Amcor reports strong first quarter 2021 results

Highlights – Three Months Ended September 30, 2020
• GAAP earnings per share (EPS) of 12.6 cents per share, up 207%;
• Adjusted EPS of 15.8 cents per share, up 20% in constant currency terms;
• Adjusted EBIT of $358 million, up 9% in constant currency terms;
• Bemis acquisition synergies of $20 million delivered in Q1. $100 million delivered on a transaction to date basis;
• Quarterly dividend increased to 11.75 cents per share;
• $150 million share buy-back announced today, funded by divestment proceeds; and
• Fiscal 2021 outlook for adjusted EPS growth raised to 7-12% in constant currency terms (previously 5-10%).

Strong start to the year and outlook for fiscal 2021 raised
Amcor’s CEO Ron Delia said: “Amcor’s 2021 fiscal year is off to a strong start with outstanding first quarter financial results ahead of our expectations. Demand for our products remains resilient and our teams continue to stay focused and to deliver excellent operational performance. Both segments delivered strong growth with Adjusted EBIT increasing 11% in Flexibles and 7% in Rigid Packaging, in constant currency terms. The outperformance in the first quarter gives us the confidence to raise our outlook for fiscal 2021 adjusted EPS growth to 7-12%, increase the dividend and use divestment proceeds to buy back shares.”

“Our flexible packaging businesses are clearly capitalizing on the strategic and financial benefits from the transformational Bemis acquisition and cumulative cost synergies have now reached $100 million. Rigid Packaging is also building momentum with strong volume growth and mix in North America as that business continues its own transformation.”

“The Amcor investment case has never been stronger. In addition to further acquisition synergies and an attractive dividend currently yielding more than 4%, organic growth from our consumer and healthcare exposure should remain resilient and will be enhanced over time from innovations delivering more sustainable packaging. With a strong balance sheet and annual free cash flow of over $1 billion, we also have substantial capacity to reinvest in the business and to pursue acquisitions.”
details at: https://www.amcor.com/media/news/amcor-reports-first-quarter-2021-results

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