Smurfit posts jump in nine-month earnings, on track for full year

Packaging company Smurfit Kappa said on Wednesday that it was on track to meet full-year earnings expectations as it posted a jump in revenue and earnings for the nine months to 30 September.

Revenue grew 15% year-on-year to €7.29bn, with earnings before interest, tax, depreciation and amortisation 10% higher at €1.24bn.

In the third quarter, EBITDA grew 16% to €454m.

Chief executive officer Tony Smurfit said: "I am pleased to report a strong first nine months for the group with corrugated growth of 9% in Europe and 11% in the Americas versus 2020. Our integrated paper and corrugated system is effectively sold out and I am very proud of our people who are ensuring that customers, for the most part, are supplied securely and efficiently despite many supply chain disruptions. Materially higher input costs, principally, but not limited to, recovered fibre and energy are being progressively recovered through corrugated price increases."

He said the company’s performance shows the continuing strength of the integrated business model and the benefits of geographic diversity.

"We expect to deliver significant EBITDA growth for the full year in line with current market expectations. With the many growth opportunities and the significant ongoing investment in our business, we are excited about our future prospects."