Amcor reports fiscal 2020 full year results

Fiscal 2020 Full Year Highlights
• GAAP net income of $612 million and earnings per share (EPS) of 38.2 cents per share;
• Adjusted EBIT of $1,497 million, up 7% in constant currency terms;
• Adjusted EPS of 64.2 cents per share, up 13% in constant currency terms;
• Bemis integration well ahead of original expectations. Pre-tax synergy benefits of $80 million delivered;
• Adjusted free cash flow of $1.2 billion, up 26%;
• Annual dividend increased to 46.0 cents per share, including 11.5 cents per share dividend declared today;
• $500 million share buy-back completed. Shares on issue reduced by 3.5% during the year; and
• Fiscal 2021 outlook: constant currency adjusted EPS growth of 5-10%. Adjusted free cash flow of $1.0-$1.1 billion.

Strong FY 2020 results in a milestone year
Amcor’s CEO Mr. Ron Delia said: “2020 has been a milestone financial year for Amcor during which we delivered outstanding financial results ahead of the upgraded guidance provided in May. Profit and Cash Flow were significantly higher than last year and supported continued capital investment, an increase in our dividend and the repurchase of 3.5% of shares outstanding. Despite managing through significant change and complexity, our business continued to demonstrate financial and operational resilience and the execution of our teams was outstanding.”

“Benefits from the transformational acquisition of Bemis were increasingly evident through the year. We made excellent progress in this first year of integration, with cost synergies almost 30% higher than original expectations and performance across the combined flexibles packaging business building momentum. We expect that momentum to continue to build as we leverage the broader geographic diversification, increased scale and unique capabilities that result from the acquisition.”

“As we look forward, Amcor remains well positioned to continue delivering consistently strong shareholder returns. For fiscal 2021, we expect free cash flow of over $1 billion and EPS growth of 5-10% driven by continued organic growth from our defensive consumer end markets, additional cost synergies and a lower share count resulting from shares already repurchased. We remain focused on protecting our co-workers, meeting the needs of our customers and continuing to develop responsible packaging which is even better for the environment. While uncertainties remain, we are confident in the resilience and potential of the business to help meet the growing need for product safety, hygiene, shelf life and convenience.”
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