Amcor reports strong fiscal 2022 financial results

Fiscal 2022 Full Year Highlights
• Net sales of $14,544 million, up 13%;
• GAAP Net Income of $805 million; GAAP earnings per share (EPS) of 52.9 cps;
• Significant increase in cash returns to shareholders: annual dividend increased to 48.0 cents per share; $600million of shares repurchased (approximately 3% of outstanding shares); and
• Fiscal 2023 outlook: Adjusted EPS growth on a comparable constant currency basis of 3-8% including an adverseimpact of approximately 4% from higher interest expense (adjusted EPS of 80-84 cents per share on a reportedbasis). Adjusted Free Cash Flow of $1.0-$1.1 billion and approximately $400 million of share repurchases.

Amcor CEO Ron Delia said: “Fiscal 2022 was another outstanding year for Amcor. Our financial performance accelerated throughout the year as we delivered our strongest quarter in June with organic sales growth of 6% and adjusted EBIT growth of 9%. For the full year, strong execution resulted in 11% adjusted EPS growth, at the top end of our guidance range and supported by organic sales growth of 4%. We generated over $1 billion in adjusted free cash flow, supporting $600 million in share repurchases and an increase in what we believe is a very compelling dividend.”

“This is our third consecutive year of accelerating top line growth, and we expect to sustain this momentum including by stepping up investments in areas such as higher value-add priority segments. This gives us confidence the business will deliver another year of strong underlying EPS growth in the range of 7% to 12%. We also plan to continue returning capital to shareholders while actively exploring opportunities for value-creating acquisitions across our portfolio.”

“Amcor has consistently delivered on our investment case and in fiscal 2022 we added further to the company’s strong track record for long-term shareholder value creation. The many opportunities we see for continued underlying growth give us confidence in our outlook and we look forward to continuing to deliver on our strategic and financial objectives.”
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