Amcor Ltd (AMC) report card – news you missed

This morning, AMCOR PLC/IDR UNRESTR (ASX: AMC) delivered its half-year financial results to investors showing a 2.4% decline in net sales, striking $US6.43 billion (currency-adjusted).

The packaging company’s operating profit or EBIT came in at $US678 million for the period to 31 December 2019, up 4.4% over the prior corresponding period.

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Declared: Amcor dividend set at $US11.5 cents per share (17.1 cents AUD)

“Amcor delivered a good first half result and our outlook for fiscal 2020 adjusted EPS growth has improved to 7-10%,” CEO Ron Delia said.

“The integration of the Bemis business is on track and the combined flexible packaging business has achieved mid single digit organic growth in addition to the delivery of synergy benefits.”

Mr Delia said the company’s financial profile, which produces $US1 billion of annual free cash flow, and its key advantages in scale provide an opportunity for its customers and the community as a whole.

“Today, Amcor is the global leader in consumer packaging with differentiated commercial and innovation capabilities, unparalleled scale and a global footprint.”

Delia added, “These powerful competitive advantages uniquely position us to serve our customers and to develop packaging solutions that are more sustainable and better for the environment.”

In other news today, Evolution Mining (ASX: EVN) reported a hike in profit and dividends, and Blackmores (ASX: BKL) shares emerged from a trading halt… only to be sold down 17%.

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