Amcor reports strong first quarter fiscal 2023 result

Highlights – Three Months Ended September 30, 2022•Net sales of $3,712 million, up 9%;•GAAP Net income of $232 million, up 15%; GAAP earnings per share (EPS) of 15.5 cps, up 18%;•Adjusted EPS of 18.1 cps, up 10% on a comparable constant currency basis;•Adjusted EBIT of $392 million, up 9% on a comparable constant currency basis;• Quarterly dividend increased to 12.25 cents per share.

Amcor CEO Ron Delia said: “Amcor delivered a strong first quarter highlighted by solid operating leverage with 3% organic sales growth driving a 10% increase in adjusted earnings per share on a comparable constant currency basis. Both the Flexibles and Rigid Packaging segments contributed to adjusted EBIT growth of 9% on a comparable constant currency basis.

The result demonstrates the relative stability of our end market exposures, our relentless focus on recovering higher raw material costs and general inflation, and our proactive approach to driving costs out of the business. Our consistent execution has enabled us to generate strong organic earnings growth in a volatile and challenging operating environment and gives us confidence in our ability to achieve our adjusted EPS and free cash flow outlook for the FY23 year.

We remain focused on executing against our strategy for long term growth. Amcor consistently generates significant annual cash flow, providing substantial capacity to reinvest for future growth and to return cash to shareholders through an attractive and growing dividend and regular share repurchases. We believe the strength of our underlying business, proven execution capabilities and capital allocation framework position us well to deliver strong and consistent value for shareholders and supports our compelling investment case.”
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