CHICAGO--(BUSINESS WIRE)--Coveris Holdings S.A. reported revenues for the full year of 2017 of $2.5 billion. These sales were in-line with the prior year. Lower volumes in flexibles were offset by the pass-through of higher resin costs. For the fourth quarter, net sales were $627 million compared with $592 million in the fourth quarter of the prior year. As a result of our November 2017 announcement to explore strategic alternatives for our Americas and Rigid businesses, we have classified those businesses as discontinued operations. The remaining businesses, United Kingdom Food & Consumer and Europe, Middle East and Africa Food & Consumer, represent continuing operations. The published financial statements separate the information for continuing operations. Net sales for continuing operations were $896 million in 2017.
Adjusted EBITDA for the year was $264 million, compared to $308 million for the prior year. This decline is explained by currency, higher raw material and inflation costs. For the fourth quarter, adjusted EBITDA was $65 million compared to $64 million in the fourth quarter of the prior year.
“2017 did not meet our financial objectives,” said Jakob Mosser, Chief Executive Officer. “While we are seeing signs of improvement, we continue to recover from some business challenges. We remain focused on growing our top line, reducing our costs and improving our financial position going forward. I am optimistic about our future.”
Additional financial information may be found on www.coveris.com under the Investor Relations section.
A conference call hosted by management to discuss these financial results will be held on May 2, at 10:00 am, Eastern. The conference call number is 877-407-8031 (domestic) or 201-689-8031 (international). A replay of the call will be available after 1:30 pm, Eastern on May 2 until May 9, 2018, by calling 877-481-4010 (domestic) or 919-882-2331 (international) with the conference ID of 28288.
As a leading international manufacturing company, Coveris is dedicated to providing solutions that enhance the safety, quality and convenience of products we use every day. In partnership with the most respected brands in the world, Coveris develops vital products that protect everything from the food we eat, to medical supplies, to the touch screen device in our pockets, contributing to the lives of millions every day. Coveris is an affiliated portfolio company of Sun Capital Partners, Inc.
Statements in this release that are not historical are "forward-looking statements." Forward-looking statements may be identified by the use of forward-looking terminology such as the words "should," "would," "could," "will," "may," "expect," "believe," "anticipate," "attempt," "project" and other terms with similar meaning indicating possible future events or potential impact on our business. You are cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on management's current assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect Coveris’ operations, markets, products, services, prices and other factors. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, any forward-looking statements are made only as of the date of this release, and Coveris does not intend and does not assume any obligation to update any statements set forth in this release.