Amcor reports strong financial result

Highlights – Nine Months Ended March 31, 2022
• Net sales of $10,635 million, up 13%;
• GAAP Net Income of $696 million, up 2%; GAAP earnings per share (EPS) of 45.6 cents per share, up 4%;
• Adjusted EPS of 56.2 cents per share, up 11% on a comparable constant currency basis;
• Adjusted EBIT of $1,196 million, up 6% on a comparable constant currency basis;
• Increasing returns to shareholders: quarterly dividend increased to 12.0 cents per share; $600 million ofshare repurchases expected in fiscal 2022; RoAFE increased to 16%; and
• Fiscal 2022 outlook for adjusted EPS growth raised to 9.5-11% on a comparable constant currency basis(previously 7-11%). Adjusted Free Cash Flow of approximately $1.1 billion.

Amcor CEO Ron Delia said: “Amcor has consistently demonstrated the ability to execute exceptionally well, remain focused on our strategic priorities and deliver for our customers. The business has delivered another strong result with March quarter net sales growth accelerating to 5%, contributing to 15% Adjusted EPS growth in the quarter and 11% on a year to date basis. As we carry this momentum into the final quarter of the year, we are also raising our guidance for fiscal 2022 adjusted EPS growth to 9.5-11%.”

“Across our business we have continued to focus on sales mix management and to prioritize security of supply for customers. At the same time, our teams have acted quickly and decisively, implementing a range of pricing actions through the year to manage inflation and recover higher input costs. As a result, both the Flexibles and Rigid Packaging segments achieved their strongest earnings growth for the year in the March quarter.”

“Amcor has a strong foundation for growth and we believe our investment case has never been stronger. We are capitalizing on a range of attractive opportunities and increasing investments in priority segments such as healthcare and protein and in our innovative, more sustainable product platforms, which are expected to drive stronger growth, margin expansion and long term value creation for all stakeholders.”
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