Reynolds Group improves latest adjusted pro forma EBITDA by 25%

By Jennifer Lanning Drey

Portland, Ore., May 27 - Reynolds Group Holdings Ltd.'s last 12 months pro forma adjusted EBTIDA increased by 25% to 680 million euros as a result of volume growth in developing markets, operational improvements, cost-down initiatives and lower raw material costs, Tom Degnan, chief executive officer of the company, said Thursday.

Speaking during its quarterly earnings call for the period ended March 31, Degnan said that Reynolds continues to focus on cost reduction and cash flow improvements.

"Reynolds performance in the first-quarter was good despite market conditions," he said.

More specifically, Degnan said that Reynolds' SIG segment was stable in Europe with strong growth in its emerging markets, while the consumer businesses' core business also performed well.

The closures segment also saw growth in emerging markets and posted market share gains in the United States through acquisitions.

"Reynolds is continuing to grow, despite the challenging conditions," Degnan said.

Reynolds Group completed the acquisition of Evergreen and Whakatane Mill in May.

Reynolds Group is an Auckland, New Zealand-based manufacturer and supplier of consumer food and beverage packaging and storage products.

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