05.17.17
Coveris Holdings S.A. reported net sales of $598 million for the first quarter of 2017 versus $639 million in the first quarter of 2016. Excluding a $35 million impact of currency, the first quarter sales were down about 1% compared with the same quarter in the prior year.
Adjusted EBITDA for the quarter was $59 million, compared to $75 million for the same period in the prior year. Currency accounted for approximately $4 million of the decline. The decline is primarily related to softer volumes and product mix, particularly in the Company’s flexibles business in the US and UK.
“First quarter volumes were soft but in line with our expectations,” said David Mezzanotte, chairman and interim CEO. “Over the past few months, we have addressed many of the operational and commercial issues we uncovered in the latter half of 2016. We are beginning to see positive improvements and I remain optimistic about the second half of this year as we focus on top line growth and drive customer care initiatives.”
Adjusted EBITDA for the quarter was $59 million, compared to $75 million for the same period in the prior year. Currency accounted for approximately $4 million of the decline. The decline is primarily related to softer volumes and product mix, particularly in the Company’s flexibles business in the US and UK.
“First quarter volumes were soft but in line with our expectations,” said David Mezzanotte, chairman and interim CEO. “Over the past few months, we have addressed many of the operational and commercial issues we uncovered in the latter half of 2016. We are beginning to see positive improvements and I remain optimistic about the second half of this year as we focus on top line growth and drive customer care initiatives.”
