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May 4, 2022

Amcor reports 16% net sales increase in third quarter of FY22

The company generated $10.63bn in net sales in the nine months to 31 March.

Global packaging company Amcor has reported that its sales for the third quarter (Q3) of the fiscal year 2022 (FY22) were up by 16% to $3.70bn year-on-year (YoY) on a reported basis.

The company’s sales for the three months to 31 March grew by 5% on a comparable constant currency basis.

Amcor’s operating income for the quarter dropped to $369m from $373m YoY, while its net income increased slightly from $267m to $269m in Q3 2022.

The firm’s diluted earnings per share (EPS) for Q3 also improved slightly from $0.17 in 2021 to $0.18.

Amcor CEO Ron Delia said: “Amcor has consistently demonstrated the ability to execute exceptionally well, remain focused on our strategic priorities and deliver for our customers.

“Across our business, we have continued to focus on sales mix management and to prioritise security of supply for customers.

“At the same time, our teams have acted quickly and decisively, implementing a range of pricing actions through the year to manage inflation and recover higher input costs.

“As a result, both the Flexibles and Rigid Packaging segments achieved their strongest earnings growth for the year in the March quarter.”

During the first three quarters of FY22, Amcor recorded $10.63bn in net sales, up by 13% from the same period of the previous year.

The company’s net income improved by 2% to $696m against $684m in the prior year, while its EPS for the nine-month period grew by 4% to $0.456.

For FY22, Amcor expects an adjusted full-year EPS increase of between 9.5% and 11%, up from its previous forecast of 7% to 11% on a comparable constant currency basis.

The company has also projected an adjusted free cash flow of approximately $1.1bn.

In March this year, Amcor announced plans to scale down its operations in Russia as the country continued its invasion of Ukraine.

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