Packaging company Amcor has reported its net sales for the year-to-date (YTD) dropped by 8% to $10.10bn on a comparable constant currency basis, compared with $11.02bn in the same period of financial year 2023 (FY23). 

During the nine-month period ending 31 March 2024, net income attributable to the company also saw a significant drop, coming in at $473m, from $868m in the prior year period. 

The company’s gross profit for the period was $1.95bn, a slight decrease from $2.00bn a year earlier in the same period.

Its operating income also declined to $819m in March 2024 YTD, from $1.18bn in the year-ago period. 

On a comparable constant currency basis, its adjusted earnings before interest and taxes (EBIT) was down 3%, primarily due to lower volumes, although this was partly offset by strong cost performance. 

In the third quarter (Q3) of FY24, net sales of Amcor were $3.41bn, lower than the previous year’s figure of $3.66bn.  

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The company’s third-quarter net income attributable to Amcor was $189m, up from $177m in Q3 FY23. 

Its diluted earnings per share for Q3 FY24 was $0.129, up from $0.119 while adjusted EBIT for the quarter was $397m, 3% higher on a comparable constant currency basis than the previous year’s quarter. 

Amcor updated its FY24 outlook by raising adjusted EPS to 68.5-71¢ per share. 

Amcor interim CEO Peter Konieczny said: “Amcor delivered improved financial results above our guidance for the third quarter driven by outperformance in the underlying business and our third consecutive quarter of improved earnings leverage.  

“We remain confident in our capital allocation framework and strategy for long-term growth. We believe our underlying business and market positions are strong and we will continue to invest for organic growth, pursue acquisitions or repurchase shares and return cash to shareholders through a compelling and growing dividend.”