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Amcor Plc Chess Depository Interest (AMCCF0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details a decrease in net sales to $3.241 billion from $3.251 billion in the same quarter the previous year. The decrease is attributed to unfavorable price/mix impacts and currency fluctuations, partially offset by higher sales volumes.
Operating income increased to $297 million, representing 9.2% of net sales, compared to 7.4% in the same quarter of the previous year. This increase was driven by cost savings initiatives and improved operating cost performance.
Net income attributable to Amcor plc was $163 million, up from $134 million in the previous year. The increase is primarily due to higher gross profit, lower selling and administrative expenses, and increased other income.
The company reported a gross profit of $626 million, up from $621 million the previous year, with gross profit as a percentage of net sales increasing to 19.3%.
Restructuring and other activities, net, increased to $33 million from $24 million, primarily due to transaction costs related to the pending merger with Berry Global Group, Inc.
Other income/(expenses), net, improved significantly to $26 million from $(28) million, primarily due to lower impacts from highly inflationary accounting and a gain on the sale of the Bericap North America closures business.
The effective tax rate increased to 25.9% from 17.0%, mainly due to the tax impact of the Bericap divestiture and differences in non-deductible expenses.
Amcor's Flexibles segment reported net sales of $2.511 billion, with adjusted EBIT increasing to $322 million. The Rigid Packaging segment saw net sales decrease to $730 million, with adjusted EBIT rising to $53 million.
The filing also discusses the pending merger with Berry Global Group, Inc., highlighting the conditions required for completion, including shareholder and regulatory approvals.
Amcor's liquidity position remains strong, with net cash provided by operating activities at $159 million and net debt at $6.496 billion as of December 31, 2024.
The company declared a quarterly cash dividend of $0.1275 per share, to be paid on March 18, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amcor Plc Chess Depository Interest quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.