Amcor reports first half results and raises outlook for fiscal 2021 Highlights - Six Months Ended December 31, 2020
• GAAP Net Income of $417 million, up 65%; GAAP earnings per share (EPS) of 26.5 cents per share, up 71%;
• Adjusted EPS of 33.3 cents per share, up 16% in constant currency terms;
• Adjusted EBIT of $743 million, up 8% in constant currency terms;
• $35 million Bemis cost synergies in H1; expect approximately $70 million (previously $50-$70 million) in FY21;
• A further $200 million of share repurchases approved bringing the total announced in fiscal 2021 to $350 million;
• Quarterly dividend higher than last year at 11.75 cents per share; and
• Fiscal 2021 outlook for adjusted EPS growth raised to 10-14% in constant currency terms (previously 7-12%)
AMC Price at posting:
$15.35 Sentiment: Buy Disclosure: Held
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