AMC - Amcor Limited
- Thread starter Joe Blow
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Amcor reports first quarter result and reaffirms outlook for fiscal 2024
Highlights - Three Months Ended September 30, 2023
• Net sales of $3,443 million;
• GAAP Net income of $152 million; GAAP diluted earnings per share (EPS) of 10.5 cps;
• Adjusted EPS of 15.6 cps and Adjusted EBIT of $358 million;
• Adjusted Free Cash Flow ahead of prior year;
• Increased cash returns to shareholders: Quarterly dividend increased to 12.5 cents per share and $30 million
of shares repurchased; and
• Fiscal 2024 outlook: Reaffirming adjusted EPS of 67-71 cents per share and adjusted Free Cash Flow of
$850-950 million.
First quarter result in line with expectations and on track to deliver fiscal 2024 guidance
Amcor CEO Ron Delia said: “We executed well in our fiscal 2024 first quarter, delivering financial results in-
line with our expectations, including adjusted free cash flow ahead of last year’s first quarter and putting us
on track to deliver against our fiscal 2024 guidance, which we are reaffirming today.
As anticipated, market conditions remain challenging with continued destocking and soft demand which we
expect to continue in the near term. In this context, our teams remain laser focused on taking price and cost
actions to offset inflation, aligning the cost base with market dynamics and managing working capital. We
believe these ongoing efforts, combined with benefits later in the year from structural cost reduction initiatives
and a lower interest expense headwind, leave us well placed to meet our expectations for a return to solid
adjusted earnings per share growth in the second half and to grow at our long-term trend high-single digit
rates thereafter.
We remain confident in the strength of our market positions and underlying business. We continue to actively
pursue our strategy for long-term growth and value creation which includes investing in organic growth,
pursuing M&A opportunities in faster growing, higher value markets or repurchasing shares and returning
cash to shareholders through a compelling and growing dividend.”
Key Financials Three Months Ended September 30,
GAAP results 2022 $ million 2023 $ million
Net sales 3,712 3,443
Net income attributable to Amcor plc 232 152
EPS (diluted US cents) 15.5 10.5
Comparable
constant
currency ∆%
Three Months Ended September 30, Reported ∆%
Adjusted non-GAAP results(1) 2022 $ million 2023 $ million
Net sales 3,712 3,443 (7) (6)
EBITDA 494 459 (7) (5)
EBIT 392 358 (9) (5)
Net income 271 226 (17) (13)
EPS (diluted US cents) 18.1 15.6 (14) (10)
Free Cash Flow (400) (227)
Highlights - Three Months Ended September 30, 2023
• Net sales of $3,443 million;
• GAAP Net income of $152 million; GAAP diluted earnings per share (EPS) of 10.5 cps;
• Adjusted EPS of 15.6 cps and Adjusted EBIT of $358 million;
• Adjusted Free Cash Flow ahead of prior year;
• Increased cash returns to shareholders: Quarterly dividend increased to 12.5 cents per share and $30 million
of shares repurchased; and
• Fiscal 2024 outlook: Reaffirming adjusted EPS of 67-71 cents per share and adjusted Free Cash Flow of
$850-950 million.
First quarter result in line with expectations and on track to deliver fiscal 2024 guidance
Amcor CEO Ron Delia said: “We executed well in our fiscal 2024 first quarter, delivering financial results in-
line with our expectations, including adjusted free cash flow ahead of last year’s first quarter and putting us
on track to deliver against our fiscal 2024 guidance, which we are reaffirming today.
As anticipated, market conditions remain challenging with continued destocking and soft demand which we
expect to continue in the near term. In this context, our teams remain laser focused on taking price and cost
actions to offset inflation, aligning the cost base with market dynamics and managing working capital. We
believe these ongoing efforts, combined with benefits later in the year from structural cost reduction initiatives
and a lower interest expense headwind, leave us well placed to meet our expectations for a return to solid
adjusted earnings per share growth in the second half and to grow at our long-term trend high-single digit
rates thereafter.
We remain confident in the strength of our market positions and underlying business. We continue to actively
pursue our strategy for long-term growth and value creation which includes investing in organic growth,
pursuing M&A opportunities in faster growing, higher value markets or repurchasing shares and returning
cash to shareholders through a compelling and growing dividend.”
Key Financials Three Months Ended September 30,
GAAP results 2022 $ million 2023 $ million
Net sales 3,712 3,443
Net income attributable to Amcor plc 232 152
EPS (diluted US cents) 15.5 10.5
Comparable
constant
currency ∆%
Three Months Ended September 30, Reported ∆%
Adjusted non-GAAP results(1) 2022 $ million 2023 $ million
Net sales 3,712 3,443 (7) (6)
EBITDA 494 459 (7) (5)
EBIT 392 358 (9) (5)
Net income 271 226 (17) (13)
EPS (diluted US cents) 18.1 15.6 (14) (10)
Free Cash Flow (400) (227)
- Joined
- 8 June 2008
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no news here yet this is a good industrial company and some growth story in the US
www.afr.com
I entered a small package for the super
Amcor in massive $13b buyout of Berry Group
The dual-listed packaging group is undertaking a mega-merger with New York-listed Berry that will create a company with 75,000 employees.
