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May 5, 2021

Amcor records rise in year-to-date net income

Amcor has reported a year-to-date net income of $684m for the nine months ending 31 March, a 58% increase from $433m in the same period of last year.

Amcor has reported a year-to-date net income of $684m for the nine months ending 31 March, a 58% increase from $433m in the same period of last year.

The company’s earnings per share (EPS) grew by 63% from $0.27 to $0.44 during the period. Its adjusted EPS reached $0.52, a 16% increase on a comparable constant currency basis.

Amcor’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 6% to $1.45bn, while its EBIT increased by 9% to $1.14bn. Both increases were on a comparable constant currency basis.

The company posted $9.4bn in net sales for the nine months ending 31 March.

Amcor recorded around $55m in year-to-date cost synergies for its Bemis flexible packaging business, which it acquired in 2019, including $45m in the business’s Flexibles segment.

With Bemis, cost synergy benefits of around $70m are expected this year and at least $180m projected for the end of next year.

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The company’s board of directors announced a quarterly cash dividend of $0.12 for each share for the third quarter of this year, a slight increase from the same quarter of last year.

Net sales for its Flexibles and Rigid Packaging segments were reported at $7.35bn and $2bn respectively for the nine months ending 31 March.

Amcor CEO Ron Delia said: “[Our] business delivered strong adjusted EBIT growth of 9% on a year-to-date basis, and our organic growth has continued to strengthen as we progress through the year.

“Amcor has a clearly defined, consistent capital allocation framework that starts with strong annual free cash flow of more than $1bn and growing.

“We are actively investing in the future, expanding our capacity in higher-value segments and higher growth markets and increasingly using open innovation and corporate venturing to identify new avenues for growth.”

The company raised its outlook for adjusted EPS growth this year to 14-15% in constant currency terms, up from the previous 10-14% outlook.

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