Packaging manufacturer CANPACK Group has announced that its sales volume shows solid growth and profitability during the third quarter of 2024, driven by increased demand in key markets such as the United States, Brazil, India and Europe.
Between July and September 2024, the volume of beverage cans increased by 14% compared to the same period of the previous year, while the cumulative increase in the first nine months of the year was 18%. This growth contributed to a 14% increase in quarterly net sales, and 13% in the year-to-date.
Adjusted EBITDA also experienced a notable rise, reaching $160 million in the quarter, 34% more than in 2023, and $469 million year-to-date, 46% above the same previous period. The improvement is attributed to higher volumes, operational efficiency in the U.S. and lower energy costs.
On the other hand, the company significantly reduced its capital investments, which went from $53 million to $38 million in the quarter, and from $241 million to $97 million in the first nine months of the year, mainly due to more austere planning in the U.S.
Free cash flow generation in the quarter increased to $151 million, although the year-to-date recorded an outflow of $11 million, affected by higher accounts receivable and lower use of factoring services.
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COCA-COLA’S LARGEST BOTTLER INCREASES SALES BY 19%.
