Amcor reports Q3 adjusted EPS 15.6c, consensus 15c

Reports Q3 revenue $3.44B, consensus $3.35B. Amcor CEO Ron Delia said: “We executed well in our FY24 Q1, delivering financial results in-line with our expectations, including adjusted free cash flow ahead of last year’s first quarter and putting us on track to deliver against our FY24 guidance, which we are reaffirming today. As anticipated, market conditions remain challenging with continued destocking and soft demand which we expect to continue in the near term. In this context, our teams remain laser focused on taking price and cost actions to offset inflation, aligning the cost base with market dynamics and managing working capital. We believe these ongoing efforts, combined with benefits later in the year from structural cost reduction initiatives and a lower interest expense headwind, leave us well placed to meet our expectations for a return to solid adjusted earnings per share growth in the second half and to grow at our long-term trend high-single digit rates thereafter.”