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Sep 30, 2022
Amcor Q1 2023 Earnings Report
Amcor delivered a strong first quarter, demonstrating stability in end markets and consistent execution in a volatile environment.
Key Takeaways
Amcor's first quarter fiscal 2023 results showed strong operating leverage with organic sales growth driving an increase in adjusted earnings per share. Both the Flexibles and Rigid Packaging segments contributed to adjusted EBIT growth. The company reaffirmed its adjusted EPS and free cash flow outlook for the fiscal year.
Net sales increased by 9% to $3,712 million.
GAAP Net income rose by 15% to $232 million.
GAAP earnings per share (EPS) increased by 18% to 15.5 cents.
Adjusted EPS increased by 10% to 18.1 cents on a comparable constant currency basis.
Revenue by Segment
Forward Guidance
Amcor updated adjusted EPS on a reported basis to 77-81 cents per share to reflect further strengthening of US dollar. Reaffirmed adjusted Free Cash Flow of $1.0-$1.1 billion.
Positive Outlook
- Adjusted EPS growth on a comparable constant currency basis of 3-8%
- Adjusted EPS on a reported basis of 77 to 81 cents per share
- Adjusted Free Cash Flow of approximately $1.0-$1.1 billion.
- Approximately $400 million of cash to be allocated towards share repurchases.
- Growth of approximately 5-10% growth from the underlying business performance and a benefit of approximately 2% from share repurchases.
Challenges Ahead
- A negative impact of approximately 4% related to higher estimated interest expense, net of tax
- A negative impact of approximately 2% related to the scale down and planned sale of the Company's three plants in Russia
- A negative impact of approximately 5% related to a stronger US dollar.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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