Amcor reports fiscal 2024 results and provides outlook for fiscal 2025
Amcor reported strong Q4 FY2024 results, with volumes returning to growth and earnings exceeding expectations. Key highlights include:
- Q4 net sales of $3,535 million, with volumes up 1%
- Q4 adjusted EBIT of $454 million, up 4% on comparable constant currency basis
- Q4 adjusted EPS of 21.1 cents, up 9% on comparable constant currency basis
- Full year FY2024 net sales of $13,640 million
- Full year adjusted EPS of 70.2 cents
- Full year adjusted free cash flow of $952 million, up 12% year-over-year
For FY2025, Amcor expects adjusted EPS of 72-76 cents and adjusted free cash flow of $900-1,000 million. The company increased its annual dividend to 50.0 cents per share and repurchased $30 million in shares during FY2024.
Amcor ha riportato risultati solidi per il quarto trimestre dell'anno fiscale 2024, con volumi in crescita e profitti superiori alle aspettative. I punti salienti includono:
- Vendite nette del quarto trimestre di 3.535 milioni di dollari, con volumi in aumento dell'1%
- EBIT rettificato del quarto trimestre di 454 milioni di dollari, in aumento del 4% su base di valuta costante comparabile
- EPS rettificato del quarto trimestre di 21,1 centesimi, in aumento del 9% su base di valuta costante comparabile
- Vendite nette dell'intero anno fiscale 2024 di 13.640 milioni di dollari
- EPS rettificato per l'intero anno di 70,2 centesimi
- Flusso di cassa libero rettificato per l'intero anno di 952 milioni di dollari, in aumento del 12% rispetto all'anno precedente
Per l'anno fiscale 2025, Amcor prevede un EPS rettificato di 72-76 centesimi e un flusso di cassa libero rettificato di 900-1.000 milioni di dollari. L'azienda ha aumentato il suo dividendo annuale a 50 centesimi per azione e ha riacquistato 30 milioni di dollari di azioni durante l'anno fiscale 2024.
Amcor reportó resultados sólidos para el cuarto trimestre del año fiscal 2024, con volúmenes que regresan al crecimiento y ganancias que superan las expectativas. Los aspectos destacados incluyen:
- Ventas netas del cuarto trimestre de $3,535 millones, con volúmenes en aumento del 1%
- EBIT ajustado del cuarto trimestre de $454 millones, un aumento del 4% en una base de moneda constante comparable
- EPS ajustado del cuarto trimestre de 21.1 centavos, un aumento del 9% en una base de moneda constante comparable
- Ventas netas del año fiscal 2024 de $13,640 millones
- EPS ajustado del año completo de 70.2 centavos
- Flujo de caja libre ajustado del año completo de $952 millones, un aumento del 12% con respecto al año anterior
Para el año fiscal 2025, Amcor espera un EPS ajustado de 72-76 centavos y un flujo de caja libre ajustado de $900-1,000 millones. La compañía aumentó su dividendo anual a 50 centavos por acción y recompró $30 millones en acciones durante el año fiscal 2024.
암코르(Amcor)는 2024 회계연도 4분기 강력한 실적을 보고했습니다. 물량은 다시 성장세를 보였고, 수익은 기대를 초과했습니다. 주요 내용은 다음과 같습니다:
- 4분기 순매출 $3,535백만, 물량 1% 증가
- 4분기 조정 EBIT $454백만, 상수 환율 기준으로 4% 증가
- 4분기 조정 EPS 21.1센트, 상수 환율 기준으로 9% 증가
- 2024 회계연도 전체 순매출 $13,640백만
- 전체 조정 EPS 70.2센트
- 전체 조정 자유 현금 흐름 $952백만, 전년 대비 12% 증가
2025 회계연도에 대해 암코르는 조정 EPS를 72-76센트, 조정 자유 현금 흐름을 $900-1,000백만으로 예상하고 있습니다. 이 회사는 연간 배당금을 주당 50센트로 인상했으며, 2024 회계연도 동안 $30백만의 주식을 재구매했습니다.
Amcor a annoncé de solides résultats pour le quatrième trimestre de l'exercice 2024, avec des volumes en croissance et des bénéfices dépassant les attentes. Les points clés comprennent :
- Chiffre d'affaires net du quatrième trimestre de 3,535 millions de dollars, avec des volumes en hausse de 1%
- EBIT ajusté du quatrième trimestre de 454 millions de dollars, en hausse de 4% sur une base de monnaie constante
- EPS ajusté du quatrième trimestre de 21,1 cents, en hausse de 9% sur une base de monnaie constante
- Chiffre d'affaires net pour l'année complète 2024 de 13,640 millions de dollars
- EPS ajusté pour l'année complète de 70,2 cents
- Flux de trésorerie libre ajusté pour l'année complète de 952 millions de dollars, en hausse de 12% par rapport à l'année précédente
Pour l'exercice 2025, Amcor prévoit un EPS ajusté de 72-76 cents et un flux de trésorerie libre ajusté de 900 à 1,000 millions de dollars. L'entreprise a augmenté son dividende annuel à 50 cents par action et a racheté pour 30 millions de dollars d'actions au cours de l'exercice 2024.
Amcor berichtete über starke Ergebnisse im vierten Quartal des Geschäftsjahres 2024, mit wachsendem Volumen und Gewinnen, die die Erwartungen übertreffen. Wichtige Punkte sind:
- Nettoverkauf im vierten Quartal von 3.535 Millionen Dollar, mit einem Anstieg des Volumens um 1%
- Bereinigtes EBIT im vierten Quartal von 454 Millionen Dollar, ein Anstieg um 4% auf konstanter Währungsbasis
- Bereinigtes EPS im vierten Quartal von 21,1 Cent, ein Anstieg um 9% auf konstanter Währungsbasis
- Nettoverkauf für das Gesamtjahr 2024 von 13.640 Millionen Dollar
- Bereinigtes EPS für das Gesamtjahr von 70,2 Cent
- Bereinigter freier Cashflow für das Gesamtjahr von 952 Millionen Dollar, ein Anstieg um 12% im Vergleich zum Vorjahr
Für das Geschäftsjahr 2025 erwartet Amcor ein bereinigtes EPS von 72-76 Cent und einen bereinigten freien Cashflow von 900-1.000 Millionen Dollar. Das Unternehmen hat seine jährliche Dividende auf 50 Cent pro Aktie erhöht und während des Geschäftsjahres 2024 Aktien im Wert von 30 Millionen Dollar zurückgekauft.
- Q4 volumes returned to growth, up 1% year-over-year
- Q4 adjusted EBIT increased 4% on comparable constant currency basis
- Q4 adjusted EPS grew 9% on comparable constant currency basis
- Full year adjusted free cash flow increased 12% to $952 million
- Annual dividend increased to 50.0 cents per share
- FY2025 guidance projects continued growth in adjusted EPS and strong free cash flow
- Full year FY2024 net sales decreased 7% to $13,640 million
- Full year adjusted EBIT declined 1% on comparable constant currency basis
- Full year adjusted EPS decreased 2% on comparable constant currency basis
- North America beverage volumes remained soft, down 8% in Q4
Insights
Amcor's fiscal 2024 results show resilience in a challenging environment. Net sales decreased 7% to $13.64 billion, primarily due to lower volumes and raw material cost pass-through. However, the company demonstrated strong cost management, with adjusted EBIT declining only 1% on a comparable constant currency basis.
The return to volume growth in Q4 (up 1%) is a positive sign, indicating potential market stabilization. The 9% increase in Q4 adjusted EPS highlights effective margin management. The 12% growth in adjusted free cash flow to $952 million is impressive, showcasing the company's ability to generate cash even in tough conditions.
For fiscal 2025, Amcor's guidance of 3-8% EPS growth (excluding FX impacts) suggests cautious optimism. The projected free cash flow of $900 million to $1 billion indicates continued strong cash generation capabilities. Investors should monitor volume trends and the company's ability to maintain margins amid ongoing market challenges.
Amcor's performance reflects broader packaging industry trends. The volume decline in healthcare categories suggests ongoing destocking in this sector. The recovery in beverage packaging, particularly the sequential improvement in hot-fill container volumes, indicates a potential rebound in consumer demand for these products.
The 3% volume growth in Latin America contrasts with challenges in North America, highlighting regional variations in market dynamics. The company's success in winning new business in Brazil and Colombia demonstrates its competitive strength in emerging markets.
Amcor's ability to expand margins despite lower volumes (EBIT margin up to 11.4% from 10.9%) showcases effective cost management and pricing strategies. This could position the company well if volume growth continues to recover. Investors should watch for signs of sustained volume improvement and the impact of any shifts in consumer behavior on packaging demand across different end markets.
Amcor's financial management deserves attention. The company maintained a strong balance sheet while returning approximately $750 million to shareholders through dividends and share repurchases. The increase in annual dividend to 50.0 cents per share signals confidence in future cash flows.
The company's leverage ratio of 3.1x net debt to adjusted EBITDA is manageable but warrants monitoring, especially given rising interest rates. The $51 million increase in net interest expense highlights the impact of the higher rate environment on financing costs.
Amcor's commitment to an investment-grade credit rating while pursuing growth investments and shareholder returns demonstrates a balanced capital allocation strategy. The projected free cash flow for fiscal 2025 should provide ample resources for these initiatives. Investors should assess how effectively Amcor balances growth investments, debt management and shareholder returns in the coming year.
June 2024 Quarter Highlights:
- Another sequential improvement in volumes and earnings growth;
- Net sales of
; volumes returned to growth, up$3,535 million 1% ; - GAAP net income of
; GAAP diluted earnings per share (EPS) of 17.8 cps;$257 million - Adjusted EBIT of
, up$454 million 4% on a comparable constant currency basis; and - Adjusted EPS of 21.1 cps, up
9% on a comparable constant currency basis.
Fiscal 2024 Full Year Highlights:
- Net sales of
;$13,640 million - GAAP Net Income of
; GAAP diluted EPS of 50.5 cps;$730 million - Adjusted EPS of 70.2 cps and Adjusted EBIT of
;$1,560 million - Adjusted Free Cash Flow of
, up >$952 million or$100 million 12% on last year; and - Cash returns to shareholders of approximately
million: annual dividend increased to$750 50.0 cents per share and of shares repurchased.$30 million
Fiscal 2025 outlook:
- Adjusted EPS of
72-76 cents per share; Adjusted Free Cash Flow of .$900 -1,000 million
Strong 4Q financial performance ahead of expectations with volumes returning to growth Amcor expects strong growth from the underlying business to continue in FY25 Amcor Interim CEO Peter Konieczny said: "Amcor finished fiscal 2024 strongly, as the underlying business delivered another sequential improvement in volume and earnings growth, with fourth quarter adjusted EPS up In fiscal 2025, we expect volumes and earnings will grow and adjusted free cash flow will remain strong. Importantly, combined with our historical average dividend yield, growth at the midpoint of our EPS guidance range results in total value creation in-line with our shareholder value creation model 10 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." |
Key Financials(1)
Twelve Months Ended June 30, | ||||||||
GAAP results | 2023 $ million | 2024 $ million | ||||||
Net sales | 14,694 | 13,640 | ||||||
Net income | 1,048 | 730 | ||||||
EPS (diluted US cents) | 70.5 | 50.5 | ||||||
Twelve Months Ended June 30, | Reported ∆% | Comparable | ||||||
Adjusted non-GAAP results | 2023 $ million | 2024 $ million | ||||||
Net sales | 14,694 | 13,640 | (7) | (6) | ||||
EBITDA | 2,018 | 1,962 | (3) | (1) | ||||
EBIT | 1,608 | 1,560 | (3) | (1) | ||||
Net income | 1,089 | 1,015 | (7) | (5) | ||||
EPS (diluted US cents) | 73.3 | 70.2 | (4) | (2) | ||||
Free Cash Flow | 848 | 952 |
(1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% excludes the impact of movements in foreign exchange rates and items affecting comparability. Further details related to non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP information" in this release. Note: All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up precisely to the totals provided due to rounding. |
Shareholder returns
Capital allocation
Amcor generates significant annual cash flow and is committed to an investment grade credit rating. We believe that the Company's strong annual cash flow and balance sheet provide capacity to reinvest in the business for organic growth, pursue acquisitions or share repurchases and return cash to shareholders through a compelling and growing dividend.
During fiscal 2024, the Company returned approximately
Dividend
The Amcor Board of Directors today declared a quarterly cash dividend of
The ex-dividend date will be September 5, 2024, the record date will be September 6, 2024, and the payment date will be September 26, 2024.
Share repurchases
Amcor repurchased approximately 3 million shares during fiscal 2024 for a total cost of approximately
Financial results - twelve months ended June 30, 2024
Segment Information
Twelve Months Ended June 30, 2023 | Twelve Months Ended June 30, 2024 | |||||||
Adjusted non-GAAP | Net sales $ million | EBIT $ million | EBIT / Sales % | EBIT / Average | Net sales $ million | EBIT $ million | EBIT / Sales % | EBIT / Average |
Flexibles | 11,154 | 1,429 | 12.8 | 10,332 | 1,395 | 13.5 | ||
Rigid Packaging | 3,540 | 265 | 7.5 | 3,308 | 259 | 7.8 | ||
Other(2) | — | (86) | — | (94) | ||||
Total Amcor | 14,694 | 1,608 | 10.9 | 15.4 | 13,640 | 1,560 | 11.4 | 14.9 |
(1) Return on average funds employed includes shareholders' equity and net debt, calculated using a four quarter average and last twelve months adjusted EBIT. (2) Represents corporate expenses. |
Twelve months ended June 30, 2024:
Net sales of
Net sales on a comparable constant currency basis were
Adjusted EBIT of
June 2024 quarter result:
Net sales of
Volumes returned to growth in the June quarter, up approximately
Adjusted EBIT of
Flexibles segment - June 2024 quarter | Three Months Ended June 30, | Reported | Comparable | |||||
2023 $ million | 2024 $ million | |||||||
Net sales | 2,777 | 2,686 | (3) | (1) | ||||
Adjusted EBIT | 387 | 403 | 4 | 5 | ||||
Adjusted EBIT / Sales % | 13.9 | 15.0 |
Net sales of
Volumes returned to growth in the June quarter, up approximately
Volumes were higher than the same quarter last year across most geographies and in several end markets including home & personal care, meat, cheese and unconverted film and foil. As expected, destocking continued in healthcare categories and volumes remained soft, unfavorably impacting overall segment volumes for the quarter by approximately
Adjusted EBIT of
Flexibles segment - Fiscal 2024 | Twelve Months Ended June 30, | Reported | Comparable | |||||
2023 $ million | 2024 $ million | |||||||
Net sales | 11,154 | 10,332 | (7) | (6) | ||||
Adjusted EBIT | 1,429 | 1,395 | (2) | — | ||||
Adjusted EBIT / Sales % | 12.8 | 13.5 |
Net sales of
In
In
Across the Asian region, volumes were higher than the prior year with growth in
Adjusted EBIT of
Rigid Packaging segment - June 2024 quarter | Three Months Ended June 30, | Reported | Comparable | |||||
2023 $ million | 2024 $ million | |||||||
Net sales | 897 | 849 | (5) | (2) | ||||
Adjusted EBIT | 73 | 75 | 3 | 2 | ||||
Adjusted EBIT / Sales % | 8.1 | 8.8 |
Net sales of
On a comparable constant currency basis, net sales were
In
In
Adjusted EBIT of
Rigid Packaging segment - Fiscal 2024 | Twelve Months Ended June 30, | Reported | Comparable | |||||
2023 $ million | 2024 $ million | |||||||
Net sales | 3,540 | 3,308 | (7) | (6) | ||||
Adjusted EBIT | 265 | 259 | (2) | (4) | ||||
Adjusted EBIT / Sales % | 7.5 | 7.8 |
Net sales of
In
In
Adjusted EBIT of
Net interest and income tax expense
For the year ended June 30, 2024, net interest expense of
Adjusted Free Cash Flow
For the year ended June 30, 2024, adjusted free cash inflow was
Net debt was
Fiscal 2025 Guidance
For the twelve month period ending June 30, 2025, the Company expects:
- Adjusted EPS of approximately 72 to
76 cents per share, which represents comparable constant currency growth of3% to8% (includes approximately4% headwind related to normalization of incentive compensation payments) compared with70.2 cents per share in fiscal 2024.- Assuming current exchange rates prevail through fiscal 2025, movements in exchange rates are not expected to have a material impact on reported EPS.
- Adjusted Free Cash Flow of approximately
to$900 million .$1,000 million
Amcor's guidance contemplates a range of factors which create a degree of uncertainty and complexity when estimating future financial results. Further information can be found under 'Cautionary Statement Regarding Forward-Looking Statements' in this release.
Conference Call
Amcor is hosting a conference call with investors and analysts to discuss these results on Thursday August 15, 2024 at 5:30pm US Eastern Daylight Time / Friday August 16, 2024 at 7:30am Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section.
Those wishing to access the call should use the following toll-free numbers, with the Conference ID : 9115937
USA : 800 715 9871 (toll free)USA : 646 307 1963 (local)Australia : 1800 519 630 (toll free), 02 9133 7103 (local)United Kingdom : 0800 358 0970 (toll free), 020 3433 3846 (local)Singapore : +65 3159 5133 (local)Hong Kong : +852 3002 3410 (local)
From all other countries, the call can be accessed by dialing +1 646 307 1963 (toll).
A replay of the webcast will also be available in the 'Investors" section at www.amcor.com following the call.
About Amcor
Amcor is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated
www.amcor.com I LinkedIn I YouTube
Contact Information
Investors | ||||
Tracey Whitehead | Damien Bird | Damon Wright | ||
Global Head of Investor Relations | Vice President Investor Relations Asia Pacific | Vice President Investor Relations North America | ||
Amcor | Amcor | Amcor | ||
+61 408 037 590 | +61 481 900 499 | +1 224 313 7141 | ||
Media - | Media - | Media - | ||
James Strong | Ernesto Duran | Julie Liedtke | ||
Managing Director | Head of Global Communications | Director, Media Relations | ||
Sodali & Co | Amcor | Amcor | ||
+61 448 881 174 | +41 78 698 69 40 | +1 847 204 2319 | ||
Amcor plc Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278 |
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the
Presentation of non-GAAP information
Included in this release are measures of financial performance that are not calculated in accordance with
Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year
Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company's reporting segments and certain of the measures are used as a component of Amcor's Board of Directors' measurement of Amcor's performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable
Dividends
Amcor has received a waiver from the ASX's settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from September 5, 2024 to September 6, 2024 inclusive.
Three Months Ended June 30, | Twelve Months Ended June 30, | ||||||
($ million, except per share amounts) | 2023 | 2024 | 2023 | 2024 | |||
Net sales | 3,673 | 3,535 | 14,694 | 13,640 | |||
Cost of sales | (2,951) | (2,781) | (11,969) | (10,928) | |||
Gross profit | 722 | 754 | 2,725 | 2,712 | |||
Selling, general, and administrative expenses | (329) | (329) | (1,246) | (1,260) | |||
Research and development expenses | (25) | (26) | (101) | (106) | |||
Restructuring and other related activities, net | (59) | (15) | 104 | (97) | |||
Other income/(expense), net | 16 | 11 | 26 | (35) | |||
Operating income | 325 | 395 | 1,508 | 1,214 | |||
Interest expense, net | (70) | (78) | (259) | (310) | |||
Other non-operating income/(expense), net | (3) | 1 | 2 | 3 | |||
Income before income taxes and equity in loss of affiliated | 252 | 318 | 1,251 | 907 | |||
Income tax expense | (68) | (56) | (193) | (163) | |||
Equity in loss of affiliated companies, net of tax | — | (1) | — | (4) | |||
Net income | 184 | 261 | 1,058 | 740 | |||
Net income attributable to non-controlling interests | (4) | (4) | (10) | (10) | |||
Net income attributable to Amcor plc | 181 | 257 | 1,048 | 730 | |||
USD:EUR average FX rate | 0.9185 | 0.9287 | 0.9561 | 0.9245 | |||
Basic earnings per share attributable to Amcor | 0.124 | 0.178 | 0.709 | 0.505 | |||
Diluted earnings per share attributable to Amcor | 0.123 | 0.178 | 0.705 | 0.505 | |||
Weighted average number of shares outstanding – Basic | 1,452 | 1,439 | 1,468 | 1,439 | |||
Weighted average number of shares outstanding – Diluted | 1,456 | 1,443 | 1,476 | 1,441 |
Twelve Months Ended June 30, | ||||||
($ million) | 2023 | 2024 | ||||
Net income | 1,058 | 740 | ||||
Depreciation, amortization, and impairment | 586 | 595 | ||||
Net gain on disposal of businesses and investments | (220) | — | ||||
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and | (265) | (120) | ||||
Other non-cash items | 102 | 106 | ||||
Net cash provided by operating activities | 1,261 | 1,321 | ||||
Purchase of property, plant, and equipment and other intangible assets | (526) | (492) | ||||
Proceeds from sales of property, plant, and equipment and other intangible assets | 30 | 39 | ||||
Business acquisitions and Investments in affiliated companies, and other | (177) | (23) | ||||
Proceeds from divestitures | 365 | — | ||||
Net debt proceeds/(repayments) | 228 | (43) | ||||
Dividends paid | (723) | (722) | ||||
Share buy-back/cancellations | (432) | (30) | ||||
Purchase of treasury shares and tax withholdings for share-based incentive plans | (87) | (51) | ||||
Other, including effects of exchange rate on cash and cash equivalents | (100) | (100) | ||||
Net decrease in cash and cash equivalents | (161) | (101) | ||||
Cash and cash equivalents at the beginning of the year(1) | 850 | 689 | ||||
Cash and cash equivalents at the end of the period | 689 | 588 | ||||
(1) Cash and cash equivalents at the beginning of fiscal 2023 includes |
($ million) | June 30, 2023 | June 30, 2024 | ||
Cash and cash equivalents | 689 | 588 | ||
Trade receivables, net | 1,875 | 1,846 | ||
Inventories, net | 2,213 | 2,031 | ||
Property, plant and equipment, net | 3,762 | 3,763 | ||
Goodwill and other intangible assets, net | 6,890 | 6,736 | ||
Other assets | 1,574 | 1,560 | ||
Total assets | 17,003 | 16,524 | ||
Trade payables | 2,690 | 2,580 | ||
Short-term debt and current portion of long-term debt | 93 | 96 | ||
Long-term debt, less current portion | 6,653 | 6,603 | ||
Accruals and other liabilities | 3,477 | 3,292 | ||
Shareholders' equity | 4,090 | 3,953 | ||
Total liabilities and shareholders' equity | 17,003 | 16,524 |
Components of Fiscal 2024 Net Sales growth | |||||||
Three Months Ended June 30 | Twelve Months Ended June 30 | ||||||
($ million) | Flexibles | Rigid | Total | Flexibles | Rigid | Total | |
Net sales fiscal year 2024 | 2,686 | 849 | 3,535 | 10,332 | 3,308 | 13,640 | |
Net sales fiscal year 2023 | 2,777 | 897 | 3,673 | 11,154 | 3,540 | 14,694 | |
Reported Growth % | (3) | (5) | (4) | (7) | (7) | (7) | |
FX % | (1) | — | (1) | 1 | — | 1 | |
Constant Currency Growth % | (2) | (6) | (3) | (8) | (7) | (8) | |
Raw Material Pass Through % | (1) | (4) | (2) | (1) | (1) | (1) | |
Items affecting comparability % | — | — | — | (1) | — | (1) | |
Comparable Constant Currency | (1) | (2) | (1) | (6) | (6) | (6) | |
Acquired Operations % | — | — | — | — | — | — | |
Organic Growth | (1) | (2) | (1) | (6) | (6) | (6) | |
Volume % | 3 | (5) | 1 | (4) | (8) | (5) | |
Price/Mix % | (4) | 3 | (3) | (2) | 2 | (1) |
Reconciliation of Non-GAAP Measures Reconciliation of adjusted Earnings before interest, tax, depreciation and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, Earnings per share (EPS) and Free Cash Flow | ||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2024 | |||||||||||||||
($ million) | EBITDA | EBIT | Net | EPS | EBITDA | EBIT | Net | EPS | ||||||||
Net income attributable to Amcor | 181 | 181 | 181 | 12.3 | 257 | 257 | 257 | 17.8 | ||||||||
Net income attributable to non-controlling | 4 | 4 | 4 | 4 | ||||||||||||
Tax expense | 68 | 68 | 56 | 56 | ||||||||||||
Interest expense, net | 70 | 70 | 78 | 78 | ||||||||||||
Depreciation and amortization | 144 | 136 | ||||||||||||||
EBITDA, EBIT, Net income and EPS | 467 | 323 | 181 | 12.3 | 531 | 395 | 257 | 17.8 | ||||||||
Impact of highly inflationary accounting | 5 | 5 | 5 | 0.4 | (2) | (2) | (2) | (0.1) | ||||||||
Property and other losses,net | 2 | 2 | 2 | 0.1 | — | — | — | — | ||||||||
Restructuring and other related activities, net(2) | 66 | 66 | 66 | 4.5 | 15 | 15 | 15 | 1.0 | ||||||||
Other | — | — | — | — | (0.1) | 5 | 5 | 5 | 0.3 | |||||||
Amortization of acquired intangibles(3) | 40 | 40 | 2.9 | 41 | 41 | 2.9 | ||||||||||
Tax effect of above items | (12) | (0.8) | (11) | (0.8) | ||||||||||||
Adjusted EBITDA, EBIT, Net income, and EPS | 540 | 436 | 282 | 19.3 | 550 | 454 | 305 | 21.1 | ||||||||
Reconciliation of adjusted growth to comparable constant currency growth | ||||||||||||||||
% growth - Adjusted EBITDA, EBIT, Net income and EPS | 2 | 4 | 8 | 9 | ||||||||||||
% items affecting comparability(4) | — | — | — | — | ||||||||||||
% currency impact | — | — | 1 | — | ||||||||||||
% comparable constant currency growth | 2 | 4 | 9 | 9 | ||||||||||||
Adjusted EBITDA | 540 | 550 | ||||||||||||||
Interest paid, net | (79) | (99) | ||||||||||||||
Income tax paid | (95) | (90) | ||||||||||||||
Purchase of property, plant and equipment and | (144) | (134) | ||||||||||||||
Proceeds from sales of property, plant and | 18 | 27 | ||||||||||||||
Movement in working capital | 572 | 610 | ||||||||||||||
Other | 22 | (27) | ||||||||||||||
Adjusted Free Cash Flow | 834 | 837 | ||||||||||||||
(1) Calculation of diluted EPS for the three months ended June 30, 2024 excludes net income attributable to shares to be repurchased under (2) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian (3) Amortization of acquired intangible assets from business combinations. (4) Reflects the impact of acquired, disposed, and ceased operations. | ||||||||||||||||
Twelve Months Ended June 30, 2023 | Twelve Months Ended June 30, 2024 | |||||||||||||||
($ million) | EBITDA | EBIT | Net | EPS | EBITDA | EBIT | Net | EPS | ||||||||
Net income attributable to Amcor | 1,048 | 1,048 | 1,048 | 70.5 | 730 | 730 | 730 | 50.5 | ||||||||
Net income attributable to non-controlling | 10 | 10 | 10 | 10 | ||||||||||||
Tax expense | 193 | 193 | 163 | 163 | ||||||||||||
Interest expense, net | 259 | 259 | 310 | 310 | ||||||||||||
Depreciation and amortization | 569 | 569 | ||||||||||||||
EBITDA, EBIT, Net income and EPS | 2,080 | 1,510 | 1,048 | 70.5 | 1,782 | 1,213 | 730 | 50.5 | ||||||||
Impact of highly inflationary accounting | 24 | 24 | 24 | 1.9 | 53 | 53 | 53 | 3.7 | ||||||||
Property and other losses, net | 2 | 2 | 2 | 0.1 | — | — | — | — | ||||||||
Restructuring and other related activities, net(2) | (90) | (90) | (90) | (6.0) | 97 | 97 | 97 | 6.7 | ||||||||
CEO Transition costs | — | — | — | — | 8 | 8 | 8 | 0.6 | ||||||||
Other | 2 | 2 | 2 | — | 22 | 22 | 22 | 1.5 | ||||||||
Amortization of acquired intangibles (3) | 160 | 160 | 10.8 | 167 | 167 | 11.6 | ||||||||||
Tax effect of above items | (57) | (4.0) | (62) | (4.4) | ||||||||||||
Adjusted EBITDA, EBIT, Net income and EPS | 2,018 | 1,608 | 1,089 | 73.3 | 1,962 | 1,560 | 1,015 | 70.2 | ||||||||
Reconciliation of adjusted growth to comparable constant currency growth | ||||||||||||||||
% growth - Adjusted EBITDA, EBIT, Net income, and EPS | (3) | (3) | (7) | (4) | ||||||||||||
% items affecting comparability(4) | 3 | 3 | 3 | 3 | ||||||||||||
% currency impact | (1) | (1) | (1) | (1) | ||||||||||||
% comparable constant currency growth | (1) | (1) | (5) | (2) | ||||||||||||
Adjusted EBITDA | 2,018 | 1,962 | ||||||||||||||
Interest paid, net | (248) | (295) | ||||||||||||||
Income tax paid | (225) | (253) | ||||||||||||||
Purchase of property, plant and equipment and | (526) | (492) | ||||||||||||||
Proceeds from sales of property, plant and | 30 | 39 | ||||||||||||||
Movement in working capital | (229) | (15) | ||||||||||||||
Other | 28 | 6 | ||||||||||||||
Adjusted Free Cash Flow | 848 | 952 | ||||||||||||||
(1) Calculation of diluted EPS for the twelve months ended June 30, 2024 excludes net income attributable to shares to be repurchased under forward contracts of (2) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian business. (3) Amortization of acquired intangible assets from business combinations. (4) Reflects the impact of acquired, disposed, and ceased operations. |
Reconciliation of adjusted EBIT by reporting segment | ||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2024 | |||||||||||||||
($ million) | Flexibles | Rigid | Other | Total | Flexibles | Rigid | Other | Total | ||||||||
Net income attributable to Amcor | 181 | 257 | ||||||||||||||
Net income attributable to non- | 4 | 4 | ||||||||||||||
Tax expense | 68 | 56 | ||||||||||||||
Interest expense, net | 70 | 78 | ||||||||||||||
EBIT | 283 | 62 | (22) | 323 | 351 | 73 | (29) | 395 | ||||||||
Impact of highly inflationary accounting | — | 5 | — | 5 | — | (2) | — | (2) | ||||||||
Property and other losses, net | — | — | 2 | 2 | — | — | — | — | ||||||||
Restructuring and other related | 62 | 2 | 2 | 66 | 11 | 4 | — | 15 | ||||||||
Other | 3 | 3 | (6) | — | — | — | 5 | 5 | ||||||||
Amortization of acquired intangibles(2) | 39 | 1 | — | 40 | 41 | — | — | 41 | ||||||||
Adjusted EBIT | 387 | 73 | (24) | 436 | 403 | 75 | (24) | 454 | ||||||||
Adjusted EBIT / sales % | 13.9 % | 8.1 % | 11.9 % | 15.0 % | 8.8 % | 12.8 % | ||||||||||
Reconciliation of adjusted growth to comparable constant currency growth | ||||||||||||||||
% growth - Adjusted EBIT | 4 | 3 | — | 4 | ||||||||||||
% items affecting comparability(3) | — | — | — | — | ||||||||||||
% currency impact | 1 | (1) | — | — | ||||||||||||
% comparable constant currency | 5 | 2 | — | 4 | ||||||||||||
(1) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian business. (2) Amortization of acquired intangible assets from business combinations. (3) Reflects the impact of acquired, disposed, and ceased operations. | ||||||||||||||||
Twelve Months Ended June 30, 2023 | Twelve Months Ended June 30, 2024 | |||||||||||||||
($ million) | Flexibles | Rigid | Other | Total | Flexibles | Rigid | Other | Total | ||||||||
Net income attributable to Amcor | 1,048 | 730 | ||||||||||||||
Net income attributable to non- | 10 | 10 | ||||||||||||||
Tax expense | 193 | 163 | ||||||||||||||
Interest expense, net | 259 | 310 | ||||||||||||||
EBIT | 1,357 | 225 | (72) | 1,510 | 1,147 | 185 | (119) | 1,213 | ||||||||
Impact of highly inflationary | — | 24 | — | 24 | — | 53 | — | 53 | ||||||||
Property and other losses, net | — | — | 2 | 2 | — | — | — | — | ||||||||
Restructuring and other related | (100) | 8 | 2 | (90) | 79 | 18 | — | 97 | ||||||||
CEO transition costs | — | — | — | — | — | — | 8 | 8 | ||||||||
Other | 17 | 3 | (18) | 2 | 5 | — | 17 | 22 | ||||||||
Amortization of acquired intangibles(2) | 155 | 5 | — | 160 | 164 | 3 | — | 167 | ||||||||
Adjusted EBIT | 1,429 | 265 | (86) | 1,608 | 1,395 | 259 | (94) | 1,560 | ||||||||
Adjusted EBIT / sales % | 12.8 % | 7.5 % | 10.9 % | 13.5 % | 7.8 % | 11.4 % | ||||||||||
Reconciliation of adjusted growth to comparable constant currency growth | ||||||||||||||||
% growth - Adjusted EBIT | (2) | (2) | — | (3) | ||||||||||||
% items affecting comparability(3) | 3 | — | — | 3 | ||||||||||||
% currency impact | (1) | (2) | — | (1) | ||||||||||||
% comparable constant currency growth | — | (4) | — | (1) | ||||||||||||
(1) Includes incremental restructuring and other costs attributable to group wide initiatives to partly offset divested earnings from the Russian business. (2) Amortization of acquired intangible assets from business combinations. (3) Reflects the impact of acquired, disposed, and ceased operations. |
Reconciliation of net debt | ||||
($ million) | June 30, 2023 | June 30, 2024 | ||
Cash and cash equivalents | (689) | (588) | ||
Short-term debt | 80 | 84 | ||
Current portion of long-term debt | 13 | 12 | ||
Long-term debt excluding current portion | 6,653 | 6,603 | ||
Net debt | 6,057 | 6,111 |
View original content:https://www.prnewswire.com/news-releases/amcor-reports-fiscal-2024-results-and-provides-outlook-for-fiscal-2025-302223329.html
SOURCE Amcor
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