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