Amcor reports solid first quarter

Highlights – Three Months Ended September 30, 2021
• GAAP Net Income of $202 million, up 2%; GAAP earnings per share (EPS) of 13.1 cents per share, up 4%;
• Adjusted EPS of 17.7 cents per share, up 12% on a comparable constant currency basis;
• Adjusted EBIT of $381 million, up 7% on a comparable constant currency basis;
• Increased returns to shareholders: $64 million of shares repurchased and quarterly dividend increased to 12.0 cents per share; and

Amcor’s CEO Mr. Ron Delia said: “Amcor delivered a solid first quarter result in line with our expectations as our teams executed well in an environment of broad supply chain disruptions.”

“While sales were tempered in some parts of the business by raw material shortages, we prioritized as much as possible security of supply for our customers, recovery of higher input costs and sales mix management. We held margins flat in our Flexibles segment and navigated through a particularly dynamic and complex environment in the Rigid Packaging business to deliver another quarter of double-digit EPS growth. As a result, we are confident in our ability to meet our earnings growth and cash flow expectations and reaffirm guidance for the full 2022 fiscal year.”

“Regardless of short-term dynamics, we remain laser-focused on executing our strategy for long-term value creation. Over the past several years, we have established a stronger foundation for growth by strengthening our industry-leading capabilities, driving further scale advantages and leadership in every region and increasing our exposure to high value end markets. Today, Amcor is better positioned strategically than ever before, and we are confident this will enable stronger growth and sustainable value creation for all stakeholders into the future.”
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