Multinational packaging firm Amcor has reported that its net sales grew by 10% on a reported basis for the first quarter of the fiscal year 2022 (FY22).
This was a 1% increase on a comparable constant currency basis against the same period of the previous year (FY21).
Amcor said that its net income, when calculated according to generally accepted accounting principles (GAAP), rose by 2% to $202m.
The company’s GAAP earnings per share (EPS) also grew by 4% to $0.13.
Amcor’s adjusted EPS increased by 12% on a comparable constant currency basis to $0.18.
Net sales for the group’s Flexibles segment rose by 13% on a reported basis, while its Rigid Packaging unit registered a 10% increase.
Amcor CEO Ron Delia said: “Amcor delivered a solid first-quarter result in line with our expectations, as our teams executed well in an environment of broad supply chain disruptions.
“While sales were tempered in some parts of the business by raw material shortages, we prioritised as much as possible security of supply for our customers, recovery of higher input costs and sales mix management.
“We held margins flat in our Flexibles segment and navigated through a particularly dynamic and complex environment in the Rigid Packaging business to deliver another quarter of double-digit EPS growth.
“As a result, we are confident in our ability to meet our earnings growth and cash flow expectations and reaffirm guidance for the full 2022 fiscal year.”
For FY22, Amcor expects its adjusted EPS to be up by between 7% and 11% on a comparable constant currency basis or between $0.79 and $0.81 on a reported basis.
The company recently introduced an enhanced-stock product programme to meet its North American healthcare customers’ packaging needs.
The scheme allows customers to buy DuPont Tyvek pouches and Breather Bag header bags in a range of sizes, with low minimum order quantities.