Amcor Stock Earnings Reports

Amcor reported its first full quarter as a combined company following the Berry acquisition, showing early integration momentum and margin expansion. Adjusted EPS was $0.193, 18% above prior year on a constant currency basis and above the midpoint of guidance. The company delivered $38 million of synergies in Q1 (toward the high end of guidance), has line of sight to at least $260 million of synergies in fiscal 2026 and $650 million through fiscal 2028, and disclosed more than $70 million of annualized revenue synergies already won. Volumes were roughly flat-to-down (~2% decline excluding noncore North America beverage), with emerging markets (notably Asia) outperforming developed markets; performance across focus categories was mixed but generally better than the rest of the business (strong in pet care, dairy; weaker in some nutrition/subcategories and unconverted films in Europe). Free cash flow was a $343 million outflow in Q1 (in line with expectations and improved vs. prior year), and full-year free cash flow guidance was reaffirmed at $1.8–$1.9 billion (doubling FY25). CapEx guidance is $850–$900 million. Leverage exited the quarter at 3.6x with a plan to reach ~3.1–3.2x by year-end; proceeds of ~$100 million from two small asset sales were announced. Management reaffirmed FY26 adjusted EPS guidance of $0.80–$0.83 (+12% to +17% YoY) and emphasized that achieving at least the low end of the EPS growth range is supported by synergies and does not rely on macro improvements. The Board raised the quarterly dividend to $0.13 per share. CFO Michael Casamento announced his upcoming departure (staying on in an advisory role) and Steve Scherger will join as CFO next week.