Amcor reports first half results

Highlights – Six Months Ended December 31, 2020
• GAAP Net Income of $417 million, up 65%; GAAP earnings per share (EPS) of 26.5 cents per share, up 71%;
• $35 million Bemis cost synergies in H1; expect approximately $70 million (previously $50-$70 million) in FY21;
• A further $200 million of share repurchases approved bringing the total announced in fiscal 2021 to $350 million;
• Quarterly dividend higher than last year at 11.75 cents per share; and
• Fiscal 2021 outlook for adjusted EPS growth raised to 10-14% in constant currency terms (previously 7-12%).

Strong First Half and Increased Guidance and Shareholder Returns for Fiscal 2021 Amcor’s CEO Ron Delia said: “Amcor delivered strong financial results ahead of our expectations for the first half and we have raised the outlook for the full year as our teams continue to demonstrate resilience and outstanding execution.”

“Sales growth of 3% was balanced across our businesses and regions, cost performance has been strong and synergies from the Bemis acquisition are running ahead of schedule. We have built momentum in both operating segments resulting in Adjusted EBIT growth of 9% in Flexibles and 10% in Rigid Packaging in constant currency terms. That momentum translates into higher expectations for the full year with Adjusted EPS growth now forecast at 10-14% in constant currency terms as well as an increased dividend and additional share repurchases.”

“Amcor’s investment case remains as strong as ever. We are well positioned to continue generating growth from attractive consumer and healthcare end markets, our leadership and scale in emerging markets and our extensive innovation capabilities. With annual free cash flow of more than $1 billion, we have substantial capacity to create value for shareholders by reinvesting in the business, pursuing acquisitions, and returning capital through a compelling and growing dividend and share repurchases.”
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