Amcor reports first half and second quarter result for fiscal 2024

Highlights – Six Months Ended December 31, 2023

  • Net sales of $6,694 million;
  • GAAP Net income of $286 million; GAAP diluted earnings per share (EPS) of 19.8 cps;
  • Continued strong cash returns to shareholders: Quarterly dividend increased to 12.5 cents per share and $30million of shares repurchased; and
  • Reaffirming fiscal 2024 outlook: Adjusted EPS of 67-71 cents per share and adjusted Free Cash Flow of$850-950 million.

Amcor CEO Ron Delia said: “Solid fiscal 2024 second quarter and first half execution led to adjusted free cash flowahead of last year and adjusted earnings per share modestly above our expectations set out in October, despitechallenging market conditions. This leaves us on track to achieve our full year earnings and cash flow guidance for the2024 fiscal year, which we are reaffirming today.

Second quarter volumes were slightly lower than we anticipated at the beginning of the quarter, as destockingaccelerated, particularly in the month of December, and demand remained soft. Against this backdrop, our teamsresponded by proactively taking actions to further reduce cost. We have seen volumes improve in January relative tothe first half and we expect the business to build momentum in the second half, including delivering mid-single digitadjusted earnings growth in the fiscal fourth quarter. Confidence in our earnings outlook is based on known second halfbenefits related to the elimination of earnings headwinds from the sale of our Russia business, a lower interest expenseheadwind, and our structural cost reduction and productivity initiatives.
more at: https://www.amcor.com/media/news/amcor-reports-half-year-2024-financial-results

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