Amcor has reported solid first-half result and outlook for fiscal 2022 has remained unchanged, according to a press release issued by the company. For the six months ended December 31, 2021, net sales reached USD6,92bn, up 12%, while the net income stood at USD427m, also up by 3%.
Amcor repurchased 24.6 million shares (1.6% of outstanding shares) during the six months ended December 31, 2021 for a total cost of USD295m. In addition to USD400m announced previously, Amcor expects to allocate a further USD200m of cash towards share repurchases, bringing the total expected for the 2022 fiscal year to approximately USD600m. The additional USD200m of share repurchases is not expected to benefit EPS growth until fiscal 2023 as there will be no material impact on the weighted average number of shares outstanding in fiscal 2022, the report shows.
“Amcor delivered a solid first half result as our teams continue to successfully navigate a persistently challenging and dynamic operating environment,” said Amcor CEO Ron Delia. “Across the business we continued to prioritize our customers and our scale and operational agility enabled us to service demand in key segments, driving growth and sales mix improvements. At the same time, we implemented a broad range of actions to recover higher input costs and manage through general inflation. As a result, sales grew 12% and we delivered 9 percent adjusted EPS growth year to date. We remain confident in the outlook for fiscal year 2022, enabling us to reaffirm guidance and increase cash returns to shareholders.”