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Dec 31, 2022
Amcor Q2 2023 Earnings Report
Reported strong financial performance for the first half of fiscal year 2023, demonstrating excellent operating leverage amid ongoing macroeconomic challenges.
Key Takeaways
Amcor delivered a strong first half of fiscal 2023, with net sales up 6% to $7,354 million and GAAP net income up 62% to $691 million. Adjusted EPS increased by 8% on a comparable constant currency basis. The company is maintaining its full-year adjusted EPS and free cash flow outlook.
Net sales increased by 6% to $7,354 million.
GAAP net income increased by 62% to $691 million.
Adjusted EPS increased by 8% on a comparable constant currency basis.
The company is maintaining adjusted EPS and Free Cash Flow ranges at 77-81 cps and $1-1.1 billion, respectively.
Revenue by Segment
Forward Guidance
For the twelve month period ending June 30, 2023, assuming current foreign exchange rates prevail through the balance of the year, the Company expects: Adjusted EPS on a reported basis of 77 to 81 cents per share and Adjusted Free Cash Flow of approximately $1.0 billion to $1.1 billion.
Positive Outlook
- Growth of approximately 3-8% on a comparable constant currency basis comprising approximately 5-10% growth from the underlying business performance
- Benefit of approximately 2% from share repurchases
- Adjusted Free Cash Flow of approximately $1.0 billion to $1.1 billion.
- Up to $500 million of cash to be allocated towards share repurchases
- Maintaining adjusted EPS and Free Cash Flow ranges at 77-81 cps and $1-1.1 billion, respectively.
Challenges Ahead
- A more cautious near term outlook
- Negative impact of approximately 4% related to higher combined 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
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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