Amcor sees FY24 adjusted EPS 67c-71c, consensus 73c

For the twelve-month period ending June 30, 2024, the company expects: Adjusted EPS of 67c-71c per share which includes: Comparable constant currency earnings which includes 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 approximately 2% related to currency translation, assuming current rates prevail through the balance of fiscal 2024. 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 2023, 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 fiscal 2024, adjusted EPS is expected to be up mid-single digits % compared with the second half of fiscal 2023, benefiting in-part from structural cost saving initiatives and increased earnings leverage resulting from price and cost actions taken in fiscal 2023 and 2024.Adjusted Free Cash Flow of approximately $850 million to $950 million, representing solid growth over fiscal 2023. Approximately $70 million of cash to be allocated towards share repurchases as part of the program previously announced in fiscal 2023.