Ardagh posts 3rd quarter

Ardagh Group, parent of glass container plants in Dunkirk and Winchester, reported third quarter revenues of $2.39 billion, an increase of 3 percent.

But earnings before interest, taxes, depreciation and amortization declined 9 percent to $400 million.

Paul Coulson, chairman and chief executive, said third quarter earnings reflect strong growth in Ardagh’s metal packaging business in America.

But the company’s glass packaging business in the U.S. is still trying to get a better footing.

“Our footprint adjustments and other initiatives to rebuild profitability continued against a challenging market backdrop. We remain focused on cash generation and de-leveraging over the final quarter and into 2019,” Coulson said in a prepared statement.

The company declared a quarterly cash dividend of 14 cents per share, payable on Nov. 30.

Meanwhile The Irish Times reported this week that Standard & Poor’s has lowered its outlook on Ardagh Group’s debt ratings, citing the group’s “aggressive” financial policy. Earlier this year Ardagh borrowed $350 million to fund a shareholder windfall.

S&P lowered its stance on Ardagh’s “B+” credit rating to “stable” from “positive.” The credit rating is four levels below what S&P deems to be investment grade. 

“Ardagh, built up over the past two decades through a series of acquisitions by chairman and chief executive Paul Coulson, is the third-largest global manufacturer of metal beverage cans, with leading positions in glass food and beverage packaging and metal food packaging,” The Irish Times said.

S&P praised Ardagh’s “relatively strong profitability, longstanding customer relationships, scale, and efficient cost base.”

Reopening

The Portland McDonald’s will be reopening after its recent major renovation.

The grand re-opening is set for Saturday, Nov. 3, at 11 a.m. The event will include a ribbon-cutting and the presentation of checks to teachers from East Jay and West Jay middle schools.

Kyle Love from West Jay Middle School is receiving a grant to provide a drag race and tractor pull project for the school’s engineering design students.

Tamara Tillman from East Jay Middle School is receiving a grant that will support the school’s art program.

The renovated McDonald’s will feature new self-serve kiosks and a new interior.

Expands OneEgg

Tyson Foods Inc., parent of Tyson Mexican Original of Portland, is expanding its partnership with OneEgg to Nepal, Honduras and Ethiopia in an effort to increase access of protein for children.

The company announced a series of grants to OneEgg, a non-profit organization that delivers eggs to hungry children.

The investment in Nepal focuses on building the capacity of local farmers to supply eggs to 12 schools and 700 children, with a goal of reaching 7,000 children over the next two years.

The launch of a OneEgg chapter in Honduras will focus on providing eggs to expectant mothers and their families.

A OneEgg chapter will be launched in Ethiopia in collaboration with Project Mercy to introduce the production and consumption of eggs into the Yetebon community.

“We’re raising the world’s expectations for the good food can do,” Debra Vernon, senior director, corporate social responsibility for Tyson Foods, said in a prepared statement. “The OneEgg Nepal project is a perfect example of our purpose coming to life and the integration of sustainable thinking throughout our work.”

Income up

Allegheny Technologies Inc., parent company of Portland Forge, this week reported third-quarter net income of $50.5 million. The company reported a loss in the same period a year earlier.

On a per-share basis, the Pittsburgh-based company said it had net income of 37 cents.

The results missed Wall Street expectations, The Associated Press reported. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

“The maker of steel and specialty metals posted revenue of $1.02 billion in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $1 billion,” The AP reported.

Good quarter

First Merchants Corporation this week reported third quarter 2018 net income of $41.1 million, an increase of 69 percent, compared to $24.4 million during the same period in 2017.  

Earnings per share for the period were 83 cents, an increase of 66 percent, compared to the third quarter of 2017 result of 50 cents per share.  

Net income for the nine months ending September 30 totaled $117.4 million.