Q3 2024 Verallia SA Earnings Call Transcript
Key Points
- Verallia (VRLAF) has successfully launched its Air Range, a lightweight glass product line, achieving strong customer recognition and industry awards.
- The company is making significant strides in decarbonization with the implementation of an electrical furnace, reducing CO2 emissions by 60%.
- Verallia (VRLAF) reported a positive organic volume growth in Q3, driven by strong performance in Latin America and the beer segment in Europe.
- The acquisition of Vidrala Italy has contributed positively to the company's Q3 results, enhancing its market position.
- The company maintains a strong focus on cost discipline and cash management, achieving a 2.9% reduction in cash production costs through its productivity action plan.
- Verallia (VRLAF) experienced a 6.6% year-over-year decline in Q3 revenue, with a 4.7% decrease in organic growth.
- The company faces a challenging market environment in Europe, with soft consumption and ongoing destocking in premium and export-oriented segments.
- There is a negative price/mix impact, particularly in Europe, due to lower selling prices and adverse geopolitical conditions.
- Verallia (VRLAF) reported an increase in net debt, with leverage rising to 2.3 times by the end of September, compared to 1.9 in June.
- The company anticipates a slightly negative full-year volume compared to 2023, reflecting a slow market recovery.
Hello and welcome to the Veralia Q 3 2024 financial results analyst call. My name is Laura and I will be your coordinator for today's event. Please note this call is being recorded and for the duration of the call, your lines will be unlistening move.
However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to your host, Patrice Lucas, the CEO to begin today's conference. Thank you.
Good morning, everyone and welcome to our Q 324 financial resort call as usual Natalie and I will go through our presentation and we share and we'll have the Q&A station at the end.
I will share with you some key I lights Natalie with presenting details or numbers and then I will be back on our guidance just to start with, just to remind you that there is a global leader in glass packaging
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