The company saw a drop in its adjusted non-GAAP EBITDA. Credit: Alpha Photo/Flickr(Creative Commons).

Amcor has registered a generally accepted accounting principles (GAAP) net income attributable to the company of $152m during the first quarter (Q1) of 2024, as against $232m in Q1 last year.

For the three months ending on 30 September 2023, the company’s GAAP diluted earnings per share was $10.5 cents per share (cps), as against $15.5cps during the same period last year.

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The company’s adjusted non-GAAP net income was $226m, a decline of 17% on a reported basis from $271m in the previous year’s Q1.

Net sales for Amcor Group decreased by 7% on a reported basis to $3.44bn in Q1 2024 from $3.71bn in Q1 2023.

In Q1 2024, the packaging company registered a gross profit of $645m while the same was $668m in the prior year’s period.

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Operating income for the current reported quarter totalled $270m versus $342m in Q1 2023.

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Adjusted non-GAAP earnings before interest and taxes in Q1 2024 declined by 9% on a reported basis to $358m from $392m in Q1 2023.

Amcor’s adjusted non-GAAP earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $459m in Q1 2024, representing a decline of 7% on a reported basis from $494m a year ago.

Amcor CEO Ron Delia said: “We executed well in our fiscal 2024 first quarter, delivering financial results in line with our expectations, including adjusted free cash flow ahead of last year’s first quarter and putting us on track to deliver against our fiscal 2024 guidance, which we are reaffirming today.

“As anticipated, market conditions remain challenging with continued destocking and soft demand which we expect to continue in the near term. In this context, our teams remain laser-focused on taking price and cost actions to offset inflation, aligning the cost base with market dynamics and managing working capital.

Amcor has also signed a memorandum of understanding with SK Geo Centric to purchase SK’s advanced recycled material, which can be used for producing packaging solutions for Amcor’s food and healthcare clients.