Amcor, the world’s largest consumer packaging company, has reaffirmed its full-year guidance, citing that synergies from its acquisition of US-based Berry Global are performing well. The company states that the $US55 million ($78.3 million) in synergies derived from the $13 billion acquisition are at the upper end of expectations. Amcor provides a range of packaging solutions across different industries, including food, beverage, pharmaceutical, medical, home, and personal care. Amcor operates with the vision of making packaging that is increasingly light-weight, recyclable and reusable.
The all-scrip transaction, approved by shareholders a year ago, established a company with 400 packaging plants and 75,000 employees globally. According to Amcor’s first-half results, the enlarged group is currently operating in challenging trading conditions. Chief executive Peter Konieczny noted the financial performance for the second quarter aligned with expectations, despite a difficult volume environment.
Konieczny stated that adjusted earnings per share (EPS) growth was driven by disciplined execution and the synergy benefits from the Berry acquisition. Net income for the six months ending December 31 was $US439 million, an increase from $US354 million in the previous year. Net sales also increased to $US11.19 billion, compared to $US6.6 billion a year earlier, prior to the Berry business addition.
Amcor has reaffirmed its full-year guidance, expecting adjusted EPS to be in the range of $US4 to $US4.15. This represents an anticipated growth of 12 to 17 per cent on a constant currency basis.
