Amcor
(ASX:AMC) has confirmed its full-year guidance after a strong first half which saw earnings and sales rise, while also announcing an expansion of its share repurchases.
The global packaging company said they implemented a range of actions to recover higher input costs and manage general inflation. As a result, net sales rose 12 per cent to $US6.9 billion in the first six months of the year while GAAP net income climbed 3 per cent to $US427 million.
Adjusted earnings before interest and taxes was up 5 per cent to $US769 million on a comparable constant currency basis.
Its full-year guidance was unchanged, forecasting adjusted earnings per share growth of 7 to 11 per cent on a comparable constant currency basis and adjusted free cash flow of $US1.1 billion to $US1.2 billion.
"Amcor delivered a solid first half result as our teams continue to successfully navigate a persistently challenging and dynamic operating environment,” said chief executive officer Ron Delia.
“Across the business we continued to prioritize our customers and our scale and operational agility enabled us to service demand in key segments, driving growth and sales mix improvements. At the same time, we implemented a broad range of actions to recover higher input costs and manage through general inflation."
Amcor announced a quarterly dividend of US12 cents a share and announced an additional $US200 million in share repurchases, with $US600 million of share repurchases now expected to occur in financial year 2022.
Shares in Amcor
(ASX:AMC) are trading 4 per cent lower at $16.28.
