NYSE$AMCR
Amcor PLC · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Amcor's Q2 2024 performance was marked by solid execution amidst challenging market conditions, resulting in adjusted free cash flow exceeding the previous year and adjusted earnings per share slightly surpassing expectations.
Amcor reported solid Q2 2024 results with adjusted free cash flow ahead of last year and adjusted earnings per share modestly above expectations. The company reaffirms its fiscal year 2024 outlook, expecting adjusted EPS of 67-71 cents per share and adjusted Free Cash Flow of $850-950 million.
- Net sales for the six months ended December 31, 2023, were $6,694 million.
- GAAP Net income for the six months was $286 million, with GAAP diluted EPS of 19.8 cents.
- Adjusted EPS for the six months was 31.3 cents and Adjusted EBIT was $709 million.
- Adjusted Free Cash Flow was $113 million ahead of the prior year.
Headline financials
Revenue & EPS history
Amcor · Revenue · Quarterly
$3.25B
Revenue by segment
Amcor · $3.44B total across 2 segments · Q1 2024
- Flexible Packaging$2.57B-7.6%74.6%
- Rigid Packaging$875M-6.2%25.4%
Forward guidance
Amcor reaffirms its fiscal 2024 outlook, expecting adjusted EPS of 67-71 cents per share and adjusted Free Cash Flow of $850-950 million.
Tailwinds
- 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
- A benefit of up to 2% related to currency translation, assuming current rates prevail through the balance of fiscal 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
Headwinds
- 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 Russian business on December 23, 2022
- In comparable constant currency terms, the Company expects third quarter adjusted EPS to be mid single digit % lower compared to the third quarter of fiscal 2023
- Fourth quarter adjusted EPS to be up mid single digit % higher than the fourth quarter of fiscal 2023
- Amcor's guidance contemplates a range of factors which create a degree of uncertainty and complexity when estimating future financial results.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+6.3%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-1.9%
Avg return
30 days after
37%
21 / 57 earnings
Positive
+356.4%
Q3 2023
Best reaction
-10.9%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | -0.7% | -2.7% | -5.2% | |
| Q2 2026 | +8.1% | +7.8% | -3.7% | |
| Q1 2026 | +1.5% | +4.8% | +2.9% | |
| Q3 2025 | +0.0% | -0.2% | -1.0% | |
| Q2 2025 | +0.0% | +4.8% | +5.8% | |
| Q1 2025 | +0.0% | -7.2% | -3.8% | |
| Q4 2024 | -10.9% | +1.2% | +3.1% | |
| Q3 2024 | +0.0% | +10.6% | +9.2% | |
| Q2 2024 | +1.6% | -1.3% | +2.2% | |
| Q1 2024 | -1.7% | +2.8% | +7.0% | |
| Q4 2023 | +1.2% | -0.3% | -1.4% | |
| Q3 2023 | +356.4% | -5.8% | -12.1% | |
| Q2 2023 | -5.5% | -5.0% | -9.1% | |
| Q1 2023 | +0.1% | -3.6% | +6.9% | |
| Q4 2022 | -2.1% | -6.1% | -12.3% | |
| Q3 2022 | +2.3% | +9.5% | +15.0% | |
| Q2 2022 | +1.6% | -3.7% | -5.5% | |
| Q1 2022 | +1.2% | +1.7% | -3.9% | |
| Q4 2021 | -1.0% | +4.7% | -0.7% | |
| Q3 2021 | +0.0% | +5.6% | +1.3% | |
| Q2 2021 | -0.9% | +5.3% | +3.5% | |
| Q1 2021 | +3.8% | +6.9% | +4.1% | |
| Q4 2020 | -2.0% | -1.8% | +0.1% | |
| Q3 2020 | -1.6% | +1.4% | +9.5% | |
| Q2 2019 | -3.8% | -5.6% | -38.0% | |
| Q2 2020 | -3.8% | -5.6% | -38.0% | |
| Q1 2019 | +3.2% | -1.4% | +5.0% | |
| Q1 2020 | +3.2% | -1.4% | +5.0% | |
| Q2 2018 | +2.1% | +0.5% | -2.7% | |
| Q1 2018 | +2.1% | +0.5% | -2.7% | |
| Q3 2018 | +2.1% | +0.5% | -2.7% | |
| Q4 2017 | +2.1% | +0.5% | -2.7% | |
| Q4 2018 | +2.1% | +0.5% | -2.7% | |
| Q4 2019 | -1.4% | -6.6% | -3.2% | |
| Q3 2019 | +0.0% | +0.0% | -4.6% | |
| Q3 2017 | +0.0% | +0.0% | +0.4% | |
| Q2 2017 | +0.0% | +0.0% | +0.0% | |
| Q1 2017 | +0.0% | +0.0% | +0.0% | |
| Q4 2016 | -0.7% | -0.7% | +0.6% | |
| Q3 2016 | +0.0% | — | — | |
| Q2 2016 | +1.3% | — | — | |
| Q1 2016 | +0.0% | — | — | |
| Q4 2015 | +0.0% | — | — | |
| Q3 2015 | -1.8% | — | — | |
| Q2 2015 | +0.0% | — | — | |
| Q1 2015 | +0.0% | — | — | |
| Q4 2014 | +0.0% | — | — | |
| Q3 2014 | +0.0% | — | — | |
| Q2 2014 | +2.4% | — | — | |
| Q1 2014 | +1.5% | — | — | |
| Q4 2013 | +0.7% | — | — | |
| Q3 2013 | -2.0% | — | — | |
| Q2 2012 | +0.0% | — | — | |
| Q1 2012 | +0.0% | — | — | |
| Q4 2012 | +0.0% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q4 2010 | +0.0% | — | — |
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