Amcor has registered a generally accepted accounting principles (GAAP) net income of $286m during the first half (H1) of financial year 2024 (FY24), compared to $691m in H1 FY23. 

For the six months ending 31 December 2023, GAAP diluted earnings per share was 19.8 cents per share (cps) versus 46.1cps in H1 last year.  

Adjusted non-GAAP net income stood at $453m, representing a 17% decline on a reported basis from $548m in H1 FY23. 

Net sales in H1 FY24 declined by 9% on a reported basis to $6.69bn from $7.35bn during the same period a year ago.  

This decline in net sales has been attributed to an unfavourable impact in terms of items affecting comparability and of the pass-through of lower raw material costs, offset by a favourable impact of foreign exchange rate movements. 

Amcor Group’s gross profit for the reported period in FY24 was $1.26bn, compared to $1.33bn in the prior year’s H1. 

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The company’s adjusted non-GAAP earnings before interest, taxes, depreciation and amortisation totalled $913m, showcasing a decrease of 8% on a reported basis from $994m a year ago. 

Amcor CEO Ron Delia said: “Solid fiscal 2024 second-quarter and first-half execution led to adjusted free cash flow ahead of last year and adjusted earnings per share modestly above our expectations set out in October, despite challenging market conditions.

“This leaves us on track to achieve our full-year earnings and cash flow guidance for the 2024 fiscal year, which we are reaffirming today.”