SWITZERLAND – American-Australian global packaging company, Amcor has posted a 4% increase in reported net sales, to US$11 billion (€9.96 bn), in the first nine months of its financial year ended 31 March 2023.
This performance includes, among others, an unfavorable impact of 4% related to movements in foreign exchange rates, and price increases of approximately US$750 million (€679.7m) related to the pass-through of higher raw material costs.
On a comparable constant currency basis, net sales were 2% higher than last year, reflecting price/mix benefits of approximately 4%. Volumes were approximately 2% lower than last year, the company noted.
Net income (GAAP) for this period was US$868 million (€786.7m), including a US$215 million (€194.9m) gain on the sale of its business in Russia.
Adjusted EBIT amounted to US$1.2 billion (€1.1bn), up 4% year-on-year on a comparable constant currency basis.
Adjusted EBIT margin stood at 10.6%, including an adverse impact of approximately 80 basis points related to the increased sales dollars associated with passing through higher raw material costs.
In Q3, the company’s net sales declined by 1% year-on-year to US$3.7 billion (€3.4bn) on a reported basis, including a 2% unfavorable impact related to movements in foreign currency exchange rates, among others.
On a comparable constant currency basis, net sales were 1% higher than in the same quarter last year, reflecting price/mix benefits of approximately 4%.
Net income (GAAP) amounted to US$177 million (€160.4m), while the adjusted EBIT of US$382 million (€346.2m) was 2.5% lower than last year on a comparable constant currency basis.
Amcor CEO Ron Delia said: “We were cautious on market dynamics entering the third quarter and continued to take decisive price and cost actions.
“These efforts helped offset continued softness and increased volatility in the demand environment.”
Unveiling AmPrima film at Interpack 2023
Meanwhile, the company has also announced that it will showcase versatile and sustainable dairy solutions at Interpack 2023 in collaboration with flexible packaging solutions company IMA Ilapak.
Amcor says IMA Ilapak will run its innovative AmPrima film through the first variable geometry flow wrapper machine the Delta OF-360 X.
The new technology is described as a breakthrough that can run any packaging material, including paper-based materials, complex laminates and recyclable mono-polymer films.
The OF-360 X is a horizontal form fill seal (HFFS) machine that addresses the need for manufacturers and packers to switch easily between different substrates and stay fluid around sustainable packaging options.
Amcor EMEA dairy marketing director Yi Jiang said: “We are excited to showcase our innovation alongside IMA Ilapak at Interpack 2023, and we’re confident that our combined efforts will help manufacturers and packers meet their production efficiency goals while meeting consumer desire for improved sustainability.”
AmPrima is said to be a sustainable solution and Amcor state that dairy brands can lower the environmental impact of their packaging through the use of AmPrima.
The company says that compared to using standard non-recyclable dairy packaging, one Amcor dairy customer was able to lower their packaging’s carbon footprint by 41% and water consumption by 11%, the equivalent of turning off 1,640 ten-minute showers.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
