How are Amcor’s (ASX:AMC) shares reacting to quarterly update?

2 min read | November 02, 2022 12:19 PM AEDT | By Sonal Goyal

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Key highlights of the quarterly performance

The net sales during the quarter increased by 9% over the previous quarter to US$3,712 million.
The GAAP net income grew by 15% to US$232 million, and GAAP earnings per share grew by 18%.
Adjusted EBIT reached US$392 million.
The company reported adjusted earnings per share of 18.1 cents per share.
During the quarter, adjusted free cash outflow was US$400 million, compared to US$242 million the previous year.
As of 30 September 2022, the net debt was US$6,393 million.

Ron Delia, CEO, Amcor, commented on the quarterly report

Dividend

The board of directors of Amcor announced a quarterly cash dividend of 12.25 US cents per share. Holders of CDIs who are trading on ASX would receive a dividend of 19.44 cents per share. The dividend will be unfranked.

According to the ASX filing, the ex-dividend date is 22 November 2022, the record date is 23 November 2022, and the payment date is 13 December 2022.

Guidance for FY23

The company expects to report adjusted free cash flow of around US$1.0 to 1.1 billion during the quarter. Amcor is expected to allocate around US$400 million cash towards share repurchase.

The estimated adjusted earnings per share on a reported basis is 77 to 81 cents per share.

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