Amcor (AMCR) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 ended with strong financial performance, including net sales of $13,640 million, adjusted EPS of 70.2 cents, and adjusted free cash flow of $952 million, with Q4 volumes up 1% and EPS growth above expectations.

• Both Flexibles and Rigid Packaging segments delivered Q4 adjusted EBIT growth, with broad-based improvements across geographies and end markets.

• Underlying business momentum is expected to continue into fiscal 2025, with a positive outlook for EPS and cash flow.

• Safety remained a top priority, with 73% of sites injury-free for 12+ months and a 12% reduction in injuries year-over-year.

• Cash returns to shareholders totaled $750 million, including increased dividends and share repurchases.

Financial highlights

• FY24 net sales were $13,640 million, down 7% year-over-year; Q4 net sales $3,535 million, down 1% vs prior year.

• Q4 overall volumes increased 1% year-over-year, exceeding expectations of a low single-digit decline.

• Q4 adjusted EPS grew 9% year-over-year to 21.1 cents; FY24 adjusted EPS was 70.2 cents, down 4% year-over-year.

• FY24 adjusted EBIT was $1,560 million, down 3–4% year-over-year; Q4 adjusted EBIT up 4% year-over-year.

• Adjusted free cash flow reached $952 million, up 12% from last year and above guidance.

Outlook and guidance

• Fiscal 2025 adjusted EPS guidance is 72–76 cents per share, representing 3–8% constant currency growth.

• Adjusted free cash flow for FY25 is expected between $900 million and $1 billion.

• Guidance includes a 4% EPS headwind from normalized incentive compensation; underlying business expected to deliver high single- to low double-digit growth excluding this.

• Net interest expense projected at $290–$310 million; effective tax rate estimated at 19–20%.

• CapEx to increase by $40–$60 million in 2025; leverage expected to return to 2.5–3x range.