June 2023 quarter: GAAP diluted EPS of 12.3 cps; Adjusted EPS of 19.3 cps
Fiscal 2023 Full Year Highlights
- Net sales of $14,694 million, in line with the prior year on a comparable constant currency basis;
- GAAP Net Income of $1,048 million; GAAP diluted earnings per share (EPS) of 70.5 cps;
- Adjusted EPS of 73.3 cps and Adjusted Free Cash Flow of $848 million, in line with guidance provided in May. Adjusted EBIT of $1,608 million;
- Strong total cash returns to shareholders of $1.2 billion: annual dividend increased to 49.0 cents per share; $431 million of shares repurchased (approximately 3% of outstanding shares); and
- Fiscal 2024 outlook: Adjusted EPS of 67-71 cents per share. Adjusted Free Cash Flow of $850-950 million.
Amcor CEO Ron Delia said: "Throughout fiscal 2023, our teams did an excellent job proactively recovering inflation and reducing costs in a highly challenging environment. Adjusted EBIT grew modestly in comparable constant currency terms and we returned $1.2 billion of cash to shareholders. After delivering earnings growth of 8% in the first half, demand softened considerably and customer destocking persisted through the last two quarters of the year.
While we expect current market conditions to continue in the near-term, we have visibility to a number of controllable factors we believe will support a return to solid earnings growth in the second half of fiscal 2024 and leave us well placed to grow at our long term trend of high-single digit rates thereafter. We are pricing to compensate for inflation and we expect benefits from our cost reduction and productivity initiatives will have a favorable and sustainable impact on operating leverage. In addition, we expect the headwinds from the sale of our Russian plants and higher interest expense will be largely limited to the first half.
We remain focused on our long-term growth strategy and will continue to pursue opportunities to invest in the business, particularly through innovation and sustainability initiatives in faster growing, higher value markets. We will also continue pursuing value-creating M&A and returning cash to shareholders through share repurchases and a compelling and growing dividend."
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