Amcor Updates FY24 EPS From $0.67-$0.71 To $0.685-$0.71 Vs $0.69 Est.; Expects Q4 2024 Adjusted EPS To Be Up Mid Single Digit % Higher Than Q4 2023

Author: Benzinga Newsdesk | April 30, 2024 04:25pm

Fiscal 2024 Guidance - updated

For the twelve month period ending June 30, 2024, the Company expects:

• Adjusted EPS of 68.5 to 71 cents per share (previously 67 to 71 cents per share) which includes:

•  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, and a negative impact of up to 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, the impact of which was all in the first half of fiscal 2024; and

•  A benefit of up to 2% related to currency translation, assuming current rates prevail through the balance of fiscal 2024.

•  In comparable constant currency terms, the Company expects fourth quarter 2024 adjusted EPS to be up mid single digit % higher than the fourth quarter of fiscal 2023.

• Adjusted Free Cash Flow of approximately $850 million to $950 million.
• Approximately $70 million of cash to be allocated towards share repurchases as part of the program previously announced in fiscal 2023.

Amcor's guidance contemplates a range of factors which create a degree of uncertainty and complexity when estimating future financial results. Further information can be found under 'Cautionary Statement Regarding Forward-Looking Statements' in this release.

Posted In: AMCR