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Reynolds improves last 12 months adjusted pro forma EBITDA by 14%
By Jennifer Lanning Drey
Portland, Ore., Aug. 26 - Reynolds Group Holdings Ltd.'s last 12 months pro forma adjusted EBITDA increased by 14% to €803 million at June 30 as a result of growth in developing markets, operational improvements and cost-reduction initiatives, Tom Degnan, Reynolds' chief executive officer, said Thursday during the company's earnings conference call.
In the last 12 months, Reynolds' revenues increased by 2% to €4.039 billion.
"The highlights of the second quarter were the continuation of a strong performance across all segments," Degnan said.
Management also continues to focus on cost reductions and cash flow, he said.
"Cash flow continues to improve as a result of strict investment returns criteria and stringent working capital management," he said.
As a result of the improvements, Reynolds Group is well positioned to capitalize on improving markets, Degnan said.
Reynolds Group chief financial officer Allen Hugli noted that the company's capital expenditures are down from prior periods due to the completion of major infrastructure-investment projects undertaken in 2009.
Reynolds Group is focused on growth opportunities, which it expects will be primarily in its SIG and closures segments.
Also during the call, Degnan said information regarding the financing package for Reynolds Group's recently announced $6 billion acquisition of Pactiv Corp. will be forthcoming. However, he said he was unable to discuss the details at the time of the call.
Reynolds Group is an Auckland, New Zealand-based manufacturer and supplier of consumer food and beverage packaging and storage products.
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