PR Newswire
CHICAGO and MELBOURNE, Australia, Nov. 7, 2019
CHICAGO and MELBOURNE, Australia, Nov. 7, 2019 /PRNewswire/ -- Amcor plc (NYSE: AMCR, ASX: AMC) today reported results for the quarter ended 30 September 2019.
Q1 Fiscal 2020 Highlights*
Amcor's CEO Mr. Ron Delia said: "Amcor's fiscal 2020 is off to a solid start with strong financial results in the first quarter in line with our expectations. We are encouraged by the momentum in the base business, the initial synergy contribution from the Bemis acquisition, and continued progress on our sustainability agenda. Amcor is on track to deliver on the expectations we set for fiscal 2020 of 5 to 10% EPS growth."
"We continue to execute on the range of opportunities within our control to grow earnings and cash flow. During the quarter, the underlying business performed well, with volume and sales growth in North America and Western Europe, strong operating cost performance and synergy benefits driving 15% earnings growth. The integration of the Bemis business has proceeded in line with expectations and keeps us on track to deliver $65 million of pre-tax cost synergies in fiscal 2020 and $180 million by the end of fiscal 2022."
"We are making strong progress against our priorities to deliver organic growth in the underlying business, maximise the benefits from the Bemis acquisition and capitalise on the increasing need to develop packaging that best protects the environment. With over $1 billion of annual cash flow to deploy across dividends, acquisitions, strategic investments and share buy-backs, Amcor is well positioned to continue generating strong returns for shareholders." |
Key financials*
GAAP results | | | 1Q19 $ million | 1Q20 $ million |
Net sales | | | 2,262.4 | 3,140.7 |
Net income | | | 98.4 | 66.0 |
EPS (diluted US cents) | | | 8.5 | 4.1 |
| | | | |
Adjusted non-GAAP results | Combined 1Q19 $ million | 1Q20 $ million | Reported | Constant |
Sales | 3,223.5 | 3,140.7 | (2.6) | (1.0) |
EBIT | 309.9 | 335.1 | 8.1 | 9.5 |
Net income | 192.2 | 218.1 | 13.4 | 14.9 |
EPS (diluted US cents) | 11.8 | 13.4 | 13.4 | 14.9 |
| ||||
*GAAP results for the prior year reflects the legacy Amcor business only. Adjusted non-GAAP measures exclude items which management considers are not representative of ongoing operations. |
Presentation of prior year financial information
On 11 June 2019, the all-stock acquisition of Bemis Company, Inc. was completed. Amcor was determined to be the acquirer for accounting purposes and as a result, financial information prepared under U.S. generally accepted accounting principles ("U.S. GAAP") for periods prior to the completion date reflect the historical financial information for the legacy Amcor business only.
Financial information included in this release and described as "Combined" represents the addition of Amcor and Bemis individual results for the quarter ended 30 September 2018, after adjusting for the required divestiture of certain flexible plants in Europe and the United States. See "Basis of Preparation of Supplemental Unaudited Combined Financial Statements" in this release.
Bemis acquisition update
Integration of the Bemis business is progressing in line with expectations and resulted in approximately $10 million (pre-tax) of cost synergies in the first quarter. We remain on track to achieve the previously announced synergy benefits of $180 million (pre-tax) by the end of the 2022 fiscal year, with $65 million of those benefits expected in the 2020 fiscal year.
Cash restructuring and integration costs of approximately $18 million were incurred in the first quarter. We continue to expect total cash integration costs of $150 million, with approximately $100 million expected to be incurred in the 2020 fiscal year.
Capital returns to shareholders
$500 million on-market share buy-back
Amcor repurchased 5.8 million shares in the first quarter as we commenced the $500 million share buy-back announced in August of 2019. The company expects to complete the buy-back by the end of the 2020 fiscal year.
Dividend
The Amcor Board of Directors today declared a quarterly cash dividend of 11.5 US cents per share. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 16.7 Australian cents which reflects the quarterly dividend of 11.5 US cents per share converted at an average AUD:USD exchange rate of 0.687 over the five trading days ended 1 November 2019.
The ex-dividend date will be 27 November 2019, the record date will be 28 November 2019 and the payment date will be 17 December 2019. Amcor has received a waiver from the ASX's settlement operating rules, which will allow Amcor to defer processing conversions between its ordinary share and CDI registers from 27 November 2019 to 28 November 2019 inclusive.
First quarter financial results
Segment information
| Combined 1Q19 | 1Q20 | |||||
Adjusted financial result | Net sales $m | EBIT $m | EBIT / | Net sales | EBIT | EBIT / | EBIT / average |
Flexibles | 2,496.7 | 271.6 | 10.9 | 2,430.8 | 290.5 | 12.0 | 14.4 |
Rigid Packaging | 729.0 | 68.3 | 9.4 | 710.6 | 70.5 | 9.9 | 17.7 |
Other | (2.2) | (30.0) | | (0.7) Werbung Mehr Nachrichten zur Amcor Aktie kostenlos abonnieren
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