Amcor reports Third Quarter 2024 Year to Date Results

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 ofshares 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.

Amcor Interim CEO Peter Konieczny said: “Amcor delivered improved financial results above our guidance for the thirdquarter driven by outperformance in the underlying business and our third consecutive quarter of improved earningsleverage. As a result, we returned to earnings growth one quarter earlier than expected, raised our adjusted EPSguidance 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 anticipatedand substantially improved on the previous quarter with growth delivered across several categories and geographies. Acombination of sequential volume improvement, the realization of benefits from structural cost initiatives and maintainingour focus on flexing the cost base resulted in year over year growth in adjusted EBIT for the quarter. We expect ourmomentum will continue to build, including delivering mid single digit adjusted EPS growth in our final quarter of fiscal2024.

We remain confident in our capital allocation framework and strategy for long term growth. We believe our underlyingbusiness and market positions are strong and we will continue to invest for organic growth, pursue acquisitions orrepurchase shares and return cash to shareholders through a compelling and growing dividend.”
more at: https://www.amcor.com/media/news/amcor-reports-third-quarter-2024-year-to-date-results

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