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31.10.2023 16:10
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Amcor reports first quarter result and reaffirms outlook for fiscal 2024
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PR Newswire
ZURICH, Oct. 31, 2023
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.
ZURICH, Oct. 31, 2023 /PRNewswire/ --
| 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." |
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| 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 |
| | | 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) | | | | |
| (1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% | ||||||||
| | ||||||||
| Note: All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up precisely to the | ||||||||
Shareholder returns
Amcor generates significant annual cash flow, maintains strong credit metrics, and is committed to an investment grade credit rating. The Company's strong annual cash flow and balance sheet provide substantial capacity to reinvest in the business for organic growth, pursue acquisitions or share repurchases and return cash to shareholders through a compelling and growing dividend.
During the three months ended September 30, 2023, the Company returned approximately $205 million to shareholders through cash dividends and share repurchases, compared with approximately $180 million in the same period last year.
Dividend
The Amcor Board of Directors today declared a quarterly cash dividend of 12.5 cents per share (compared with 12.25 cents per share in the same quarter last year). 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 19.73 Australian cents per share, which reflects the quarterly dividend of 12.5 cents per share converted at an AUD:USD average exchange rate of 0.6336 over the five trading days ended October 27, 2023.
The ex-dividend date will be November 21, 2023, the record date will be November 22, 2023 and the payment date will be December 12, 2023.
Share repurchases
Amcor repurchased approximately 3 million shares during the three months ended September 30, 2023 for a total cost of approximately $30 million.
| Financial results - Three Months Ended September 30, 2023 | ||||||||
| Segment information | ||||||||
| | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2023 | ||||||
| Adjusted non-GAAP | Net sales $ million | EBIT $ million | EBIT / | EBIT / Average | Net sales | EBIT $ million | EBIT / | EBIT / Average |
| Flexibles | 2,779 | 353 | 12.7 % | | 2,568 | 322 | 12.5 % | |
| Rigid Packaging | 933 | 66 | 7.0 % | | 875 | 62 | 7.1 % | |
| Other(2) | — | (27) Werbung Mehr Nachrichten zur AMC Entertainment Holdings A Aktie kostenlos abonnieren
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