Ardagh posts quarterly results

Ardagh Group, parent of glass container manufacturing plants in Dunkirk and Winchester, said its first quarter financial results were in line with expectations.

Revenue for the quarter was $1.622 billion, unchanged from the prior year. Adjusted earnings before interest, taxes, depreciation and amortization totaled $273 million, which was consistent with the prior year.

Paul Coulson, chairman and chief executive, said that so far there has been “no material impact from COVID-19,” adding, “It is too early to assess the macroeconomic impact of the pandemic.”

Coulson added that Ardagh’s $1.5 billion in liquidity is sufficient to manage the current uncertain environment.

Revenues from glass packaging were down 1%, while metal beverage packaging was up 1%. North American glass operations saw a 3% drop in revenue.



Stay local

Fort Recovery Mayor Dave Kaup has proclaimed Thursday, April 30, as “Support Your Local Small Business Day.”

“This is our chance as a community to show our gratitude and support for our many local businesses and let them know we appreciate the business opportunities and services they provide to us year-round,” Kaup said in a prepared statement.

“Buy a gift certificate for use later,” said Kaup. “All of these timely purchases will help show our support to all of our local small businesses and we will be doing our part to help our businesses to stay alive.”



Joins Walmart

Walmart has named Target veteran William White as its new U.S. chief marketing officer, AdAge reported this week.

White has been senior vice president of marketing at Target since 2013. Prior to that he was an executive at Coca-Cola Co.



Income down

First Financial Bancorp reported first quarter income down sharply from the same quarter in 2019.

For the three months, the banking company, which has branches in Portland and Fort Recovery, reported net income of $28.6 million, or 29 cents per diluted common share. That compares to net income of $48.7 million, or 49 cents per diluted common share, for the fourth quarter of 2019 and $45.8 million, or 47 cents per diluted common share, for the first quarter of 2019.

The banking company made a $1 million contribution to the First Financial Foundation for COVID-19 relief during the quarter.



Down a bit

First Merchants Corporation, parent of First Merchants Bank, this week reported first quarter 2020 net income of $34.3 million compared to $38.8 million during the same period in 2019.

Earnings per share for the period totaled 62 cents per share compared to the first quarter of 2019 result of 78 cents per share.

Total assets equaled $12.7 billion as of quarter-end and loans totaled $8.6 billion, the company reported.

The corporation’s allowance for loan losses totaled $99.5 million as of March 31, up from $80.9 million as of March 31, 2019.

“The increase of $18.6 million, or 22.9%, primarily reflects our view of increased credit risk related to the COVID-19 pandemic,” the company said in a press release.



Watching trends

Mary Meeker, known for her annual Internet Trends Report, has issued a technology trend report reflecting the impact of the pandemic.

The report by Bond Capital was first reported on the website Axios. Meeker, a Jay County native, is Bond’s best-known partner.

Her trend report said that the pandemic is likely to have impact similar to the 1906 San Francisco earthquake.

"COVID-19 has upended our modern lives in ways we’re just starting to understand,” the report said.

Meeker foresees an acceleration of digital transformation because so many are now working from home.

The link between new technology and health care is also likely to accelerate.

"We are optimists and believe there is hope on the other side of despair.... We need government, business and entrepreneurial intervention at scale (deployed logically and effectively) to get to the other side,” the Bond report said.



Profit down

NextEra Energy Inc., parent of Bluff Point Wind Energy Center, reported a drop in first quarter profits from last year’s level.

The company's earnings totaled $421 million, or 86 per share. That compares with $680 million, or $1.41 per share, in last year's first quarter.



Taking toll

COVID-19 is taking a toll on the clean energy industry, The Denver Post reported this week.

The Post cited a report by E2, Environmental Entrepreneurs that said 106,000 workers lost their jobs in the clean energy sector in March.

Colorado lost 1,080 clean-energy jobs, or 1.6% of the workforce, The Post reported, citing data from the U.S. Department of Labor.

The Post said Scout Clean Energy, which develops, finances and builds wind and solar energy installations in 13 states, is concerned about delays in materials from other countries and how uncertainty will affect financing and the ability to benefit from the tax credits on a timely basis.

Scout is the parent of Bitter Ridge Wind Farm, now under construction in southwestern Jay County.

Mike Rucker, founder and chief executive officer of Scout, told the Post the hope is that Congress will include relief for the energy industry in future legislation.



Coming down

Demolition of the former Celina Motel has been given the green light to make way for a new commercial development, The Daily Standard has reported.

Celina City Council approved the appropriation of $76,300 in revolving loan funds to pay for the demolition of the problem property.

Lake Edge LLC plans a $4 million investment in a commercial development on that site.