Sealed Air Corporation announced its participation in the United Nations World Food Programme (WFP)’s Innovation Accelerator, an initiative that convenes the brightest minds in science and technology to develop and scale high-potential solutions for ending hunger worldwide. Sealed Air has partnered with World Food Program USA since 2017 in support of its mandate to reach zero hunger and respond to critical needs caused by the COVID-19 pandemic. Through relentless innovation, Sealed Air is developing the next generation of sustainable packaging solutions to address some of society’s most pressing challenges including food safety, eliminating waste, and reducing greenhouse gas emissions. “We’re on a mission to leave the world better than we found it,” said Steve Garland, Sealed Air’s Chief Innovation Officer. “Now more than ever, collaboration is needed to help communities around the world fight hunger. We value the opportunity to contribute Sealed Air’s expertise in science, engineering, research, and development and technological innovation to the World Food Programme.”
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.
Amcor CEO Ron Delia said: “We executed well in our fiscal 2024 first quarter, delivering financial results inline 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.”
details at: https://assets.ctfassets.net/f7tuyt85vtoa/1Ddrs4TSMCZOjrKZDQUqAw/cf51c5ce201dd2d8a8359d3f702ddf8f/Amcor_1Q24_press_release_-FINAL__1.pdf