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By the numbers: Q4 and full-year 2024
2024 revenue: $4.91B
Up 2% year over year, with Q4 up 5.6% to $1.2B
Americas 2024 revenue: $2.75B
Down 1.3% year over year
Europe 2024 revenue: $2.16B
Up 6.5% year over year
Loss: $3M
Compared with $50M in 2023
- Results: Ardagh Metal Packaging’s volumes grew 3% globally in 2024. Production and sales in Europe were higher than expected and AMP is growing capacity to meet demand. “Across our global footprint, the beverage can continues to gain share in our customers' packaging mix. While we're still in a challenging consumer environment, the key advantages support our expectation for industry shipments growth into 2025, and we're encouraged by our start to the year,” CEO Oliver Graham said on an earnings call Thursday.
- Beverage markets: AMP discussed positive trends in alcohol innovation, cocktails, energy drinks and carbonated soft drinks. Sparkling water was strong in 2024, and the CSD category has also shown growth at the beginning of 2025, Graham said. Those two categories represent 60% of AMP’s portfolio. “Our diverse portfolio in North America is heavily skewed towards faster growing nonalcoholic categories,” Graham said. “We've also seen some signs of stability in the energy category, which gives us confidence that our shipments can grow at least by low single digits in 2025.”
- Substrate strength: Graham noted benefits from customer focus on reducing plastics from 2018 onward. “And although there's a little bit of commentary around now with tariffs and other market remarks about plastics, we think that there's still a drive towards not overinvesting and overprioritizing plastics relative to cans,” he said. “When the [North American] can market was flat, it was because PET was growing at the expense of cans by 3% a year. We were down. That's no longer true.”
- Tariffs: Graham said tariffs would have “a relatively small impact on the total retail price of the can” — less than 1 cent, he estimated. AMP expects cost would be passed on to the consumer. “I've seen commentary saying maybe there's some indirect impact on demand. I guess, that could be true ... from our perspective, we regard that as a pretty marginal impact,” he said.
- Outlook: AMP expects shipments to rise between 2% and 3% in 2025. It projects $675 million to $695 million in adjusted earnings before interest, taxes, depreciation and amortization this year.
