February 3, 2021 Amcor s investment case remains as strong as ever, says Ron Delia
Packaging converter Amcor has delivered strong financial results for the first half and raised its outlook for the full year. The company posted net income of $417 million for the six months ended December 31, 2020, up 65 per cent, while adjusted EBIT of $743m was up 8 per cent in constant currency terms. “Sales…
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Amcor reports first half results and raises outlook for fiscal 2021
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Highlights - Six Months Ended December 31, 2020
GAAP Net Income of $417 million, up 65%; GAAP earnings per share (EPS) of 26.5 cents per share, up 71%;
Adjusted EPS of 33.3 cents per share, up 16% in constant currency terms;
Adjusted EBIT of $743 million, up 8% in constant currency terms;
$35 million Bemis cost synergies in H1; expect approximately $70 million (previously $50-$70 million) in FY21;
A further $200 million of share repurchases approved bringing the total announced in fiscal 2021 to $350 million;
Quarterly dividend higher than last year at 11.75 cents per share; and
Fiscal 2021 outlook for adjusted EPS growth raised to 10-14% in constant currency terms (previously 7-12%).
ASX companies with large asset bases in the United States expect a more pragmatic approach under Joe Biden will help drive a robust and extended economic recovery.