Amcor Plc (AMCR) reported first-quarter fiscal 2024 (ended Sept. 30, 2024) adjusted earnings per share (EPS) of 16 cents, which met the Zacks Consensus Estimate. The bottom line grew 4% from the year-ago quarter.Including special items, the company reported net earnings per share of 13 cents compared with 11 cents in the prior-year quarter.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Total revenues fell 2.6% year over year to $3.35 billion in the reported quarter. The downside was ...

```markdown [FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q) [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides the basic identification details for Amcor plc's Quarterly Report on Form 10-Q for the period ended September 30, 2024, including its incorporation jurisdiction, principal executive offices, and contact information - Registrant: **Amcor PLC**, incorporated in Jersey[1](index=1&type=chunk) - Filing Type: Quarterly Report on Form 10-Q for the period ended **September 30, 2024**[1](index=1&type=chunk) [Securities and Filing Status](index=1&type=section&id=Securities%20and%20Filing%20Status) This section details the classes of securities registered, confirms the registrant's compliance with SEC filing requirements, and identifies Amcor plc as a Large Accelerated Filer Title of each class and exchange on which registered | Title of each class | Trading symbol(s) | Name of each exchange on which registered | | :---------------------------------- | :---------------- | :---------------------------------------- | | Ordinary Shares, Par Value $0.01 Per Share | AMCR | New York Stock Exchange | | 1.125% Guaranteed Senior Notes Due 2027 | AUKF/27 | New York Stock Exchange | | 5.450% Guaranteed Senior Notes Due 2029 | AMCR/29 | New York Stock Exchange | | 3.950% Guaranteed Senior Notes Due 2032 | AMCR/32 | New York Stock Exchange | - The registrant has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding **12 months** and has been subject to such filing requirements for the past **90 days**[2](index=2&type=chunk) - **Amcor plc** is classified as a **Large Accelerated Filer**[3](index=3&type=chunk) - As of **October 30, 2024**, the registrant had **1,445,343,212 ordinary shares**, **$0.01 par value**, outstanding[3](index=3&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) [Cautionary Statement Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) [Forward-Looking Statements Disclosure](index=4&type=section&id=Forward-Looking%20Statements%20Disclosure) This section outlines the nature of forward-looking statements within the report, emphasizing that actual results may differ materially due to various risks and uncertainties - Forward-looking statements are identified by specific terminology and are based on current management expectations[8](index=8&type=chunk) - Actual results could differ materially due to risks including changes in consumer demand, competition, global economic conditions, raw material price fluctuations, and cybersecurity risks[8](index=8&type=chunk) - **Amcor** does not undertake any obligation to update forward-looking statements, except as required by law[9](index=9&type=chunk) [Part I - Financial Information](index=5&type=section&id=Part%20I%20-%20Financial%20Information) [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents **Amcor plc's** unaudited condensed consolidated financial statements for the three months ended September 30, 2024 and 2023, including statements of income, comprehensive income, balance sheets, cash flows, and equity, along with detailed notes explaining the basis of presentation, accounting policies, and specific financial items - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and should be read with the Annual Report on Form 10-K for the fiscal year ended **June 30, 2024**[21](index=21&type=chunk) - No material changes to accounting policies have occurred during the current fiscal year to date[22](index=22&type=chunk) [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The Condensed Consolidated Statements of Income show a significant increase in net income attributable to **Amcor plc** for the three months ended September 30, 2024, compared to the same period in 2023, driven by higher gross profit and lower restructuring expenses Condensed Consolidated Statements of Income (Three Months Ended September 30) ($ in millions, except per share data) | ($ in millions, except per share data) | 2024 | 2023 | | :------------------------------------- | :------ | :------ | | Net sales | $ 3,353 | $ 3,443 | | Gross profit | 659 | 645 | | Operating income | 312 | 270 | | Income before income taxes | 236 | 194 | | Net income | $ 193 | $ 154 | | Net income attributable to Amcor plc | $ 191 | $ 152 | | Basic earnings per share | $ 0.132 | $ 0.105 | | Diluted earnings per share | $ 0.132 | $ 0.105 | - Net sales decreased by **$90 million (3%)** year-over-year, from **$3,443 million** in Q3 2023 to **$3,353 million** in Q3 2024[10](index=10&type=chunk) - Net income attributable to **Amcor plc** increased by **$39 million (25.7%)** year-over-year, from **$152 million** in Q3 2023 to **$191 million** in Q3 2024[10](index=10&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) The Condensed Consolidated Statements of Comprehensive Income show a significant increase in total comprehensive income attributable to **Amcor plc**, primarily due to a positive shift in foreign currency translation adjustments and excluded components of fair value hedges Condensed Consolidated Statements of Comprehensive Income (Three Months Ended September 30) ($ in millions) | ($ in millions) | 2024 | 2023 | | :-------------------------------------------- | :--- | :---- | | Net income | 193 | 154 | | Other comprehensive income/(loss): | | | | Net gains on cash flow hedges, net of tax | 1 | 1 | | Foreign currency translation adjustments, net of tax | 1 | (68) | | Excluded components of fair value hedges | 11 | — | | Pension, net of tax | 1 | 1 | | Other comprehensive income/(loss) | 14 | (66) | | Total comprehensive income | 207 | 88 | | Comprehensive income attributable to Amcor plc | $ 205 | $ 86 | - Total comprehensive income attributable to **Amcor plc** increased by **$119 million (138.4%)** year-over-year, from **$86 million** in Q3 2023 to **$205 million** in Q3 2024[12](index=12&type=chunk) - Foreign currency translation adjustments shifted from a loss of **$68 million** in Q3 2023 to a gain of **$1 million** in Q3 2024[12](index=12&type=chunk) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The Condensed Consolidated Balance Sheets show an increase in total assets and liabilities as of September 30, 2024, compared to June 30, 2024, with a notable increase in long-term debt Condensed Consolidated Balance Sheets (As of) ($ in millions) | ($ in millions) | September 30, 2024 | June 30, 2024 | | :------------------------------------ | :----------------- | :------------ | | Total current assets | $ 5,238 | $ 4,965 | | Total non-current assets | 11,672 | 11,559 | | Total assets | $ 16,910 | $ 16,524 | | Total current liabilities | $ 4,068 | $ 4,261 | | Total non-current liabilities | 8,849 | 8,310 | | Total liabilities | $ 12,917 | $ 12,571 | | Total shareholders' equity | $ 3,993 | $ 3,953 | - Total assets increased by **$386 million (2.3%)** from **June 30, 2024**, to **September 30, 2024**[15](index=15&type=chunk) - Long-term debt, less current portion, increased by **$573 million (8.7%)** from **$6,603 million** to **$7,176 million**[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The Condensed Consolidated Statements of Cash Flows indicate a higher net cash outflow from operating activities and investing activities, offset by increased cash provided by financing activities for the three months ended September 30, 2024, compared to the prior year Condensed Consolidated Statements of Cash Flows (Three Months Ended September 30) ($ in millions) | ($ in millions) | 2024 | 2023 | | :-------------------------------------------- | :------ | :------ | | Net cash used in operating activities | $ (269) | $ (135) | | Net cash used in investing activities | (155) | (142) | | Net cash provided by financing activities | 237 | 141 | | Net decrease in cash and cash equivalents | (156) | (165) | | Cash and cash equivalents balance at end of period | $ 432 | $ 524 | - Net cash used in operating activities increased by **$134 million**, from **$135 million** in Q3 2023 to **$269 million** in Q3 2024[16](index=16&type=chunk) - Net cash provided by financing activities increased by **$96 million**, from **$141 million** in Q3 2023 to **$237 million** in Q3 2024, primarily due to higher net borrowing of commercial paper[16](index=16&type=chunk) [Condensed Consolidated Statements of Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) The Condensed Consolidated Statements of Equity show an increase in total shareholders' equity for **Amcor plc**, primarily driven by net income and other comprehensive income, partially offset by dividends declared and share repurchases Condensed Consolidated Statements of Equity (As of September 30) ($ in millions) | ($ in millions) | 2024 | 2023 | | :------------------------------------ | :------ | :------ | | Balance as of June 30 | $ 3,953 | $ 4,090 | | Net income | 191 | 152 | | Other comprehensive income/(loss) | 14 | (66) | | Dividends declared | (180) | (176) | | Purchase of treasury shares | (43) | (45) | | Balance as of September 30 | $ 3,993 | $ 3,964 | - Total **Amcor plc** shareholders' equity increased from **$3,953 million** at **June 30, 2024**, to **$3,993 million** at **September 30, 2024**[18](index=18&type=chunk) - Dividends declared were **$0.1250 per share** in Q3 2024, totaling **$180 million**[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures supporting the condensed consolidated financial statements, covering areas such as the company's operations, new accounting guidance, acquisitions, restructuring activities, fair value measurements, derivative instruments, income taxes, shareholders' equity, segment information, earnings per share, contingencies, and subsequent events [Note 1 - Nature of Operations and Basis of Presentation](index=10&type=section&id=Note%201%20-%20Nature%20of%20Operations%20and%20Basis%20of%20Presentation) **Amcor plc** is a global leader in responsible packaging solutions for various consumer goods markets, with operations dating back over 150 years. The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information - **Amcor plc** is a global leader in developing and producing responsible packaging solutions for various consumer goods end markets[20](index=20&type=chunk) - The financial statements are prepared in accordance with U.S. GAAP for interim financial information, with no material changes to accounting policies[21](index=21&type=chunk)[22](index=22&type=chunk) [Note 2 - New Accounting Guidance](index=11&type=section&id=Note%202%20-%20New%20Accounting%20Guidance) **Amcor** adopted **ASU 2022-04** regarding supplier finance programs on July 1, 2023, and is currently evaluating the impact of **ASU 2023-07** (segment disclosures) and **ASU 2023-09** (income tax disclosures), both effective for future fiscal years - Adopted **ASU 2022-04** (supplier finance programs disclosure requirements) on **July 1, 2023**, with roll forward information to be adopted in fiscal year **2025**[24](index=24&type=chunk) - Evaluating **ASU 2023-07** (new reportable segment disclosure requirements), effective for fiscal year ending **June 30, 2025**[25](index=25&type=chunk) - Evaluating **ASU 2023-09** (new income tax disclosure requirements), effective for annual periods beginning **July 1, 2025**[26](index=26&type=chunk) [Note 3 - Acquisitions](index=12&type=section&id=Note%203%20-%20Acquisitions) On September 27, 2023, **Amcor** acquired a small flexible packaging manufacturer in India for **$14 million** plus **$10 million** in assumed debt, recognizing **$12 million** in goodwill - Acquired a small flexible packaging manufacturer in India on **September 27, 2023**[29](index=29&type=chunk) - Purchase consideration totaled **$14 million** plus **$10 million** in assumed debt[29](index=29&type=chunk) - The acquisition resulted in **$12 million** of goodwill, not deductible for tax purposes[29](index=29&type=chunk) [Note 4 - Restructuring](index=13&type=section&id=Note%204%20-%20Restructuring) Restructuring expenses significantly decreased to **$6 million** in Q3 2024 from **$28 million** in Q3 2023, primarily due to the **2023 Restructuring Plan**. This plan, initiated in February 2023, aims to offset divested earnings from the Russian business, with total expected net expenses of approximately **$220 million**, largely completed by the end of calendar year 2024 - Restructuring and related expenses, net, decreased from **$28 million** in Q3 2023 to **$6 million** in Q3 2024[32](index=32&type=chunk)[40](index=40&type=chunk) - The **2023 Restructuring Plan**, initiated in February 2023, expects total cash and non-cash net expenses of approximately **$220 million**, including **$130 million** in net cash expenditures[34](index=34&type=chunk) - Cumulative net cash outflows from the Plan through **September 30, 2024**, totaled **$86 million**, with an additional **$40 million** expected[35](index=35&type=chunk) Restructuring Charges by Type (Three Months Ended September 30) ($ in millions) | ($ in millions) | 2024 | 2023 | | :-------------------------- | :--- | :--- | | Employee related expenses | — | 16 | | Fixed asset related expenses | 1 | 6 | | Other expenses | 3 | 3 | | Total restructuring expenses, net | $ 4 | $ 25 | [Note 5 - Supply Chain Financing Arrangements](index=15&type=section&id=Note%205%20-%20Supply%20Chain%20Financing%20Arrangements) **Amcor** facilitates voluntary supply chain financing (SCF) programs to provide liquidity to suppliers, where suppliers can sell receivables to financial institutions. Amounts due to participating suppliers were **$0.9 billion** as of September 30, 2024, down from **$1.1 billion** at June 30, 2024, and are reflected in trade payables - **Amcor** facilitates voluntary supply chain financing (SCF) programs for suppliers to access liquidity[43](index=43&type=chunk) - Amounts due to suppliers participating in SCF programs were **$0.9 billion** as of **September 30, 2024** (down from **$1.1 billion** at **June 30, 2024**)[44](index=44&type=chunk) - These amounts are reflected in trade payables and associated payments are included in operating activities[44](index=44&type=chunk) [Note 6 - Goodwill and Other Intangible Assets, Net](index=16&type=section&id=Note%206%20-%20Goodwill%20and%20Other%20Intangible%20Assets,%20Net) Goodwill increased slightly to **$5,385 million** as of September 30, 2024, primarily due to foreign currency translation. Other intangible assets, net, decreased slightly to **$1,368 million**, with amortization expenses of **$42 million** for the quarter Goodwill by Segment (As of) ($ in millions) | ($ in millions) | September 30, 2024 | June 30, 2024 | | :-------------------------- | :----------------- | :------------ | | Flexibles Segment | $ 4,412 | $ 4,373 | | Rigid Packaging Segment | 973 | 972 | | Total | $ 5,385 | $ 5,345 | Other Intangible Assets, Net (As of September 30, 2024) ($ in millions) | ($ in millions) | Gross Carrying Amount | Accumulated Amortization and Impairment | Net Carrying Amount | | :--------------------- | :-------------------- | :-------------------------------------- | :------------------ | | Customer relationships | $ 2,005 | (828) | $ 1,177 | | Computer software | 290 | (193) | 97 | | Other | 344 | (250) | 94 | | Total | $ 2,639 | $ (1,271) | $ 1,368 | - Amortization expenses for intangible assets were **$42 million** for the three months ended **September 30, 2024**[50](index=50&type=chunk) [Note 7 - Fair Value Measurements](index=17&type=section&id=Note%207%20-%20Fair%20Value%20Measurements) The Company measures certain financial instruments and liabilities at fair value, including derivative instruments and contingent purchase consideration. Long-term debt with fixed interest rates had a fair value of **$5,183 million** as of September 30, 2024. Contingent purchase consideration liabilities totaled **$28 million**, primarily from fiscal year 2023 acquisitions and a royalty-contingent liability Fair Value of Long-Term Debt with Fixed Interest Rates (As of) ($ in millions) | ($ in millions) | September 30, 2024 | June 30, 2024 | | :---------------------------------------------------------------------------- | :----------------- | :------------ | | Carrying Value | $ 5,219 | $ 5,141 | | Fair Value (Level 2) | $ 5,183 | $ 4,973 | Assets and Liabilities Measured at Fair Value on a Recurring Basis (As of September 30, 2024) ($ in millions) | ($ in millions) | Level 1 | Level 2 | Level 3 | Total | | :----------------------------------------- | :------ | :------ | :------ | :---- | | **Assets:** | | | | | | Commodity contracts | $ — | $ 2 | $ — | $ 2 | | Forward exchange contracts | — | 6 | — | 6 | | Total assets measured at fair value | $ — | $ 8 | $ — | $ 8 | | **Liabilities:** | | | | | | Contingent purchase consideration | $ — | $ — | $ 28 | $ 28 | | Commodity contracts | — | 2 | — | 2 | | Forward exchange contracts | — | 5 | — | 5 | | Interest rate swaps | — | 68 | — | 68 | | Cross currency swaps | — | 36 | — | 36 | | Total liabilities measured at fair value | $ — | $ 111 | $ 28 | $ 139 | - Contingent purchase consideration liabilities totaled **$28 million** as of **September 30, 2024**, including **$17 million** for fiscal year 2023 acquisitions and an **$11 million** royalty-contingent liability[58](index=58&type=chunk) - An impairment charge of **$4 million** was recorded in the Flexibles segment to adjust assets held for sale to fair value less cost to sell[61](index=61&type=chunk) [Note 8 - Derivative Instruments](index=19&type=section&id=Note%208%20-%20Derivative%20Instruments) **Amcor** uses derivative instruments to hedge exposures to interest rates, commodity prices, and currency risks, not for speculative purposes. This includes interest rate swaps, forward contracts, and cross-currency swaps. The notional amount of outstanding forward contracts was **$0.6 billion**, and cross-currency swaps totaled **$500 million** as of September 30, 2024 - **Amcor** uses derivatives to hedge interest rate, commodity price, and currency risks, not for speculation[63](index=63&type=chunk) - Entered into a **$500 million** notional interest rate swap contract on **August 5, 2024**, to economically hedge forecasted commercial paper issuances[65](index=65&type=chunk) - Outstanding forward contracts had a notional amount of **$0.6 billion** as of **September 30, 2024**, used to manage foreign currency risk[68](index=68&type=chunk) - Cross currency swap contracts for **$500 million** were entered into in **May 2024** to manage foreign currency risk on notes, designated as a fair value hedge[69](index=69&type=chunk)[70](index=70&type=chunk) Outstanding Commodity Contracts to Hedge Forecasted Purchases (As of) (Volume) | Commodity | September 30, 2024 Volume | June 30, 2024 Volume | | :-------- | :------------------------ | :------------------- | | Aluminum | 19,797 tons | 10,673 tons | | PET resin | 17,800,000 lbs. | 27,916,666 lbs. | [Note 9 - Components of Net Periodic Benefit Cost](index=23&type=section&id=Note%209%20-%20Components%20of%20Net%20Periodic%20Benefit%20Cost) Net periodic benefit cost for defined benefit plans remained consistent at **$4 million** for both the three months ended September 30, 2024 and 2023, with service cost being the primary component included in operating income Net Periodic Benefit Cost for Defined Benefit Plans (Three Months Ended September 30) ($ in millions) | ($ in millions) | 2024 | 2023 | | :--------------------------- | :--- | :--- | | Service cost | $ 4 | $ 4 | | Interest cost | 13 | 13 | | Expected return on plan assets | (13) | (14) | | Amortization of actuarial loss | 1 | 1 | | Amortization of prior service credit | (1) | (1) | | Settlement costs | — | 1 | | Net periodic benefit cost | $ 4 | $ 4 | - Service cost is included in operating income, while other components are recorded in other non-operating expenses, net[79](index=79&type=chunk) [Note 10 - Income Taxes](index=24&type=section&id=Note%2010%20-%20Income%20Taxes) The effective tax rate decreased by **1.9 percentage points** to **18.2%** for the three months ended September 30, 2024, compared to **20.1%** in the prior year, primarily due to differences in the magnitude of non-deductible expenses - Effective tax rate decreased from **20.1%** in Q3 2023 to **18.2%** in Q3 2024[82](index=82&type=chunk) - The decrease is primarily due to the difference in magnitude of non-deductible expenses in both periods[82](index=82&type=chunk) [Note 11 - Shareholders' Equity](index=25&type=section&id=Note%2011%20-%20Shareholders'%20Equity) This note details changes in ordinary and treasury shares, and accumulated other comprehensive loss. The balance of accumulated other comprehensive loss improved from **$(1,020) million** at June 30, 2024, to **$(1,006) million** at September 30, 2024, driven by other comprehensive income before reclassifications Changes in Ordinary and Treasury Shares (Three Months Ended September 30) (shares and $ in millions) | (shares and $ in millions) | Ordinary Shares (Number) | Ordinary Shares (Amount) | Treasury Shares (Number) | Treasury Shares (Amount) | | :------------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Balance as of June 30, 2024 | 1,445 | $ 14 | 1 | $ (11) | | Options exercised and shares vested | — | — | (4) | 45 | | Purchase of treasury shares | — | — | 4 | (43) | | Balance as of September 30, 2024 | 1,445 | $ 14 | 1 | $ (9) | Changes in Accumulated Other Comprehensive Loss (Three Months Ended September 30) ($ in millions) | ($ in millions) | Foreign Currency Translation | Net Investment Hedge | Pension | Effective Derivatives | Total Accumulated Other Comprehensive Loss | | :------------------------------------------------- | :--------------------------- | :------------------- | :------ | :-------------------- | :----------------------------------------- | | Balance as of June 30, 2024 | $ (931) | $ (13) | $ (55) | $ (21) | $ (1,020) | | Other comprehensive income before reclassifications | 1 | — | 1 | 12 | 14 | | Net current period other comprehensive income | 1 | — | 1 | 12 | 14 | | Balance as of September 30, 2024 | $ (930) | $ (13) | $ (54) | $ (9) | $ (1,006) | - **Amcor** had forward contracts outstanding to purchase **2 million shares** at a weighted average price of **$12.16**, maturing in **March 2025**[89](index=89&type=chunk) [Note 12 - Segments](index=27&type=section&id=Note%2012%20-%20Segments) **Amcor** operates in two reportable segments: Flexibles and Rigid Packaging. For the three months ended September 30, 2024, Flexibles net sales were **$2,552 million** and Rigid Packaging net sales were **$801 million**. Adjusted EBIT for Flexibles increased by **2%** to **$329 million**, while Rigid Packaging's Adjusted EBIT remained consistent at **$62 million** - **Amcor's** two reportable segments are **Flexibles** (flexible and film packaging) and **Rigid Packaging** (rigid containers and plastic caps)[92](index=92&type=chunk)[93](index=93&type=chunk) Net Sales and Adjusted EBIT by Segment (Three Months Ended September 30) ($ in millions) | ($ in millions) | 2024 Net Sales | 2023 Net Sales | 2024 Adjusted EBIT | 2023 Adjusted EBIT | | :-------------- | :------------- | :------------- | :----------------- | :----------------- | | Flexibles | $ 2,552 | $ 2,568 | $ 329 | $ 322 | | Rigid Packaging | 801 | 875 | 62 | 62 | | Total Net Sales | $ 3,353 | $ 3,443 | | | | Total Adjusted EBIT | | | $ 365 | $ 358 | Net Sales by Geography (Three Months Ended September 30, 2024) ($ in millions) | ($ in millions) | Flexibles | Rigid Packaging | Total | | :-------------- | :-------- | :-------------- | :---- | | North America | $ 1,032 | $ 605 | $ 1,637 | | Latin America | 271 | 196 | 467 | | Europe | 838 | — | 838 | | Asia Pacific | 411 | — | 411 | | Net sales | $ 2,552 | $ 801 | $ 3,353 | [Note 13 - Earnings Per Share Computations](index=29&type=section&id=Note%2013%20-%20Earnings%20Per%20Share%20Computations) Basic and diluted EPS for the three months ended September 30, 2024, were **$0.132**, an increase from **$0.105** in the prior year, reflecting a **26%** increase in net income available to ordinary shareholders Earnings Per Share Computations (Three Months Ended September 30) (in millions, except per share amounts) | (in millions, except per share amounts) | 2024 | 2023 | | :-------------------------------------- | :------ | :------ | | Net income available to ordinary shareholders | $ 190 | $ 151 | | Weighted-average ordinary shares outstanding for EPS—basic | 1,440 | 1,439 | | Weighted-average ordinary shares outstanding for EPS—diluted | 1,444 | 1,439 | | Basic earnings per ordinary share | $ 0.132 | $ 0.105 | | Diluted earnings per ordinary share | $ 0.132 | $ 0.105 | - Diluted EPS increased by **$0.027 (25.7%)** year-over-year, from **$0.105** in Q3 2023 to **$0.132** in Q3 2024[100](index=100&type=chunk) - Excluded stock awards that would not have had a dilutive effect represented **19 million shares** in Q3 2024[100](index=100&type=chunk) [Note 14 - Contingencies and Legal Proceedings](index=30&type=section&id=Note%2014%20-%20Contingencies%20and%20Legal%20Proceedings) **Amcor** is involved in various governmental assessments and litigation in Brazil, primarily related to excise and income taxes, with accruals of **$12 million** and a reasonably possible loss exposure of **$23 million**. The Company also has aggregate accruals of **$50 million** for environmental remediation obligations at various sites worldwide - Accruals for Brazilian tax-related contingencies totaled **$12 million** as of **September 30, 2024**[102](index=102&type=chunk) - Reasonably possible loss exposure in Brazil was **$23 million** as of **September 30, 2024**[102](index=102&type=chunk) - Aggregate accruals for environmental remediation costs totaled **$50 million**, comprising **$9 million** for waste disposal sites and **$41 million** for company-owned/operated sites[104](index=104&type=chunk)[105](index=105&type=chunk) - No environmental matters requiring disclosure under SEC regulations (threshold of **$1 million** or more) were identified for the three months ended **September 30, 2024**[106](index=106&type=chunk) [Note 15 - Subsequent Events](index=31&type=section&id=Note%2015%20-%20Subsequent%20Events) Subsequent to the quarter end, **Amcor's** Board declared a quarterly cash dividend of **$0.1275 per share** payable on December 11, 2024. The Company also entered into an agreement to sell its **50%** consolidated investment in the **Bericap North America** closures business for approximately **$122 million**, expected to close by year-end 2024, with proceeds used to reduce debt - Quarterly cash dividend of **$0.1275 per share** declared on **October 31, 2024**, payable **December 11, 2024**[110](index=110&type=chunk) - Agreement to sell **50% investment** in **Bericap North America** closures business for approximately **$122 million**, expected to close by year-end **2024**[111](index=111&type=chunk) - Proceeds from the **Bericap** sale will be used to reduce debt[111](index=111&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on **Amcor's** financial condition and results of operations for the three months ended September 30, 2024. It covers consolidated and segment performance, significant developments, non-GAAP financial measures, guarantor information, new accounting pronouncements, critical accounting estimates, and liquidity and capital resources - MD&A should be read in conjunction with the Form 10-K for fiscal year **2024** and the unaudited condensed consolidated financial statements in Part 1, Item 1 of this Form 10-Q[113](index=113&type=chunk) [Summary of Financial Results](index=31&type=section&id=Summary%20of%20Financial%20Results) A high-level overview of **Amcor's** consolidated financial performance for the three months ended September 30, 2024, showing a decrease in net sales but an increase in gross profit, operating income, and net income attributable to **Amcor plc** compared to the prior year Summary of Financial Results (Three Months Ended September 30) ($ in millions) | ($ in millions) | 2024 | 2023 | | :-------------------------------------------- | :------ | :------ | | Net sales | $ 3,353 | $ 3,443 | | Gross profit | 659 | 645 | | Operating income | 312 | 270 | | Net income attributable to Amcor plc | $ 191 | $ 152 | - Net sales decreased by **3%** year-over-year, while gross profit increased by **2%** and operating income increased by **15.6%**[114](index=114&type=chunk) [Overview](index=33&type=section&id=Overview) **Amcor** is a global leader in responsible packaging solutions, serving diverse markets with innovative flexible and rigid packaging. In fiscal year 2024, the company generated **$13.6 billion** in annual sales from operations across **212 locations** in **40 countries** - **Amcor** is a global leader in developing and producing responsible packaging solutions for various consumer products[116](index=116&type=chunk) - In fiscal year **2024**, **Amcor** generated **$13.6 billion** in annual sales from **212 locations** in **40 countries**, employing **41,000 people**[116](index=116&type=chunk) [Significant Developments Affecting the Periods Presented](index=33&type=section&id=Significant%20Developments%20Affecting%20the%20Periods%20Presented) **Amcor** continues to face challenges from softer consumer demand, customer order volatility, and higher labor costs due to geopolitical tensions and inflation. The company is implementing cost actions and expects improved performance in fiscal year 2025. The **2023 Restructuring Plan**, initiated after the Russian business sale, aims for **$220 million** in total net expenses and an annualized pre-tax benefit of **$50 million** by end of fiscal year 2025. Highly inflationary accounting in Argentina resulted in a **$2 million** negative impact in Q3 2024 - The company is impacted by softer consumer demand, customer order volatility, and higher labor costs due to geopolitical tensions and inflation[117](index=117&type=chunk) - The **2023 Restructuring Plan** expects total cash and non-cash net expenses of approximately **$220 million**, with **$86 million** in cumulative net cash outflows to date[118](index=118&type=chunk)[119](index=119&type=chunk) - Management expects an annualized pre-tax benefit of approximately **$50 million** from structural cost reduction actions by the end of fiscal year **2025**[119](index=119&type=chunk) - Highly inflationary accounting for Argentine subsidiaries resulted in a negative impact of **$2 million** in foreign currency transaction losses for Q3 2024, compared to **$17 million** in Q3 2023[121](index=121&type=chunk) [Results of Operations - Three Months Ended September 30, 2024](index=34&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20September%2030,%202024) **Amcor's** consolidated net sales decreased by **3%** to **$3,353 million**, primarily due to unfavorable price/mix and lower raw material cost pass-through, partially offset by higher sales volumes. Net income attributable to **Amcor plc** increased by **26%** to **$191 million**, driven by higher gross profit and lower restructuring expenses. The Flexibles segment saw a **1%** decrease in net sales but a **2%** increase in Adjusted EBIT, while the Rigid Packaging segment experienced an **8%** decrease in net sales with consistent Adjusted EBIT Consolidated Results of Operations (Three Months Ended September 30) ($ in millions, except per share data) | ($ in millions, except per share data) | 2024 | 2023 | | :------------------------------------- | :------ | :------ | | Net sales | $ 3,353 | $ 3,443 | | Operating income | 312 | 270 | | Operating income as a percentage of net sales | 9.3 % | 7.8 % | | Net income attributable to Amcor plc | $ 191 | $ 152 | | Diluted Earnings Per Share | $ 0.132 | $ 0.105 | - Consolidated net sales decreased by **$90 million (3%)** year-over-year, with a **3%** unfavorable price/mix impact partially offset by **2%** higher sales volumes[122](index=122&type=chunk) - Net income attributable to **Amcor plc** increased by **$39 million (26%)** year-over-year, driven by a **$14 million** increase in gross profit and **$22 million** lower restructuring expenses[123](index=123&type=chunk) - Flexibles segment net sales decreased by **1%** to **$2,552 million**, but Adjusted EBIT increased by **2%** to **$329 million** due to favorable volumes and operating costs[125](index=125&type=chunk)[126](index=126&type=chunk) - Rigid Packaging segment net sales decreased by **8%** to **$801 million**, primarily due to **4%** lower sales volumes, while Adjusted EBIT remained consistent at **$62 million** due to favorable operating cost and price/mix impacts[127](index=127&type=chunk)[128](index=128&type=chunk) - Gross profit increased by **$14 million (2%)** to **$659 million**, with gross profit as a percentage of net sales increasing to **19.7%** (from **18.7%** in Q3 2023), driven by cost savings initiatives[129](index=129&type=chunk) - Selling, general, and administrative expenses increased by **$13 million (4%)** to **$315 million**, primarily due to the normalization of management incentive compensation[130](index=130&type=chunk) - Restructuring and related expenses, net, decreased by **$22 million** to **$6 million**, reflecting a decrease in expenses related to the **2023 Restructuring Plan**[131](index=131&type=chunk) - Other income/(expenses), net, changed by **$20 million** to **$2 million income**, primarily due to a lower negative impact from highly inflationary accounting in Argentina[132](index=132&type=chunk) - The effective income tax rate decreased by **1.9 percentage points** to **18.2%** (from **20.1%** in Q3 2023), mainly due to differences in non-deductible expenses[133](index=133&type=chunk) [Presentation of Non-GAAP Information](index=37&type=section&id=Presentation%20of%20Non-GAAP%20Information) This section defines and reconciles **Amcor's** non-GAAP financial measures, including Adjusted EBIT and adjusted net income, which are used to evaluate operating performance by adjusting for unusual or unpredictable factors like currency effects, acquisitions, and restructuring costs. Adjusted EBIT increased by **2%** to **$365 million**, and adjusted net income increased by **3.5%** to **$234 million** for Q3 2024 - Non-GAAP measures (Adjusted EBIT, adjusted net income) adjust for unusual or unpredictable factors like currency exchange rates, acquisitions, and restructuring costs[135](index=135&type=chunk) - These measures are used to evaluate operating performance and enable comparisons of current and historical performance[136](index=136&type=chunk) Reconciliation of Net Income to Adjusted EBIT and Adjusted Net Income (Three Months Ended September 30) ($ in millions) | ($ in millions) | 2024 | 2023 | | :------------------------------------------------------------ | :------ | :------ | | Net income attributable to Amcor plc, as reported | $ 191 | $ 152 | | EBIT | 311 | 268 | | Add: Amortization of acquired intangible assets | 39 | 41 | | Add: Impact of hyperinflation | 2 | 17 | | Add: Restructuring and related expenses, net | 6 | 28 | | Add: Other | 7 | 4 | | Adjusted EBIT | $ 365 | $ 358 | | Adjusted net income | $ 234 | $ 226 | - Adjusted EBIT increased by **$7 million (2%)** year-over-year, from **$358 million** in Q3 2023 to **$365 million** in Q3 2024[137](index=137&type=chunk) - Adjusted net income increased by **$8 million (3.5%)** year-over-year, from **$226 million** in Q3 2023 to **$234 million** in Q3 2024[137](index=137&type=chunk) [Supplemental Guarantor Information](index=39&type=section&id=Supplemental%20Guarantor%20Information) This section provides summarized financial information for the Obligor Group, which includes **Amcor plc** and certain subsidiary guarantors of senior notes. The Obligor Group's total assets were **$16,161 million** and total liabilities were **$21,060 million** as of September 30, 2024 - **Amcor plc** and certain wholly-owned subsidiary guarantors guarantee senior notes issued by various **Amcor** finance entities[140](index=140&type=chunk)[141](index=141&type=chunk) - All guarantors fully, unconditionally, and irrevocably guarantee the due and punctual payment of principal and interest on the notes on a joint and several basis[142](index=142&type=chunk) Balance Sheets for Obligor Group (As of) ($ in millions) | ($ in millions) | September 30, 2024 | June 30, 2024 | | :----------------------------------------- | :----------------- | :------------ | | Total current assets | $ 1,757 | $ 1,325 | | Total non-current assets | 14,404 | 13,985 | | Total assets | $ 16,161 | $ 15,310 | | Total current liabilities | $ 2,626 | $ 2,375 | | Total non-current liabilities | 18,434 | 17,637 | | Total liabilities | $ 21,060 | $ 20,012 | [New Accounting Pronouncements](index=41&type=section&id=New%20Accounting%20Pronouncements) This section refers to Note 2 for details on recently adopted and not yet adopted accounting standards, including **ASU 2022-04**, **ASU 2023-07**, and **ASU 2023-09** - Refer to Note 2, 'New Accounting Guidance,' for details on new accounting pronouncements[149](index=149&type=chunk) [Critical Accounting Estimates and Judgments](index=41&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgments) There have been no material changes in critical accounting estimates and judgments as of September 30, 2024, from those described in the Annual Report on Form 10-K for the fiscal year ended June 30, 2024 - No material changes in critical accounting estimates and judgments as of **September 30, 2024**, from those described in the Annual Report on Form 10-K for the fiscal year ended **June 30, 2024**[150](index=150&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) **Amcor** primarily finances its business through operating cash flows, bank borrowings, and debt/equity issuances. The company believes its liquidity sources are sufficient for future operations and commitments. Net cash used in operating activities increased to **$269 million**, and net cash provided by financing activities increased to **$237 million** for Q3 2024. Net debt increased to **$6.9 billion**, and the company maintains **$1.9 billion** in undrawn credit facilities - **Amcor** finances its business primarily through operating cash flows, bank borrowings, and debt and equity issuances[152](index=152&type=chunk) - Management believes current liquidity sources are sufficient to fund operations, capital expenditures, and other commitments into the foreseeable future[153](index=153&type=chunk) Cash Flow Overview (Three Months Ended September 30) ($ in millions) | ($ in millions) | 2024 | 2023 | | :-------------------------------------- | :------ | :------ | | Net cash used in operating activities | $ (269) | $ (135) | | Net cash used in investing activities | (155) | (142) | | Net cash provided by financing activities | 237 | 141 | - Net cash used in operating activities increased by **$134 million** due to higher working capital outflows[155](index=155&type=chunk) - Net cash provided by financing activities increased by **$96 million**, driven by higher drawdowns of commercial paper[157](index=157&type=chunk) - Net debt increased to **$6.9 billion** as of **September 30, 2024**, from **$6.1 billion** at **June 30, 2024**[162](index=162&type=chunk) - **Amcor** had **$1.9 billion** in undrawn credit facilities available as of **September 30, 2024**, and was in compliance with all debt covenants[161](index=161&type=chunk)[163](index=163&type=chunk) - A quarterly cash dividend of **$0.1250 per ordinary share** was declared and paid during Q3 2024[165](index=165&type=chunk) - No shares were repurchased under the **$100 million** buyback program during Q3 2024, but **$43 million** was used for treasury shares to satisfy share-based compensation awards[167](index=167&type=chunk)[168](index=168&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes in **Amcor's** market risk during the three months ended September 30, 2024. Further details are available in Note 7 (Fair Value Measurements) and Note 8 (Derivative Instruments) of the financial statements, and the Annual Report on Form 10-K - No material changes in market risk occurred during the three months ended **September 30, 2024**[170](index=170&type=chunk) - Refer to Note 7, 'Fair Value Measurements,' and Note 8, 'Derivative Instruments,' for additional information[170](index=170&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that **Amcor's** disclosure controls and procedures were effective as of September 30, 2024. There were no material changes in internal control over financial reporting during the first quarter of fiscal year 2025 - Management concluded that disclosure controls and procedures were effective as of **September 30, 2024**[172](index=172&type=chunk) - No material changes in internal control over financial reporting occurred during the first quarter of fiscal year **2025**[173](index=173&type=chunk) [Part II - Other Information](index=45&type=section&id=Part%20II%20-%20Other%20Information) [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the details on contingencies and legal proceedings provided in Note 14 of the financial statements - Refers to Note 14, 'Contingencies and Legal Proceedings,' in 'Item 1. Financial Statements - Notes to Condensed Consolidated Financial Statements' for details on legal proceedings[175](index=175&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors from the Annual Report on Form 10-K, except for an update regarding the ability to attract and retain a skilled workforce, including the recent CEO transition. The company emphasizes the importance of talent acquisition and retention for its continued success - No material changes to risk factors from the Annual Report on Form 10-K, except for an update on attracting and retaining a skilled workforce[176](index=176&type=chunk) - The company's continued success depends on its ability to identify, attract, develop, and retain skilled and diverse personnel[178](index=178&type=chunk) - **Peter Konieczny** was appointed Chief Executive Officer on **September 4, 2024**, following Ron Delia's retirement[178](index=178&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) **Amcor** did not repurchase any shares under its announced buyback program during the three months ended September 30, 2024. The remaining authorized amount for repurchase under the program is **$39 million** - No shares were repurchased under the announced buyback program during the three months ended **September 30, 2024**[180](index=180&type=chunk) - The remaining approximate dollar value of shares that may yet be purchased under the program is **$39 million**[180](index=180&type=chunk) [Item 3. Defaults Upon Senior Securities](index=47&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period [Item 4. Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period [Item 5. Other Information](index=47&type=section&id=Item%205.%20Other%20Information) During the three months ended September 30, 2024, no director or Section 16 officer adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' - No director or Section 16 officer adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the three months ended **September 30, 2024**[181](index=181&type=chunk) [Item 6. Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed, furnished, or incorporated by reference as part of this Quarterly Report on Form 10-Q, including CEO and COO letter agreements, employment agreements, subsidiary guarantors, and various certifications - Exhibits include CEO Letter Agreement for **Peter Konieczny** (dated **September 4, 2024**) and COO Letter Agreement for **Fred Stephan** (dated **September 5, 2024**)[183](index=183&type=chunk) - Includes certifications from the Chief Executive Officer and Chief Financial Officer as required by the Securities Exchange Act of 1934 and Sarbanes Oxley Act of 2002[183](index=183&type=chunk) [Signatures](index=48&type=section&id=SIGNATURES) [Report Signatures](index=48&type=section&id=Report%20Signatures) The Quarterly Report on Form 10-Q was duly signed on November 1, 2024, by **Michael Casamento**, Executive Vice President and Chief Financial Officer, and **Julie Sorrells**, Vice President and Corporate Controller - Signed by **Michael Casamento**, Executive Vice President and Chief Financial Officer, and **Julie Sorrells**, Vice President and Corporate Controller, on **November 1, 2024**[185](index=185&type=chunk) ```

Amcor plc (NYSE:AMCR) Q1 2025 Earnings Conference Call October 31, 2024 5:30 PM ET Company Participants Tracey Whitehead - Head of Investor Relations Peter Konieczny - Chief Executive Officer Michael Casamento - Executive Vice President of Finance and Chief Financial Officer Conference Call Participants Ghansham Panjabi - Robert W. Baird & Co. John Purtell - Macquarie Research George Staphos - Bank of America Merrill Lynch James Wilson - Jarden Australia Michael Roxland - Truist Securities, Inc. Daniel Kang ...

| --- | --- | |---------------------------------------------------------------------------|-------| | | | | | | | | | | Fiscal 2025 First Quarter Results (three months ended September 30, 2024) | | | | | | Peter Konieczny CEO | | | Michael Casamento CFO | | | | | | October 31, 2024 US November 1, 2024 Australia | | Disclaimers 2 Cautionary Statement Regarding Forward-Looking Statements This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provi ...

Amcor (AMCR) came out with quarterly earnings of $0.16 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this packaging company would post earnings of $0.21 per share when it actually produced earnings of $0.21, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Amcor, which belongs to the Zacks Contai ...

Exhibit 99.1 NEWS RELEASE Amcor reports first quarter result and reaffirms outlook for fiscal 2025 Highlights - Three Months Ended September 30, 2024 • Third consecutive quarter of sequential improvement in volume growth; • Net sales of $3,353 million; • GAAP Net income of $191 million; GAAP diluted earnings per share (EPS) of 13.2 cps; • Adjusted EBIT of $365 million, up 3% on a comparable constant currency basis; • Adjusted EPS of 16.2 cps, up 5% on a comparable constant currency basis; and • Quarterly di ...

Highlights - Three Months Ended September 30, 2024 Third consecutive quarter of sequential improvement in volume growth; Net sales of $3,353 million; GAAP Net income of $191 million; GAAP diluted earnings per share (EPS) of 13.2 cps; Adjusted EBIT of $365 million, up 3% on a comparable constant currency basis; Adjusted EPS of 16.2 cps, up 5% on a comparable constant currency basis; and Quarterly dividend increased to 12.75 cents per share.Fiscal 2025 outlook reaffirmed Adjusted EPS of 72-76 cents per share; ...

Sale not expected to impact FY25 financial outlookProceeds to be used to reduce debtZURICH, Oct. 31, 2024 /PRNewswire/ -- Amcor (NYSE: AMCR, ASX: AMC), a global leader in developing and producing responsible packaging solutions, announced today it has entered into an agreement to sell its 50% interest in Bericap North America (BCNA) for $122 million. Established in 1997, BCNA is a 50/50 joint venture between Amcor Rigid Packaging and Germany-based Bericap that manufactures closures for beverage, food and in ...

Amcor Plc (AMCR) is scheduled to report first-quarter fiscal 2025 results on Oct. 31, after the closing bell. The Zacks Consensus Estimate for AMCR's first-quarter revenues is pegged at $3.57 billion, indicating 3.7% growth from the year-ago reported figure. The consensus estimate for earnings is pegged at 16 cents per share. The Zacks Consensus Estimate for AMCR's first-quarter earnings has moved down 6% in the past 60 days. The estimate indicates a flat year-over- year bottom line. | --- | --- | --- | --- ...

ZURICH, Oct. 18, 2024 /PRNewswire/ -- Amcor (NYSE: AMCR; ASX: AMC), a global leader in developing and producing responsible packaging solutions, released today its 2024 Sustainability Report. The report shows significant achievements and continued progress in the company's sustainability aspirations.Join Peter Konieczny, CEO of Amcor, as he shares highlights from the Sustainability Report 2024, showcasing the company’s key achievements and ongoing progress.Amcor Sustainability Report 2024In addition to havi ...