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Sep 30, 2023
Amcor Q1 2024 Earnings Report
Amcor's first quarter results were reported, aligning with expectations, and the fiscal year 2024 outlook was reaffirmed.
Key Takeaways
Amcor reported first quarter results in line with expectations, with net sales of $3,443 million and GAAP net income of $152 million. The company reaffirmed its fiscal 2024 outlook, expecting adjusted EPS of 67-71 cents per share and adjusted free cash flow of $850-950 million.
Net sales reached $3,443 million.
GAAP Net income was reported at $152 million, with GAAP diluted EPS of 10.5 cents.
Adjusted EPS stood at 15.6 cents and Adjusted EBIT at $358 million.
Adjusted Free Cash Flow was ahead of the prior year.
Amcor
Amcor
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CapyFin.com Forward Guidance
Amcor reaffirmed its fiscal 2024 outlook, expecting adjusted EPS of 67-71 cents per share and adjusted Free Cash Flow of $850-950 million.
Positive Outlook
- Comparable constant currency earnings made up of underlying business performance down low single digit % to up low single digit %
- Benefit of approximately 2% from share repurchases.
- Benefit of up to 2% related to currency translation, assuming current rates prevail through the balance of fiscal 2024.
- Adjusted Free Cash Flow of approximately $850 million to $950 million, representing solid growth over fiscal 2023.
- Benefiting in part from cost saving initiatives and increased earnings leverage resulting from price and cost actions taken in fiscal 2023 and 2024.
Challenges Ahead
- Negative impact of approximately 6% related to higher estimated net interest and tax expense
- Negative impact of approximately 3% related to the sale of the Company's three plants in Russia on December 23, 2022.
- Adjusted EPS on a reported basis in the first half of fiscal 2024 to be down in the mid-teens % compared with the first half of fiscal 2023, primarily due to lower volumes
- Residual headwinds related to the sale of the Russia plants
- Higher interest expense
Revenue & Expenses
Visualization of income flow from segment revenue to net income