Amcor reffirms FY24 adjusted EPS view 67c-71c, consensus 68c

Ses FY24 comparable constant currency earnings made up of underlying business performance down low single digit % to up low single digit %, a benefit of approximately 2% from share repurchases, and a negative impact of approximately 6% related to higher estimated net interest and tax expense; a negative impact of approximately 3% related to the sale of the Company’s three plants in Russia on December 23, 2022; and a benefit of up to 2% related to currency translation, assuming current rates prevail through the balance of FY24. The Company expects adjusted EPS on a reported basis in the first half of fiscal 2024 to be down in the mid-teens % compared with the first half of fiscal FY23, primarily due to lower volumes and the residual headwinds related to the sale of the Russia plants and higher interest expense. In the second half of FY24, adjusted EPS is expected to be up mid-single digits % compared with the second half of FY23, benefiting in part from cost saving initiatives and increased earnings leverage resulting from price and cost actions taken in FY23 and FY24. Adjusted Free Cash Flow of approximately $850M-$950M, representing solid growth over FY23. Approximately $70M of cash to be allocated towards share repurchases as part of the program previously announced in FY23.