Orora Ltd Share Price Unravels As Profit Jumps
The Orora Ltd (ASX: ORA) share price fell 2.5% in early trading on Thursday morning despite the packaging business reporting a 5% increase in revenue for its 2018 financial year.
Orora is a $4 billion packaging business with operations around the world.
In a statement to the ASX this morning, Orora revealed that its net profit rose 15% to $214 million. What’s more, the company said it plans to pay a final dividend of 6.5 cents.
Analysts expected Orora to report a profit of $207 million. Therefore, it appears Orora handily beat forecasts.
“Orora has continued its year-on-year track record of delivering earnings growth, strong cash generation and disciplined capital management to report double-digit profit growth, despite flat trading conditions in key markets,” Orora’s CEO Nigel Garrard said.
Orora’s north American operations delivered a near 6% increase in operating profit thanks to an 8% increase in revenue.
Over the coming year, Orora expects to report a better financial performance than it did in 2018 but statutory results are contingent on a stable economic environment.
Introducing The Australian Investors Podcast
Join The Rask Group’s founder, Owen Raszkiewicz, as he profiles Australia’s best investors, founders, authors and financial thinkers. Download it free on iTunes, Castbox, SoundCloud or wherever you choose to listen.