The multinational packaging company Amcor reaffirmed its outlook for fiscal 2022 (FY22) after posting net sales growth of 12% to $6.92 billion on a reported basis in the first half of the year.
During the six months ended December 31, 2021, the company’s net sales increased by 2% at comparable constant exchange rates compared to the prior year.
Its net income rose 3% to $427 million and its earnings per share (EPS) rose 5% to $0.28 per share, from $0.27 per share in the same period last year. .
In addition, Amcor’s first-half adjusted earnings before interest and taxes (EBIT) were $769 million, up 5% year over year on a like-for-like basis at constant currencies.
The company’s Flexibles segment saw a 10% increase in revenue, while its Rigid Packaging business saw a 17% increase in revenue.
Amcor CEO Ron Delia said, “Across the business, we continued to put our customers first and our scale and operational agility allowed us to meet demand in segments keys, driving growth and improving the sales mix.
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“At the same time, we have implemented a wide range of actions to recover higher input costs and manage general inflation.”
For the 12 months through June 30 of this year, Amcor expects its adjusted EPS to grow approximately 7% to 11% on a like-for-like basis at constant exchange rates.
Delia added: “While the external environment will continue to evolve, we remain focused on executing our strategy to create long-term value from the solid foundations established over the past few years.
“Amcor’s investment case has never been stronger, and we are increasing investment in high-end segments like healthcare and protein, in emerging markets, and in our innovation capabilities to drive growth and expansion of margins.”
Last month, Amcor invested $5 million in PragmatIC Semiconductor, a UK-based low-cost electronics company.