SMFKY Smurfit Kappa Group PLC (PK)

   By Oliver Griffin 
 

Smurfit Kappa Group PLC (SMFKY) said Friday that group Ebitda for the first quarter rose 22% on the previous-year period, and that it intends to increase its base capital expenditure by 1.60 billion euros ($1.92 billion) over the next four years.

The paper-and-packaging company said earnings before interest, taxes, depreciation and amortization for the three months ended March 31 rose to EUR340 million, on revenue of EUR2.17 billion.

The company's full-year outcome is expected to be materially better than in 2017, with continued Ebitda growth, Smurfit Kappa said.

Smurfit Kappa said its performance in the quarter showed a strong improvement across all key metrics compared with the first quarter of 2017, fuelled by strong demand across Europe and better margins in the Americas.

The company didn't disclose any more information about a takeover bid from International Paper Co. (IP), which offered Smurfit Kappa shareholders EUR37.54 a share on March 22.

On March 26 Smurfit Kappa rejected the offer, saying that it failed to reflect its strong growth and business prospects.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

May 04, 2018 02:44 ET (06:44 GMT)

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