The company reported $9.458 billion in sales in FY 2019, up slightly from $9.319 billion in FY 2018. GAAP net income was $430.2 million, down from $575 million in FY 2018. Cash flow from operating activities of $776.1 million, a decline from $871.4 million in FY 2018, while free cash flow was $733.4 million, up from $643 million the previous year.
“2019 was a transformative year for Amcor, marked by the successful completion of the Bemis acquisition and our listing on the New York Stock Exchange,” Amcor CEO Ron Delia said. “The integration of Bemis is well underway and we remain confident in our ability to deliver $180 million of pre-tax cost synergies by the end of the 2022 fiscal year.
“The legacy Amcor business performed well during the 2019 financial year, delivering results right in line with expectations and building momentum in several areas including safety, sales and working capital. Overall, Amcor delivered net income growth of 9% in constant currency terms with good performance in both the Rigid Packaging and Flexibles reporting segments,” Delia added. “Our financial profile is strong and will be enhanced as we deliver financial benefits from the Bemis acquisition and continued organic growth across the business.”