Amcor (AMCR) Reaffirms FY24 Guidance Amid CEO Transition

Company Guidance and Financial Projections - Amcor Plc reaffirmed its guidance for fiscal 2024, expecting adjusted EPS to be between 67-71 cents, indicating a year-over-year decline of 3% at the midpoint [1] - The company projects adjusted free cash flow of $850-$950 million for fiscal 2024, showing growth from the $848 million reported in fiscal 2023 [1] - Share repurchases are expected to improve earnings by around 2%, while currency translation is projected to have a positive impact of 2 [1] CEO Transition - CEO Ron Delia plans to retire after nine years, effective April 15, 2024, with Peter Konieczny appointed as interim CEO [2] - Delia will provide advisory support until September 30, 2024, while the board conducts a search for a permanent replacement [2] Recent Financial Performance - In the second quarter of fiscal 2024, Amcor reported adjusted EPS of 16 cents, surpassing the Zacks Consensus Estimate of 15 cents, but fell 15% from the previous year due to customer destocking [3] - Total revenues decreased by 11% year-over-year to $3.25 billion, missing the Zacks Consensus Estimate of $3.29 billion [3] Stock Performance - Over the past year, AMCR shares have declined by 9.4%, while the industry has grown by 11.2% [4]