Amcor reports first quarter result and reaffirms outlook for fiscal 2024

Amcor CEO Ron Delia said: "We executed well in our fiscal 2024 first quarter, delivering financial results in-line with our expectations, including adjusted free cash flow ahead of last year's first quarter and putting us on track to deliver against our fiscal 2024 guidance, which we are reaffirming today.

As anticipated, market conditions remain challenging with continued destocking and soft demand which we expect to continue in the near term. In this context, our teams remain laser focused on taking price and cost actions to offset inflation, aligning the cost base with market dynamics and managing working capital. We believe these ongoing efforts, combined with benefits later in the year from structural cost reduction initiatives and a lower interest expense headwind, leave us well placed to meet our expectations for a return to solid adjusted earnings per share growth in the second half and to grow at our long-term trend high-single digit rates thereafter.

We remain confident in the strength of our market positions and underlying business. We continue to actively pursue our strategy for long-term growth and value creation which includes investing in organic growth, pursuing M&A opportunities in faster growing, higher value markets or repurchasing shares and returning cash to shareholders through a compelling and growing dividend."

Highlights - Three Months Ended September 30, 2023

Net sales of $3,443 million;
GAAP Net income of $152 million; GAAP diluted earnings per share (EPS) of 10.5 cps;
Adjusted EPS of 15.6 cps and Adjusted EBIT of $358 million;
Adjusted Free Cash Flow ahead of prior year;
Increased cash returns to shareholders: Quarterly dividend increased to 12.5 cents per share and $30 million of shares repurchased; and
Fiscal 2024 outlook: Reaffirming adjusted EPS of 67-71 cents per share and adjusted Free Cash Flow of $850-950 million.