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Coveris Reports 1Q 2018 Financial Results

Notes net sales of $238 million or 11% improvement year over year, with adjusted EBITDA of $8.2 million for the quarter.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Coveris Holdings S.A. reported net sales from continuing operations of $238 million for its first quarter of 2018. These sales are compared to $214 million for the first quarter of 2017, or an 11% increase. Currency was the primary driver of the improvement year over year.
 
Adjusted EBITDA from continuing operations for the quarter was $8.2 million, compared to $5.7 million for the same period in the prior year. The significant improvement was driven by currency and lower corporate expenses.
 
“While currency had a positive impact during the quarter,” said CEO Jakob Mosser, Chief Executive Officer, “We were encouraged by several positive results, including the improvement of liquidity and the performance of the business to plan, which position us well for the quarters ahead. We remain focused on growing our top line and reducing our costs.”

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