Amcor reports third quarter results

Highlights – Nine Months Ended March 31, 2023
• Net sales of $11,021 million, up 4%;
• GAAP Net income of $868 million, up 25%; GAAP diluted earnings per share (EPS) of 58.1 cps, up 27%;
• Adjusted EPS of 54.1 cps, up 4% on a comparable constant currency basis;
• Adjusted EBIT of $1,173 million, up 4% on a comparable constant currency basis;
• Strong cash returns to shareholders: quarterly dividend of 12.25 cents per share and $200 million of sharerepurchases year-to-date; and
• Fiscal 2023 outlook: Adjusted EPS and Free Cash Flow ranges updated to 72-74 cps and $800-900 million,respectively.

Amcor CEO Ron Delia said: “Through the first nine months of fiscal 2023, Amcor has delivered 4% higheradjusted earnings in comparable constant currency terms and returned approximately $750 million of cash toshareholders.

We were cautious on market dynamics entering the third quarter and continued to take decisive price andcost actions. These efforts helped offset continued softness and increased volatility in the demandenvironment leading to a modest 2.5% decline in adjusted EBIT for the third quarter.

We are confident in the strength of our underlying business, customer value proposition and executioncapabilities. Our expectation that current market conditions will persist in the near-term means we are alsolaser focused on continued initiatives to recover inflation, drive cost productivity and advance previouslyannounced structural cost reductions. We have adjusted our fiscal 2023 outlook to reflect the challengingoperating environment and the actions we are taking give us confidence that earnings growth will build as we progress through fiscal 2024.

We remain focused on executing our strategy for long term value creation, which includes reinvesting in thebusiness for organic growth, pursuing acquisitions and/or regular share repurchases and returning cash toshareholders through a compelling and growing dividend.”
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