11.02.23
Amcor reports its first quarter 2024 result and reaffirms its outlook for fiscal 2024.
For the three months ended Sept. 30, 2023, net sales were $3,443 million. GAAP net income was $152 million, with adjusted EBIT of $358 million. Adjusted free cash flow is ahead of the prior year. For fiscal 2024, Amcor expects adjusted free cash flow of $850 million to $950 million.
“We executed well in our fiscal 2024 first quarter, delivering financial results in-line with our expectations, including adjusted free cash flow ahead of last year’s first quarter and putting us on track to deliver against our fiscal 2024 guidance, which we are reaffirming today,” said Amcor CEO Ron Delia.
“As anticipated, market conditions remain challenging with continued destocking and soft demand which we expect to continue in the near term,” added Delia. “In this context, our teams remain laser focused on taking price and cost actions to offset inflation, aligning the cost base with market dynamics and managing working capital.
"We believe these ongoing efforts, combined with benefits later in the year from structural cost reduction initiatives and a lower interest expense headwind, leave us well placed to meet our expectations for a return to solid adjusted earnings per share growth in the second half and to grow at our long-term trend high-single digit rates there-after.
“We remain confident in the strength of our market positions and underlying business,” Delia concluded. “We continue to actively pursue our strategy for long-term growth and value creation, which includes investing in organic growth, pursuing M&A opportunities in faster growing, higher value markets or repurchasing shares and returning cash to shareholders through a compelling and growing dividend.”
For the three months ended Sept. 30, 2023, net sales were $3,443 million. GAAP net income was $152 million, with adjusted EBIT of $358 million. Adjusted free cash flow is ahead of the prior year. For fiscal 2024, Amcor expects adjusted free cash flow of $850 million to $950 million.
“We executed well in our fiscal 2024 first quarter, delivering financial results in-line with our expectations, including adjusted free cash flow ahead of last year’s first quarter and putting us on track to deliver against our fiscal 2024 guidance, which we are reaffirming today,” said Amcor CEO Ron Delia.
“As anticipated, market conditions remain challenging with continued destocking and soft demand which we expect to continue in the near term,” added Delia. “In this context, our teams remain laser focused on taking price and cost actions to offset inflation, aligning the cost base with market dynamics and managing working capital.
"We believe these ongoing efforts, combined with benefits later in the year from structural cost reduction initiatives and a lower interest expense headwind, leave us well placed to meet our expectations for a return to solid adjusted earnings per share growth in the second half and to grow at our long-term trend high-single digit rates there-after.
“We remain confident in the strength of our market positions and underlying business,” Delia concluded. “We continue to actively pursue our strategy for long-term growth and value creation, which includes investing in organic growth, pursuing M&A opportunities in faster growing, higher value markets or repurchasing shares and returning cash to shareholders through a compelling and growing dividend.”