, the Combined Adjusted EBITDA would have been $82 million, which is up $4.9 million or 6.3% from the prior year.
“I am pleased with our start to the new year,” said Gary Masse, president and CEO. “While the first quarter was influenced by foreign currency fluctuations, raw material price and supply changes, we remained focused on our strategy and implementing key initiatives using the tools and processes provided by the Coveris Business System. This focus allowed us to continue to improve our margins, deliver volume improvements and enhance our cash flow. ”
Combined Adjusted EBITDA for the first quarter was $73.7 million, down from $77.1 million in the prior year. On a constant currency basis, the Combined Adjusted EBITDA would have been $82 million, which is up $4.9 million or 6.3% from the prior year.
“I am pleased with our start to the new year,” said Gary Masse, president and CEO. “While the first quarter was influenced by foreign currency fluctuations, raw material price and supply changes, we remained focused on our strategy and implementing key initiatives using the tools and processes provided by the Coveris Business System. This focus allowed us to continue to improve our margins, deliver volume improvements and enhance our cash flow. ”