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Coveris reports full year 2016 financial results

Coveris Holdings has reported financial results with $2.5bn for the full year of 2016.

Excluding the impact of currency, $96 million, these sales were in-line with the prior year. 

For the fourth quarter, net sales were $592 million compared with $645 million in the fourth quarter of the prior year. Of this decline, currency accounted for $37 million while softer volumes accounted for the balance. Adjusted EBITDA for the year was $308 million, compared to $324 million for the prior year. Currency accounted for approximately $11 million of the decline.

For the fourth quarter, adjusted EBITDA was $64 million compared to $84 million in the fourth quarter of the prior year. The decline in the fourth quarter is primarily related to softer volumes and product mix, particularly in the Company’s European flexibles business. “2016, as a whole, did not meet our objectives and was disappointing,” said David Mezzanotte, Chairman and Interim Chief Executive Officer.

“However, we understand where our issues were and we are implementing countermeasures to address them. I am optimistic about the back half of 2017 as we focus on top line growth and drive customer care initiatives to better differentiate our product offering.”