Amcor reports fiscal 2023 results

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 inMay. Adjusted EBIT of $1,608 million;
  • Strong total cash returns to shareholders of $1.2 billion: annual dividend increased to 49.0 cents pershare; $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 $850-950million.

Amcor CEO Ron Delia said: “Throughout fiscal 2023, our teams did an excellent job proactively recoveringinflation and reducing costs in a highly challenging environment. Adjusted EBIT grew modestly in comparableconstant currency terms and we returned $1.2 billion of cash to shareholders. After delivering earnings growthof 8% in the first half, demand softened considerably and customer destocking persisted through the last twoquarters of the year.

While we expect current market conditions to continue in the near-term, we have visibility to a number ofcontrollable factors we believe will support a return to solid earnings growth in the second half of fiscal 2024 andleave us well placed to grow at our long term trend of high-single digit rates thereafter. We are pricing tocompensate for inflation and we expect benefits from our cost reduction and productivity initiatives will have afavorable and sustainable impact on operating leverage. In addition, we expect the headwinds from the sale ofour 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 thebusiness, 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 sharerepurchases and a compelling and growing dividend.”
details at: https://www.amcor.com/media/news/amcor-reports-full-year-2023-results

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