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30.04.2024 16:10
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PR Newswire
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Amcor reports third quarter result and raises fiscal 2024 Adjusted EPS guidance
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PR Newswire
ZURICH, April 30, 2024
March 2024 quarter:
GAAP diluted EPS of 12.9 cps; GAAP net income of $187 million
Adjusted EBIT of $397 million up 3% on a comparable constant currency basis
Adjusted EPS of 17.8 cps, up 1% on a comparable constant currency basis
YTD Highlights - Nine Months Ended March 31, 2024
- Net sales of $10,105 million;
- GAAP Net income of $473 million; GAAP diluted earnings per share (EPS) of 32.7 cps;
- Adjusted EPS of 49.1 cps and Adjusted EBIT of $1,106 million;
- Adjusted Free Cash Flow of $115 million, approximately $100 million ahead of prior year;
- Strong cash returns to shareholders: Quarterly dividend increased to 12.5 cents per share and $30 million of shares repurchased; and
- Fiscal 2024 outlook for Adjusted EPS raised to 68.5-71 cents per share. Adjusted Free Cash Flow outlook of $850-950 million reaffirmed.
ZURICH, April 30, 2024 /PRNewswire/ --
| Volume and earnings trajectory improved; Raising fiscal 2024 earnings outlook |
| Amcor Interim CEO Peter Konieczny said: "Amcor delivered improved financial results above our guidance for the third quarter driven by outperformance in the underlying business and our third consecutive quarter of improved earnings leverage. As a result, we returned to earnings growth one quarter earlier than expected, raised our adjusted EPS guidance for fiscal 2024 and reaffirmed guidance for adjusted free cash flow. |
| While overall March quarter volumes were lower than last year, our volume performance was better than anticipated and substantially improved on the previous quarter with growth delivered across several categories and geographies. A combination of sequential volume improvement, the realization of benefits from structural cost initiatives and maintaining our focus on flexing the cost base resulted in year over year growth in adjusted EBIT for the quarter. We expect our momentum will continue to build, including delivering mid single digit adjusted EPS growth in our final quarter of fiscal 2024. |
| We remain confident in our capital allocation framework and strategy for long term growth. We believe our underlying business and market positions are strong and we will continue to invest for organic growth, pursue acquisitions or repurchase shares and return cash to shareholders through a compelling and growing dividend." |
| Key Financials | | | | | | Nine Months Ended March 31, | ||
| GAAP results | | | | | | 2023 $ million | | 2024 $ million |
| Net sales | | | | | | 11,021 | | 10,105 |
| Net income attributable to Amcor plc | | | | | | 868 | | 473 |
| EPS (diluted US cents) | | | | | | 58.1 | | 32.7 |
| | | | | | | | | |
| | | | | | | | | Comparable |
| | | Nine Months Ended March 31, | | Reported ∆% | | |||
| Adjusted non-GAAP results(1) | | 2023 $ million | | 2024 $ million | | | ||
| Net sales | | 11,021 | | 10,105 | | (8) | | (7) |
| EBITDA | | 1,478 | | 1,412 | | (4) | | (3) |
| EBIT | | 1,173 | | 1,106 | | (6) | | (3) |
| Net income | | 808 | | 710 | | (12) | | (9) |
| EPS (diluted US cents) | | 54.1 | | 49.1 | | (9) | | (7) |
| Free Cash Flow | | 14 | | 115 | | | | |
| | ||||||||
| (1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% | ||||||||
| | ||||||||
| Note: All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up precisely to the | ||||||||
Shareholder returns
Amcor generates significant annual cash flow and is committed to an investment grade credit rating. We believe that the Company's strong annual cash flow and balance sheet provides capacity to reinvest in the business for organic growth, pursue acquisitions or share repurchases and return cash to shareholders through a compelling and growing dividend.
During the nine months ended March 31, 2024, the Company returned approximately $570 million to shareholders through cash dividends and share repurchases.
Dividend
The Amcor Board of Directors today declared a quarterly cash dividend of 12.5 cents per share (compared with 12.25 cents per share in the same quarter last year). The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 19.32 Australian cents per share, which reflects the quarterly dividend of 12.5 cents per share converted at an AUD:USD average exchange rate of 0.6469 over the five trading days ended April 26, 2024.
The ex-dividend date will be May 21, 2024, the record date will be May 22, 2024 and the payment date will be June 11, 2024.
Share repurchases
Amcor repurchased approximately 3 million shares during the nine months ended March 31, 2024 for a total cost of approximately $30 million.
Financial results - Nine Months Ended March 31, 2024
Segment information
| | Nine Months Ended March 31, 2023 | Nine Months Ended March 31, 2024 | ||||||
| Adjusted non-GAAP | Net sales $ million | EBIT $ million | EBIT / | EBIT / Average | Net sales | EBIT $ million | EBIT / | EBIT / Average |
| Flexibles | 8,378 | 1,043 | 12.4 % | | 7,646 | 992 | 13.0 % | |
| Rigid Packaging | 2,643 | 192 | 7.3 % | | 2,459 | 184 | 7.5 % | |
| Other(2) | — Werbung Mehr Nachrichten zur AMC Entertainment Holdings A Aktie kostenlos abonnieren
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