Amcor has registered a generally accepted accounting principle (GAAP) net income of $1.48bn during financial year 2023 (FY23), compared to $805m in the previous year.

The GAAP diluted earnings per share was $70.5 against FY22.

For the 12 months that ended on 30 June 2023, net sales for the Amcor Group rose by 1% on a reported basis to $14.69bn from $14.54bn last year.

The packaging company registered a gross profit of $2.72bn versus $2.82bn in FY22.

Operating income for the full-year FY23 was $1.50bn while the same was $1.23bn in the prior year.

Amcor’s adjusted non-GAAP net income stood at $1.08bn and had adjusted earnings per share (EPS) of $73.3 for the reported period.

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Adjusted non-GAAP earnings before interest and taxes was $1.60bn for the reported year, down by 5% on a reported basis compared to $1.70bn in FY22.

The adjusted non-GAAP earnings before interest, taxes, depreciation and amortisation totalled $2.01bn, compared to $2.11bn a year ago.

Amcor CEO Ron Delia said: “Throughout fiscal 2023, our teams did an excellent job proactively recovering inflation and reducing costs in a highly challenging environment. 

“While we expect current market conditions to continue in the near-term, we have visibility to a number of controllable factors we believe will support a return to solid earnings growth in the second half of fiscal 2024 and leave us well-placed to grow at our long-term trend of high-single-digit rates thereafter. 

“We are pricing to compensate for inflation and we expect benefits from our cost reduction and productivity initiatives will have a favourable and sustainable impact on operating leverage. In addition, we expect headwinds from the sale of our Russian plants and higher interest expense will be largely limited to the first half.”

For the next 12-month period, until 30 June 2024, Amcor has forecast its adjusted EPS to range between 67 and 71 cents per share.